Debt ceiling: Just do it

[Hans]

Amid fears the United States risks default if lawmakers don't raise the debt ceiling on time, some are suggesting President Obama could save the day by big-footing Congress.
How? By invoking the Constitution anddirecting Treasury Secretary Tim Geithner to keep borrowing even if it means going past the statutory borrowing limit.

Really? They say default -- and by extension, the debt limit -- violates the 14th Amendment.
The amendment states: "The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned."

http://money.cnn.com/2011/06/30/news...yes&hpt=hp_bn4

I guess bounty hunters never have to worry about not getting paid.

[Lance1]

Thats the ticket, there at there feared 14 trillion debt limited. Solution, raise the debt limit to 24 trillion and worry about that limit down the road.

They do not want to raise taxes or cut spending, so there you have it.

Keep kicking the can down the road.

[Soundbear]

That can is going to roll into a very deep, dark hole sooner than they think.

[Anapeg]

This has the potential of turning very very ugly. Either way is not healthy. One is immediate the other I fear merely postpones.

[Koss]

kick the can. inflation is the US' best solution for getting out from under their debt burden.

[KDawg]

kick the can. inflation is the US' best solution for getting out from under their debt burden.

That's true, even though the inflation is manufactured with the never-ending printing of money through bail-outs and "quantitative easing" over the last 3 years.

The down side is that you piss off your creditors to the extreme.

[Soundbear]

And like every creditor, anytime, they all want to be paid.

[Lance1]

So have they raised the the new debt ceiling to 650 trillion yet? That should keep them going for a good while until they need to raise it again.