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I found this article saying that we need to increase the debt ceiling, since it will be reached today as Mckinney's post showed. My thoughts on this are, if we fail to pay off our debts and continue to increase our debt ceiling, will we ever pay off our debts? When will this debt procrastination end? What are your thoughts on this?
http://www.bloomberg.com/news/2011-05-15/obama-says-debt-default-may-unravel-global-financial-system.html
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These are really tough questions. I get Obama's point. If I weren't entering the job market in the near future, I'd be more inclined to say that we can't keep raising the debt ceiling, but if we did default in this current economic environment, I think Obama might be right, things would turn for the worse.
ReplyDeleteWere we ever going to pay off our debts? Seems like we live in a perpetual state of borrowing. I do think that we have to raise the debt ceiling given the circumstances, but i also think that cuts in spending need to be made, that would allow us to lower it again. otherwise, it will never end.
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