Do We Need the Debt Ceiling?

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The U.S. Senate, in an unusual procedure, cleared the way Thursday for the U.S. to lift its borrowing authority by $500 billion to $15.19 trillion, enough to keep the support federal government borrowing through late January or early February.
The action came under an unusual legislative procedure spelled out under the August agreement to raise the U.S. debt ceiling and avoid a U.S. credit default. In a 52-45 vote, the Senate blocked an attempt by Republicans to slow down the process that will result in the $500 billion debt-ceiling increase.
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rickphillips77 of CA 6:34AM July 20, 2011

Ethics: the discipline dealing with what is good and bad and with moral duty and obligation. 1
It is not ethically wrong for me to take out a mortgage that I plan to repay either by my own earnings or by reselling the house that I have taken care of to back up that mortgage.
It is ethically wrong for me to take out a mortgage for a house that I live in and never plan to repay instead expecting my children and grand children to continue to pay on it in perpetuity (and that they never get to live in).
The debt we are building now benefits us now. The interest on that debt will be a burden on many generations to come. Incurring debt for an other person without their consent is unethical.
1. Merriam-Webster's Collegiate Dictionary., Eleventh ed. (Springfield, Mass.: Merriam-Webster, Inc., 2003).

Laski of OR 7:15PM July 19, 2011

57% of CEOs from small to medium sized companies stated that Congress should NOT raise the debt ceiling. While no one wants the U.S. to default on its financial obligations, the majority of CEO's surveyed for the Vistage Quarterly CEO Confidence Index believe it is time to send a clear message that the practice of perpetually raising our credit limit has to stop. They believe it’s about time Washington starts to be responsible and far-sighted by reducing the national debt. After all, renewed confidence depends on it. See survey results at http://www.vistage.com/media-center/confidence-index-archive.aspx.

Daniel Cherrin of MI 4:58PM July 19, 2011

"With all the partisan infighting and investor angst the debate has generated, it might seem like the best thing politicians can do with the debt ceiling is get rid of it."
Actually, no, we want more partisan conflict, not less. That sort of thing protects the people from government going out of control. Laws are hard to pass for a reason! The more government disagrees with itself about how to control the people, the less control the people have, which means the people have more freedom. Government's job is to protect the freedom of the people, after all.

Eric Wadsworth of UT 2:17PM July 19, 2011

It seems fair to me that all congress is asking, if the debt ceiling is raised, where would the budget be cut to pay the money back. This does not seem unreasonable to me. They are not saying that they refuse to raise it, they just want to make sure how it will be paid back. Very simple!

Gailan of TX 1:30PM July 19, 2011

"Regardless of ideological bent, it is ethically wrong to continue our debt expansion."
This inane comment has nothing to do with raising the debt ceiling. The debt ceiling has to be raised in order to pay for prior and current commitments, not future ones. Anyone who votes against raising it is simply voting to screw the debtors, and make us a deadbeat among nations.
Future debt is a matter of budgets and state of the GDP, and if the writer thinks any debt is ethically wrong, that is like saying that every mortgage holder is ethically deficient.
The GOP is dead. Long live the Tea Party!

Erik of FL 1:25PM July 19, 2011

The debt ceiling in not artificial.
This fiscal year to date (as of 30 June 2011, the Treasury Department spent $386 Billion of our money on interest payments to the holders of the National Debt. Compare that to NASA at $6 Billion, Department of Education at $31 Billion, and Department of Transportation at $26. And, a huge portion of these interest payments are flowing to investors in other countries, draining funds out of the U.S. economy.
Under current projections, interest payments on the national debt will quadruple in the next decade and every man, woman and child in the United States will be paying more than $2,500 a year...in taxes, for interest alone! (And that is if interest rates remain at all time lows). Further, this starkly illustrates the phenomenon of generation shifting...moving today's costs to future taxpayers...our children!
Regardless of ideological bent, it is ethically wrong to continue our debt expansion.

Laski Astimov of OR 12:49PM July 19, 2011

Budget Sense/Dave, private enterprise, brought us Enron which took down a good energy company loosing other people's money, B of Am/Country Wide $ billions and mortgage mistakes, for-profit health with out of control cost wise, killing of employees on oil rigs and in coal mines. Private enterprise has only one reason for existing - profits (and compensation for executives). They don't need to follow ethics or laws - just don't get caught and cost money in court.
Sure, the government isn't perfect but neither is private enterprise - government gets messed up when it tries to act like for-profit business and/or gets too cozy with for-profit businesses. No insurance business has been as efficient in handling health care costs as the Medicare - and Medicare takes care of everyone (no cherry picking like private insurance does.)

Nancy from the Hinterland of PA 12:48PM July 19, 2011

Those of you that mentioned the 14th amendment need to go read an actual copy of the amendment not some media or someone's interpretation of it. I see no mention of anything that would give the president any authority. It only states that all 3 branches are responsible for the debt they basically created.
I don't want to take social security away or reduce it from people already retired and collecting it but they need to make changes for the future. I have contributed to it for over 20 years but I don't plan on ever receiving any money from it the way things are now. I figure it will be gone. People that are just too lazy to work and live off it all their life need to be kicked out too.

Kevin of OH 12:46PM July 19, 2011