Senator Simpson, from the deficit commission, said something colorful about the fight to raise the debt limit.
Since 1960, Congress acted 78 times to raise the debt limit, with most of those times occurring under Republican presidencies.
But Obama today rejected suggestions that he could invoke the 14th Amendment to raise the debt limit on his own.
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The Majority Leader of the House has voted to raise the debt limit five times in his career in the House.
President Obama has said a vote in Congress on whether to raise the debt limit should be separate from the budget debate.
As Geithner noted in an earlier letter, the U.S. government has never failed to raise the debt limit in a timely fashion.
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The latest CBS News poll showed that only 24 percent of Americans said you should raise the debt limit to avoid an economic catastrophe.
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Larry Summers, former U.S. Treasury Secretary, warned on TV that failing to raise the debt limit would be worse than the Lehman bankruptcy in 2008.
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One of the stranger ideas floating around is that the Administration should deal with the refusal to raise the debt limit by minting a trillion dollar platinum coin.
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And you need to take very seriously the need to raise the debt limit so that the full faith and credit of the United States government is maintained around the globe.
Though most investors think a last-minute deal to raise the debt limit will eventually emerge, the difficulty of reaching an agreement may leave a lasting impression on investor sentiment, some traders fear.
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Today, President Barack Obama says the sky will fall, interest will not be paid on the national debt and Social Security checks will not go out if Congress refuses to raise the debt limit.
What refusing to raise the debt limit will mean is that after the debt service is paid, Congress will have to get serious and make substantial cuts to other federal spending to avoid having to borrow money.
Every day that goes by with the government unable to borrow more money puts more pressure on the Congress simply to raise the debt limit to prevent the government from defaulting on the national debt or Social Security payments.
While a few weeks ago it was all but confirmed that it would be politically unviable for Bernanke to engage in further easing, analysts today, like Sozzi, are already expecting it. (Read Apocalyptic Bernanke: Raise The Debt Limit Or Else).
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Additionally, Congress should provide that when it next comes time to raise the debt limit, a super-majority vote of both Houses of Congress will be required to raise the debt ceiling by a percentage greater than the rate the economy is growing.
The next pressure point comes this spring and summer, when Congress will have to raise the federal debt limit or else let the U.S. Treasury run out of cash to pay its bills.
We are very focused on the need to move with speed on taking a vote to raise the debt ceiling limit.
Both Democrats and Republicans agreed to the sequester in 2011 as part of a bill to raise the US debt ceiling - the legal limit the government can borrow.
After we raise (or eliminate) the debt limit, we can return government securities to the trust fund in exchange for the IOUs.
Congress must agree to raise the limit on how much debt the U.S. can have by the end of February otherwise the country risks default and could be slapped with damaging credit downgrades.
Their support will be needed in the coming months both to pass a budget and to raise the legal limit on America's debt.
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Historically, Congress has never failed to raise the debt ceiling when its confronted with hitting the limit.
This frees up room under the debt limit and allows Treasury to issue additional securities to the public and raise cash to pay federal obligations.
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The U.S. could suffer a downgrade on its debt, raising borrowing costs when Congress does eventually raise the limit.
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Fortunately, even if Congress doesn't raise the debt ceiling, a default on our debt need not follow when our borrowings reach their limit in the next few months.
As US federal debt approaches its statutory ceiling, confidence on Capitol Hill is growing that a deal to raise the limit will soon be struck, avoiding the theoretical possibility of default.
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