Certainly we need to change course and stop borrowing however the issue is to go about it in responsible manner. In the past we have simply raised the limit and gone on our way for example, I was surprized to learn the debt was raised 17 times under Regan. Currently we face a double whammy in that spending was increased (two wars, bail outs, etc.) and tax revenues have dropped (recession); for each dollar we spend; 60 cents is from tax revenues and 40 cents is borrowed.
Maintaining the debt limit at the current level simply means 40% of our bills need to go away immediately - who will not get paid. Raising the debt limit allows time to get spending in line with revenues without causing collateral damage.
The issue is not the debt limit the issue is the spending level needs to be pulled back.
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Today's Featured Article - Earthmaster Project Progress Just a little update on my Earthmaster......it's back from the dead! I pulled the head, and soaked the stuck valves with mystery oil overnight, re-installed the head, and bingo, the compression returned. But alas, my carb foiled me again, it would fire a second then flood out. After numerous dead ends for a replacement carb, I went to work fixing mine.I soldered new floats on the float arm, they came from an old motorcycle carb, replaced the packing on the throttle shaft with o-rings, cut new ga
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