Should national debt ceiling be eliminated?
House Democrats unveil new proposal
- Duration 3:32
- Date Jan 16, 2013
House Democrats unveil new proposal
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Political they want congress to balance the budget within ten years and keep it balanced in return for raising the debt ceiling quote.
No American should have to tell an eight year old child that we cannot get our nation's house in order by the time she goes to college.
There are many ways to get to a balanced budget and both Democrats and Republicans have an obligation to explain what path they will choose.
-- Goldberg is editor at large for national review online he is also a Fox News contributor.
Get rid of the debt ceiling altogether.
-- what do you think about that idea.
Well I I don't think it's a disaster we got rid of the debt ceiling but I'm not in favor getting rid of the debt ceiling most countries don't have a debt ceiling.
You still need votes from congress to authorize spending so you couldn't really just.
Borrow Willy Nilly anyway.
But the simple fact is it the debt ceiling is the one time in the legislative process where you actually get a bill every one of the having all these -- news this contest of who's analogy is right whether it's like a family with a budget whether there's whether it's that whether it's dining and -- -- the president like to say.
Well the debt ceiling is really the moment you get the credit card bill that's the only moment and if if if you can't have a sort of reckoning about your spending habits when you see your credit card bill.
You're never gonna have that reckoning so I'm in favor of a -- four in favor of any speed bumps towards more spending MM this is -- good as any.
The president was talking about it at at his news conference the other day I want to play something that he had to say and get your reaction.
Congressional Republicans refuse to pay America's bills on time.
Social Security checks and veterans benefits will be delayed.
We might not be able to pay our troops were -- our contracts with small business owners.
Food inspectors air traffic controllers.
Specialists who dragged down lose nuclear materials wouldn't get their paychecks.
Investors around the world -- -- asked if the United States of America is in fact a safe that.
Market could go haywire.
Well the naysayers have pointed out the president is wrong on that because the treasury is collecting tax revenue every single day -- be able to pay a lot of those bills -- he's talking about.
-- but that's absolutely right I wanna say just as I was watching the clock is replaying that clip.
In the time according -- your -- in the time it took to run that clip we went like one point one million dollars more in debt.
-- someone else can check my math.
The simple fact is is that the Democrats you know all this talk about default and if we don't do this we're gonna default on our debt -- -- This is the democratic talking point this is the democratic.
Democratic administration that is using default.
As a bargaining chip they're the ones who say.
If you had put any conditions on what we want to do in terms of unlimited more borrowing.
We're gonna default.
Well that's a condition to basically say that you're not got any kind of spending restraint and I could -- at the CPI -- I can do.
Any of these things -- just simply this that we need to borrow more no strings attached that is the White -- condition and they're saying if you don't agree -- that will default.
But there are lots -- ways to avoid default default.
Technically speaking default -- not paying your debts now well you can prioritize and say -- all -- guaranteed a prayer pay our debts but we won't pay these other things.
That would force some spending discipline makes the Obama administration that's on reasonable maybe if we didn't pay congress we get some spending discipline that would be -- -- Jonah Goldberg from the national review online thank you thank you.