samhill wrote: I guess I'm also wrong thinking that the debt limit is to pay the Int. & bills that we have already obligated ourselves to pay.
It's chicken or the egg scenario, e.g. you can't rack up $20K on the credit card if you don't have a $20K credit card....
lsayre wrote:Obama is correct, but he is also very deceptive. Raising the legal debt ceiling does not raise the debt. Raising the debt raises the debt. Raising the debt ceiling only opens the door for the potential of raising the actual debt level. That the ceiling has been raised something like 100 times in the past, and each time the debt level rose to hit and exceed the new ceiling is a good indicator that if we raise the ceiling again the debt level itself will soon rise again. But with the new math, the debt level no longer rises anyway.
But does the President really have to insult "the average person" (as he said) DOESNT understand this ?