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Question of the Week: Do you support raising the nation's debt ceiling without further spending cuts?
Posted by Randy | June 01, 2011

Last night, with a bipartisan vote of 97 - 318, the House of Representatives rejected the Administration’s request to raise the nation’s debt ceiling above the current $14.3 trillion limit by another $2.4 trillion. The debt ceiling is a cap set by Congress on the amount of debt the federal government can legally borrow. The federal government reached its current debt ceiling limit of $14.3 trillion on May 16 of this year. Treasury Secretary Timothy Geithner has indicated that he can keep the country out of default until August 2, at which point he will need to begin prioritizing payments made on the United States’ outstanding financial obligations.

Question of the Week:
Do you support the Administration’s request to raise the nation’s debt limit of $14.3 trillion by another $2.4 trillion without any additional spending cuts or reforms to reduce the deficit?

(  ) Yes, I support raising the debt ceiling without any additional provisions.
(  ) No, I do not support raising the debt ceiling without further spending cuts and reforms to reduce the deficit.
(  ) No, I do not support raising the debt ceiling under any circumstances.
(  ) Other (share your comments on my blog below)
(  ) I am unsure.

Take the poll here.

Learn more about my position on lifting the debt ceiling:
·         Prohibiting the Treasury Secretary from defaulting on the debt
·         Ensuring that our military men and women receive payment in the event of the government’s prioritization of payments

Read more background on the nation’s debt limit in the Congressional Research Service’s recent report, “Reaching the Debt Limit: Background and Potential Effects on Government Operations” here.

Find out the results of last week’s instaPoll here.

What do you think? Weigh in:
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  • Nancy Deming-May commented on 6/1/2011
    How about a ;ositive option in your instapoll? Like Yes, I support raising the debt ceiling but with appropriate budget reduction measures and a viable long term debt reduction plan? None of us like the idea but I haven't heard a non-partisan economist or financial person yet say we can dig out of this hole without raising taxes.
  • Stephen Dexter commented on 6/1/2011
    Why do we only get the options which Mr. Forbes likes but never options that just perhaps a thinking American might come up with. It seems that Mr. Forbes polls are stacked FOR his position and AGAINST those of the Democrats.
  • Kirk Fraser commented on 6/1/2011
    It looks like we're already on a slow road to wheelbarrow loads of money to buy a loaf of bread. You want it to come faster? Why else would you even ask?
  • James Shelton commented on 6/1/2011
    1. Our Bond Rating is AAA now so we are not in a crisis. 2. The Bush tax cuts were only paid for through 2010. 3. Before the Bush Tax Cuts we had a great Economy. 4. Before the Bush Tax cuts we were paying off the debt. 5. The highest growth we ever had was under Johnston and Kennedy. Not low tax years. 6. Our taxes now are lower than they were under Reagan. We need to expire the Bush Tax cuts which were not paid for. If these tax cuts are not expired within the next two years, our bond rating will suffer. If we do not aprove the debt limit increase and default on our obligations, we will have terrible credit. Not raising the limit would be the same as not paying our bills. We need Stimulus to get the economy going again. Every real economist agrees on this. We also need consumer protection from lending agencies, but that would be another poll.
  • BJ Anderson commented on 6/1/2011
    I see no mention of any government employees(including Congress,White House,etc) not receiving a paycheck in the event of not raising the debt ceiling. Leaving Afghanistan is a way to save a lot of wasted money.
  • Karen Sterling commented on 6/1/2011
    Taxes need to be raised--period.
  • James Simmons commented on 6/1/2011
    I don't trust either side of the isle. Do not raise the debt under any circumstances.
  • John Boren commented on 6/2/2011
    In todays political climate how can we not move forward without compromise? Both party's need to give and take. No increase to the deficient cap without both significant spending reductions/reforms along with tax increases/reform. To believe we can make progress one way only is going to destroy the party pushing the single path.
  • William Grover commented on 6/2/2011
    For you people who want to raise my taxes..How much is enough? We have a government that gives out grants to watch jello wrestlers and give shrimp a treadmill work out not to mention that king Obama has spent over three trillion dollars in two years, again, how much do the American people have to give to pay for this illegitimate debt? You don't cure an alcoholic by raising his bar tab and you don't stop an out of control Government by increasing the amount they can barrow! You are being played. If the debt limit is raised, which it will be, there will be no spending cuts and business will go on as usual. This is all smoke and mirrors! It is about time we get our Government house in order the same way our homes are. You don't spend more then you earn. One last time, how much is enough?
  • Jean Clelland-Morin commented on 6/2/2011
    We need leaders with a moral backbone. It's good to listen to the people but blog-jocks are not tax-economics experts. Our economic system is corrupt and convoluted - that much I do know. Instead of workin' the crowd to see how to get reelected, why not stand up for justice and making the work-ethic myth a reality? // Jean Clelland-Morin
  • Theodore Nelson commented on 6/2/2011
    Nobody wants to see the debt level rise, however, Mr Forbes and the Republicans only offer reduced spending (a.k.a, attack Social Security, Medicare, etc.). As a nation we need to remove the ill conceived Bush tax cuts so that income matches spending as this is the only way the debt will be reduced. Unfortunately, there is too much partisan politics going on in Washington and not enough of seriously solving the problem.
  • Doug Absher commented on 6/2/2011
    My position based on the current financial situation is that the debt ceiling should match the budget. If Congress approves a Budget to spend money and the President signs that into law, then the Congress should be obligated to ensure that amount of money is available to execute the law. I am not for raising the debt ceiling at all. I am for cutting personal income taxes gradually to zero over the next 3 years, reducing corporate taxes to a competitive level (about 25%) and reducing the government to live within its means without an income or consumption tax. I do not believe the federal government is directly entitled to any individuals property, including money earned by trade of labor.
  • Peter Moody commented on 6/2/2011
    Any representative who is not considering both revenue increases (including some tax hikes) and spending cuts (including defense and slowing the growth of Medicare) is not serious about the deficit enough to be reelected. Mr. Forbes, I appreciate your late 2010 vote against extending the Bush Tax cuts alongside other spending increases. But NOW is the time to show real courage and commitment to your constituents by joining with a group of bipartison group of congressmen to tackle both the revenue and the spending side. Failing the raise the debt ceiling will have devastating consequences and doing nothing will be equally disastrous. The ONLY way forward is to make modest, gradual reforms to the revenue and spending side to give businesses, consumers, and the world more confidence that our budget is not headed towards collapse. Other congresses have risen to the task of making hard decisions to save our country from peril. I can only hope that this congress does the same. Please Representative Forbes, show independent leadership and don't just blindly follow what either political party is advocating.
  • Lamonte Jackson commented on 6/4/2011
    I beleive that congressional spending needs to be cut across the board and some Federal agencies should be merged. Cut Military Spending and Aid to many contries. The only problem that I have is that congress wants to cut help for the poor and needy.
  • Nelson Ard commented on 6/4/2011
    Most of the current discussion is polarized: keep spending at current levels and increase taxes to compensate vs cut spending to fit revenues. As most things in this world, the answer probably lies in the middle. Conservatives want to see a more responsible approach to deficits before they will open the door to increasing revenue. The Progressives seem to want to keep spending at current levels at all costs. With current spending fully 25 % above 2008 levels, this position makes no sense to me. One measure that may help here is to look at Government spending as a percentage of GDP and work out a better balance between spending and revenues (we borrow 40 cents of every dollar Government spends at the moment). While the historical average is 20 - 21 percent, this is just a starting point. With large numbers of Americans approaching retirement, we may not be able to return to such low levels, but it would set a framework for balancing expenditures and revenue, and adjusting taxes so the formula starts to work. At the moment, though, we appear stalemated: Conservatives will not raise taxes without addressing the debt, and Progressives have not provided a response as yet. I, for one, would entertain taxes only if I see a path to sustainable Government spending in the future.
  • Annette Last Name commented on 6/8/2011
    This is the usual Republican political power play -- similiar to trying to deny unemployment benefits to Americans -- a big show to play to the base that doesn't understand the consequences of defaulting on our debts. Smoke and mirrors, a dog and pony show for the benefit of the Tea Party. At the last minute the speaker will compromise with the White House and all the seniors on Social Security will get their checks and he will get the credit with the base. How long are you people going to fall for this?
  • Patrick Conway commented on 6/16/2011
    I do not support raising the debt ceiling without further spending cuts/reforms, as long as (1) they are the RIGHT spending cuts/reforms (on frivoluous items, but not important ones such as Defense of our Nation), and (2) more emphasis on reforming the "Government processes" to improve efficiency/effectiveness, as opposed to the normal, short-sighted approach of simply cutting Government personnel ( if we don't fix how we do things in a "knowledge economy", we will only perpetuate Government process inefficiencies onto a smaller workforce).
  • Jamie Hopes commented on 9/9/2011
    No, I do not support raising the debt ceiling without further spending cuts and reforms to reduce the deficit. http://cheaptreadmills-forsale.com/reebok-v-8-90-treadmill/reebok-v-8-90-treadmill
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