American Morning

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July 18th, 2011
03:56 AM ET

Question of the Day: Would not raising the debt ceiling teach America a good lesson about spending?

(CNN)- President Barack Obama and congressional leaders will continue to negotiate a possible deficit reduction deal this week to clear the way for congressional Republicans to back an increase in the federal debt ceiling.

While discussions continued over the weekend after the last full negotiating session Thursday, no significant progress has occurred and the chances for a comprehensive deficit deal sought by Obama in coming weeks appear remote.

American Morning wants to know: Would not raising the debt ceiling teach America a good lesson about spending?

Post your response here. Your answer could be included in this morning's broadcast.


Filed under: AM Asks
soundoff (33 Responses)
  1. Elizabeth

    You know what America, you need to know that your messing with economy of the world ! While your political guys jerk around my RRSP ( a Canadian 401k) is going down the drain ! The markets are panicking that nothing with get done in time ...as well as other issues, but its time that you politicians stopped measuring and comparing your manhood and got down to the business of the country ! What they are doing now, playing chicken with the economy of the world is despicable and dangerous! There are many peoples investments and livelihoods at risk here stop fooling around and get it done !

    July 18, 2011 at 2:10 pm |
  2. Jan

    At what cost? Instead of raising overly simplistic questions that serve to inflame, why don't you create a discussion that will lead to something productive. Perhaps a discussion about the policies and spending practices that have occurred over the last ten years over the last ten years. Maybe, despite our collective short term memories, we can prevent history from repeating itself. Maybe Americans will begin to learn that politicians have perfected the art of making the other party fail so as to regain, or maintain, their own power – not for the country's sake, but for their own sake. Obviously no one wants to pay taxes for wasteful spending, but black and white positions will not detract from the fact that we owe foreign countries, such as China, a boat load of money. Instead of trying to make a point by not raising the debt ceiling, our trusted elected officials should engage in a dialogue about developing a balanced budget. All this has been done before.

    July 18, 2011 at 9:44 am |
  3. reality

    When and where does the buck stop? If not now...when? Fact is the gov has been playing fancy footwork with our tax dollars for a very long time. The chicken has come down to roost. Obama proudly proclaimed that increasing the debt limit is a failure of leadership. He was right when he proclaimed that. Now he wants to increase the ceiling.

    Hence, a failure of leadership directed at himself.

    What a phoney.

    July 18, 2011 at 8:39 am |
  4. Sammie

    No, but it will teach us a lesson about electing Tea Party candidates.

    July 18, 2011 at 8:29 am |
  5. marge marvell

    National default would not be a lesson. Congress is filled with un- teachable idiots and would learn nothing. The rest of us already know that spending cuts(across the board) and increased income(tax increases across the board) is the only solution. Who elected Emperor Norquist??

    July 18, 2011 at 8:27 am |
  6. Mark

    NO! We need our government to come together to compromise on as large a financial plan as possible with a mix of all possible options, if not the majority of Americans will teach our representative "a good lesson about spending" by kicking them out of office.

    July 18, 2011 at 8:26 am |
  7. Xavier

    This will be like asking for a credit increase on your personal credit card when you can't afford to pay.
    If our politicians will stop caring about their personal interests and do what is right for their country, they should start by cutting expenses to what is actually needed, earn more money by working hard start eliminating credit taxes for the wealthy, add a tax to everybody until the bebt is paid off and renegociate the debt to a reasonable time and interest to be paid off and have America free of debt for our children's.

    July 18, 2011 at 8:15 am |
  8. Peto52

    We all contributed to this problem no matter who we voted for in the past. We all benefited, from our history of spending beyond our revenue, in our investments and standard or living. We squandered the surplus we had 10 years ago by reducing revenue, then spent beyond those means. Social security, Medicare and entitlement programs have needed adjustments for years to make them viable. The better off, those of us earning above $250,000 enjoy tremendous tax advantages and disposable income that do nothing to spur our economy. We all caused the problem and benefited from those years. Now we all need to contribute to pain of correcting it. Let's get on with it and have our elected officials make those tough decisions that will increase the debt temporarily but then decrease spending and raise revenue to bring it down. Most Americans see that and this is what the polls reflect.

    July 18, 2011 at 8:14 am |
  9. Scott G

    Not raising the debt ceiling would be a disaster. Opposing politicians are trying to make this debate sound like a lesson in fiscal responsibility. Someone should tell them that this is money that has already been spent–mainly as a result of their policies and decisions! Wake up America, get in the know about this issue, and don't simply listen to stump speeches.

    July 18, 2011 at 8:09 am |
  10. Chris

    Do you really think it is possible to teach our government anything?
    I DON'T THINK SO !!!!!!!

    July 18, 2011 at 8:09 am |
  11. Tom R

    America doesn't need the lesson ... Congress does.

    July 18, 2011 at 8:09 am |
  12. David Whittington

    The US Federal Reserve can create money from thin air any time they need money. The US abandoned the gold standard in 1971, so there are now no limits to the number of dollars the Federal Reserve can create at any time for any reason. The US will NOT default on its debts and never will. Deficits and US national debt are meaningless. The entire US national debt could be paid off in one day if the Federal Reserve simply created a $14 Trillion dollar entry on their balance sheet.

    July 18, 2011 at 8:06 am |
  13. Jan

    This question presupposes that American's need a "lesson" in spending. Or that they somehow put the country in this predicament. The "lesson" Americans need is one in how to choose a candidate based not on overly simplistic one liners. Americans, and the media, need a lesson in how to look past last month when evaluating policies and political performance. Unfortunately, the so-called spending problem began when Bush decided to go to war with Iraq. The problem was not caused by Obama – though perhaps he has exacerbated the problem.

    July 18, 2011 at 8:06 am |
  14. Mark Winter

    In a down economy if consumers or corporations are not spending the cost is a worsening economy. Consequently the gocvernment needs to spend to compensate and get the economy moving. One important fact is that goverment spending is injecting money into the domestic economy, yet corporate spending is injecting money in foreign economies due to outsourcing manufacturing jobs overseas.

    July 18, 2011 at 8:02 am |
  15. Eric

    Judging from the predictions of responsible economists in the U.S. and around the world, default would teach America a lesson about spending in the same way that cutting off your leg would teach you a lesson about not jogging enough. It will only make a difficult situation much, much worse.

    July 18, 2011 at 7:30 am |
  16. Joel

    I'd say yes if the lesson learned was a lesson of the party that caused this whole problem to begin with is now holding up these talks over loop-poles for the rich. However, I am sure they will find a way to lie to the Americican people(again) and blame it all on the President.

    July 18, 2011 at 7:28 am |
  17. steph

    Do people not realize we have aready exceeded the debt and are making ends meet by borrowing from different funds?

    July 18, 2011 at 7:28 am |
  18. base

    America doesn't need this lesson. Washington does. It is clear that DC does not represent Main Street and hasn't for quite some time.

    July 18, 2011 at 7:22 am |
  19. Keith Karausky

    That’s like saying, let me bake your hands in the oven for an hour to teach you not to touch the stove

    July 18, 2011 at 7:22 am |
  20. peter b

    yes it would teach us a lesson. Just like dying in a car crash would teach us a lesson about wearing seatbelts. The debt ceiling issue is way to serious to be playing politics with.

    July 18, 2011 at 7:21 am |
  21. steph

    Take it from MN...BAD Move costs a lot of money. Sequester them, until the job is done. Don't punish the people because they are unwilling to do their job.

    July 18, 2011 at 7:21 am |
  22. WETFUSE13485

    The only lesson that will be learned is that the politicians that we elect are worse then children once they get in office. Stomping there feet and calling each other names and making sound bites for the TV. They would rather hurt us than help us but remind you that they care but do not stop there pay or make them pay more taxes. This is the absolute reason why we need term limits in congress. Career politicians are killing this nation that I love dearly.

    US NAVY RETIRED SCPO
    5326 (SO/S.E.A.L.) 21 YRS OF MILITARY SERVICE

    July 18, 2011 at 7:11 am |
  23. Kaizer Soze

    IIt will also teach the rest of the world not to lend so much to the US.

    July 18, 2011 at 7:03 am |
  24. Bertie

    Of course not. The "spending" crisis is fictitious, a problem made up by right-wing ideologues who are actively seeking to undermine our government. It may teach us a lesson about the folly of electing those with a fixed idea of ends and a hostage-taker's approach to means, but that's about it.

    July 18, 2011 at 7:01 am |
  25. Jim

    We'll see. If they manage to cut off Wall Street from the river of dollars flowing out of the Fed and redirect some of that flow to ordinary people, then we'd see some success and an economic recovery. For now, at present tax rates money flow to Wall Street has maintained their bonuses only, since any cash flowing elsewhere has been or is being cut off and the rest of the economy has floundered. Redirect even a portion of that deluge to real people who make and distribute real products and something good will have been done and the economy will begin to recover.

    July 18, 2011 at 6:54 am |
  26. JRMauroff

    Our country was built on cheap energy. Consequently it is structured in a way that makes it very inefficiently. As worldwide energy demand increase theses inefficiencies will result in higher costs across the board. As other problems silently creep into the periphery; without new sources of cheaper energy; or a thorough restructuring, we will go the way of past empires. This may occur without much fanfare.

    July 18, 2011 at 6:42 am |
  27. tod hale

    Republicans, reliably pro-business, want to take a course of action that will make it much more difficult for the country to pay it's debts, creditors, and substantially drive up the cost of future business? Oh, the irony! It is either a re-election posture or Cantor and his ilk are planning a hostile takeover, splitting up and selling the government. to generate a quick profit. Instead of auctioning U.S. treasuries, there will be an auction for THE U.S. treasury!

    July 18, 2011 at 6:32 am |
  28. Charles

    Senator Kyl is claiming–falsely–that the president wants to raise taxes on working Americans, whose average family income is about $50,000 per annum. As bad as the Republicans have long been, even I never thought they'd stoop to such childish irresponsibility as to refuse to agree to raise the debt ceiling.

    America doesn't need a "lesson," it needs higher revenues in the form of higher taxes on the wealthy and business and a larger stimulus–IF that is we want to salvage the U.S. economy.

    July 18, 2011 at 6:16 am |
  29. Kat

    I'm worried about what not raising the debt ceiling could do to the Federal Student Loan Program...not to mention programs like Social Security, Medicare, etc. At this point, those fears overshadow everything else, including providing citizens with a lesson on money management.

    July 18, 2011 at 6:12 am |
    • reality

      Obviously it is all about you. Sorry...get part time jobs to put yourself through college. Do it the honest way....it'll teach you character.

      July 18, 2011 at 8:42 am |
  30. @DavidRFlanagan

    No, the American public should not be penalized by an inability on the part of those whom we elect and entrust to make soild choices to do the job they were elected to do. In theory, those individuals were elected to make sound and sometimes difficult choices, to spend wisely, to work cooperatively whenever possible for the greater good and not give up when the going gets tough or egos are bruised. The public did not get us into this mess and should not be punished for something created by our elected leaders. In my opinion, the only thing we can be blamed for is perhaps voting for the wrong individuals.

    July 18, 2011 at 5:37 am |
    • Jeromy

      We are responsible. Our apathy toward informed voting and allowing ourselves to be bought off by cheap "one liners" and promises have brought us here. I remember when Obama ran for president offering $1000 tax rebates to the poor, I saw a guy in an interview who said he was voting Obama to get his thousand dollars. This is not an attack on Obama or people who truly believe in his vision. Republicans do the same regarding tax cuts. This just illustrates a problem we have, people have figured out how to vote themselves money (even if it is chicken scratch compared with the total loss to the country).

      July 18, 2011 at 7:07 am |
      • reality

        The only vision obama has is how to destroy America. He is doing this with amazing "efficiency".

        July 18, 2011 at 8:43 am |