So what is your "Debt Ceiling?" You probably would tell me that it was a combination of your savings or what you know you could afford based on those savings in correlation with your income. That is how most people pay down debt but that isn't how congress operates.
In an unprecedented move the Democrats without the help of one Republican vote increased the Debt Ceiling to 14.3 Trillion dollars. They also voted to pass PAYGO but it was loaded with exceptions.
In a move that is clearly political the Republicans on the hill are trying to pretend that they are fiscally responsible even though they voted to raise the Debt Ceiling three times when they were in power with Bush in the White House. As disingenuous as their recent objections to spending your money is President Obama and the Democrats are trying to spend their way out of debt and there is a reasonable debate as the effectiveness of this policy.
In fairness President Obama did walk in the door with a huge debt over his head. He explains it very intelligently in his exchange with Republican Representative Jeb Hensarling of Texas. WATCH IT HERE
The sanest proposal I have heard so far was proposed by Republican Senator Jeff Sessions and Democrat Senator Claire McCaskill. Their proposal would limit increases in discretionary spending to 2% each year for the next five years. This is spending that is NOT required by law. 39 Republicans and 16 Democrats voted for it causing it to fall short of the 60 votes required. This is most likely because that is where they hide much of the pork and as you know it is very difficult to separate the pork from the pig.
