Obama, GOP Outline Debt Limit Debate

President Barack Obama says he "will not compromise" over his insistence that Congress lift the federal debt ceiling. The nation's credit rating was downgraded the last time lawmakers threatened inaction on the debt ceiling, in 2011. (Jan. 5)

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[jannmutube]

Republicans need to work with the President on the package of tax reform and spending cuts he has already offered to get the debt under control I'm beginning to suspect the "free market" Norquist republicans are also behind the gun issue (the Supreme Court already ruled on the 2nd Amendment in 2008 and 2010). If they can't gain power by election or by threatening to ruin the economy, they want to trash our currency, secede or start a civil war.

[jannmutube]

I don't know how hard it would be to get cooperation on the spend-down solution but maybe the amount of money the Treasury should be allowed to print could be increased proportionately to balance what is not in circulation due to money held in interest bearing accounts.

[jannmutube]

My understanding is that the government can print money to pay its bills but it has to add the value of what it prints to the national debt. What I don't know is if the amount of money in circulation can be raised in proportion to the population. Maybe a solution would be to limit the amount of money someone can hold overall For example, if a person has more than 3 million dollars in savings, they would have to spend it down. That would stimulate the economy and free up dollars.

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