Maybe Iraq can lend us money
April 29, 2003 9:30 PM   Subscribe

Some guy named Luigi is coming to repo Air Force one if the US doesn't pay up. Follow up to this post.
posted by CrazyJub (7 comments total)
is there a limit on how much US can borrow ?
posted by bureaustyle at 11:25 PM on April 29, 2003

this is bad
means no vacation in EU for me :(
100 US DOLLAR (USD) = 90.2242 EURO (EUR)
posted by bureaustyle at 11:29 PM on April 29, 2003

Annoyed parent: "Now, George, you've already got a credit card with a 6.4 trillion dollar limit. You've maxed that one out already - I think you should show us that you're able to pay that one off before you get another one."

Petulant child: "But daaaaaaaaaa-ad, I wanna drop more bombs, and stop taxing capital gains, and make a big tax cut!"
posted by UKnowForKids at 5:21 AM on April 30, 2003

There's a saying in Venezuela that goes "If you owe a bank 100 dollars, they have you over a barrel. If you owe a bank 100 million dollars, you have the bank over a barrel."

Food for thought. That doesn't make debt spending good policy, though.
posted by Cerebus at 5:44 AM on April 30, 2003

See, it's really easy to seem like a tough guy when you are talking about cutting taxes because no one wants to pay taxes really. We do though since we have to, and we also want certain services from the government. When it comes to tough spending choices and fixing problems there isn't a person in the government with any balls and power to do anything about it. We are accumulating debt to pay our debt. Meanwhile things like medicare are shooting up like crazy and our "tough" President pulls his proposals when he encounters a little bit of resistance. Eventually the whole thing is going to collapse. Anyone want to buy some apples?
posted by Eekacat at 7:27 AM on April 30, 2003

bureaustyle: There is no constitutional limit. It's a legislative limit, which means that Congress can raise it (and they frequently do), whenever outlays rise and revenues dip.

Funny, I remember the old days, when Democrats were Keynesians (supporting the principle of increasing government spending during a recession), and Republicans were fiscal conservatives. Geez, it's like it was last century or something.
posted by dhartung at 7:45 AM on April 30, 2003

(supporting the principle of increasing government spending during a recession)

Government spending. ie. Wars, Social Programs, Services. Not a giant grab back for ~250,000 rich people.
posted by benjh at 8:32 AM on April 30, 2003

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