Congress urged to raise debt limit| Reuters #tcot #tweetcongress

Well, Excuse me for the interruption but, the last I checked 71% of the voting public do NOT want the debt ceiling raised. Of course Geithner, et. al want it raised. But for crying out loud, how many zeros are in 14 Trillion again? And, when did piling on more debt to this already gargantuan amount make sense in the first place? I haven't changed my opinion about all this.

But, here's the article from Reuters.

WASHINGTON (Reuters) - The Congress must allow the country to borrow more to avoid a debt default that would wreak havoc on financial markets and imperil the U.S. economy, Democratic and Republican lawmakers said on Sunday.

Threatening not to raise the $14.3 trillion debt ceiling -- the amount of debt the country is legally allowed to issue -- is "like playing with fire," Democratic Senator Charles Schumer said on NBC's "Meet the Press."

If we didn't renew the debt ceiling ... We might permanently threaten confidence of the credit markets in the dollar, which could create a recession worse than the one we have now or even a depression," he said.

Republican Senator Tom Coburn also predicted a dire outcome if lawmakers were unable to reach an agreement to put the country's fiscal house in order.

"If in fact the bond vigilantes come after the government bonds in the next two to three years, we will have such bigger pain than not raising the debt ceiling," Coburn said on the same television program.

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