ORIONS Money Stocks

[kajulie]

It's true, but it is imperative that the United States of America does not default under any circumstance on its debt obligations. It is tawdry behavior to use this issue as a political football, but that's how it works in Washington.

Typically, the party that controls the White House has had to take the difficult vote to raise the limit, while the other party was free to criticize. An analysis of the past 10 years of votes on the debt limit from the nonpartisan Tax Policy Center shows the vote usually splits along partisan lines, with the president's party voting in support. We have never defaulted, but politicians have to appease their constiuents, so they vote for or against, but they've always made damn sure the bills are paid. Obama did vote against one of the raises under Bush for example, but if it had come down to his one vote, you can bet he would have voted differently.

Reagan raised the debt ceiling 18 times and George W bush did it 7 times. In fact, Harry Truman (Dem) was the only President who did not raise the debt ceiling.