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What should the debt limit be based on?
Should it be a certain % of the GPD? Things like that? I'm curious about specifics. Right now we just seem to throw numbers out there based on what we think we need to spend... I'm looking for something more specific.
And this really is just a curiosity. I'm not trying to play politics with one side against the other here. I was just wondering to myself what it should be based on, so I thought I'd see what others have to say.
5 Answers
- TheOrange EvilLv 710 years agoFavorite Answer
That's a legitimate question. Right now the debt limit is based on how much the US government wants to spend, a number larger than they currently owe.
I don't really have a concrete idea on what it should be, only because whatever standard was put in place, it'd have to be abandoned quickly when Congress refused to cut spending.
However, perhaps something like we have in the private sector - a combination of a credit score and debt-to-income ratio. More importantly, wherever it's set, it has to be a hard limit that can't be changed, otherwise there's no point in setting any limit at all.
- 10 years ago
The first poster has it exactly right. Having an "debt limit" that can be raised is pointless.
- Anonymous10 years ago
As long as they keep "raising" the debt limit, why bother having one.
- Anonymous10 years ago
I'd say base it on how big the red line is......that's how We the People live.....the more we owe the less we get.
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- ?Lv 510 years ago
10% of total incoming revenue and only in an emergency should it ever be aloud to be used.
