[Ihealyou]

Not raising the debt ceiling is like deciding not to pay your credit card bill because you're unhappy with how much you spent. It doesn't decrease the amount you spent, but it does get you in deep shit. That being said, care has to be taken with deficit reduction efforts. The Fed has warned politicians about the need to reduce our long term debt, but has not been as concerned about our short term debt. This is because, despite Republicans screaming otherwise, government spending has a stimulative effect on the economy. Its important not to drop this support while we're in such a weak recovery. Unfortunately, its easier to cut welfare, social services and other programs which actually help the economy than entitlements, which are the main drivers of our long term debt.

(Not extending the Bush tax cuts would have avoided this problem all together, but don't tell anyone that)