The Ipsos/Reuters poll found that 71% of those surveyed opposed increasing the debt limit even though they were told that, "not raising the debt limit would damage the US sovereign debt rating, which is like our credit rating. It would seriously damage our credibility abroad, would make it much more difficult for us to borrow in the future, and would likely push up interest rates." 50 percent of those polled didn’t care. In fact, in a later poll, the number jumps to above 60% that do not want the debt ceiling raised, regardless.
It seems to me that these agreements to cut the budget $38 billion was a drop in the bucket when compared to a $3.8 trillion budget for this year. The $38 billion is equal to just over 1% of the budget. As you read where the money really came from it isn’t much of a budget cut.
I’m sure that you know that the debt ceiling will be reached around May 12. As was pointed out above, over 60% of Americans do not want the budget ceiling raised, in fact they want to start seeing the budget come down.
I recently heard a news clip of Andrea Michel from NBC news interviewing a congressman about the percentage of Americans opposed to increasing the deficit. She asked the question, “How do we educate the American people about why the debt ceiling has to be raised?” Perhaps the American people have already spoken Andrea. They want congress to cut the size of government. I think implied in the question is the belief that the American people are not smart enough to understand why we have to keep raising the debt ceiling.
Americans have come through a very difficult time since the financial meltdown of 2008. Their actions speak volumes as to what Federal, State and local governments must start doing to get their financial houses in order. If we get to May 12 and the congress has failed to make a commitment to seriously reduce the deficit we may well go into default and I suspect we may see recall elections all over the country this fall if the debt ceiling is raised. The congressmen, and women, and Senators won’t have to worry about the 2012 elections, they will have to deal with massive recalls in 2011.