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xchrom

(108,903 posts) Wed Dec 4, 2013, 07:13 AM Dec 2013

Australia Just Agreed To The Obvious Debt Ceiling Solution That US Lawmakers Should Copy Right Away [View all]

http://www.businessinsider.com/australia-agrees-to-scrap-the-debt-ceiling-2013-12

Australia just did something really sensible.
From the Sydney Morning Herald:

The federal government will be able to borrow as much money as it wants after Federal Treasurer Joe Hockey cut a deal with the Greens to dispense with the debt ceiling completely.

Mr Hockey has just written to the Leader of the Federal Greens, Christine Milne, setting out the details of the agreement.

It means the government will not have to ask the Parliament for permission whenever it wants to borrow money above a certain limit.

Read more: http://www.businessinsider.com/australia-agrees-to-scrap-the-debt-ceiling-2013-12#ixzz2mVHwMJsM

18 replies

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Australia Just Agreed To The Obvious Debt Ceiling Solution That US Lawmakers Should Copy Right Away [View all] xchrom Dec 2013 OP

It does however specify "above a certain limit" dipsydoodle Dec 2013 #1

they do *not* have to ask above a certain limit, i.e., there is no longer any limit. unblock Dec 2013 #2

I misread it dipsydoodle Dec 2013 #4

sorry, this doesn't increase inflation and this helps make the "petrodollar scam" more secure unblock Dec 2013 #9

unfortunately, that would presume that washington wants to *solve* problems. unblock Dec 2013 #3

Fucking outrageous! Uben Dec 2013 #5

! xchrom Dec 2013 #6

So -- Nuclear Unicorn Dec 2013 #7

no, the debt ceiling limit has *nothing* to do with budgets and appropriations unblock Dec 2013 #8

I don't see that as a refutation of my point. Nuclear Unicorn Dec 2013 #10

they can only spend what's appropriated. unblock Dec 2013 #11

My point assumes congress, say a GOP congress with a GOP president Nuclear Unicorn Dec 2013 #12

but that was always possible, and something like that has been done many times. unblock Dec 2013 #13

Except it gives more responsible voices another opportunity to halt the madness. Nuclear Unicorn Dec 2013 #14

no, it gives those preaching "responsibility" an opportunity to do it in the most irresponsible way. unblock Dec 2013 #15

So you believe a GOP congress and a GOP president Nuclear Unicorn Dec 2013 #16

i have full faith that republicans will rack up huge deficits whenever they have enough seats. unblock Dec 2013 #17

Well done Australia! Enthusiast Dec 2013 #18