Today, in an astonishing speech on the debt ceiling, Obama chastised the House Republican Caucus for not raising the debt limit so America can "pay our bills", which Obama alleged Congress has "run up".
Well, that crap wasn't "run up" by the Republicans. The vast majority of it was "run up" when voters made the mistake of turning the House over to the Democrats. It was passed over their loud objections, and notably in the case of Obamacare it was passed with all kinds of chicanery - even with a Democrat majority - including threats, arm-twisting, secret meetings, changing parliamentary rules in the middle of the process, and even what ought to be called out-and-out bribery (remember the "Louisiana Purchase" and the "Cornhusker Kickback"?).
What Obama was talking about was not money that has already been spent. He was talking about money that has been authorized to be spent. If you are planning a vacation, and have reservations for a beach house; and if you find that to go on that vacation AND pay the gas bill so that when you get back you will be able to cook dinner and heat the house you will need to run up more money on a maxed-out line of credit; then will you call the bank and ask them for an increase in your credit limit so you can pay your gas bill?
And just what do you think your banker will do when he hears your lame explanation? Personally I think he would tell you to cancel your reservation, quickly plan a less expensive vacation (or abort it altogether), pay your gas bill on time, and continue to enjoy a good credit rating. Or, in the alternative, go ahead on to your seaside vacation and arrive home to find the gas has been cut off, the interest on your card has been increased to the maximum (thus costing you more money) due to your default, and try to make grilled cheese sandwiches in the toaster until the electric bill comes due and you can't pay that, either.
The silver lining is that the phone would be cut off for non-payment in short order, so at least the bill collectors would stop calling. That way, when you died of starvation after freezing in the dark, at least you would have some peace in your final, miserable hours.
NO debt limit increase without DRASTIC cuts in spending. PERIOD.