Americans oppose increasing the debt ceiling. Here’s why

This comes from Gallup:

Gallup finds that Americans, by a 42% to 22% margin, are more likely to want their representative in Congress to vote against rather than for an increase in the federal debt ceiling, with 35% saying they have no opinion.

The July 7-10 poll asked respondents who either favored or opposed raising the debt ceiling to use their own words to explain their position. These responses were placed into categories and the results discussed in a previous Gallup analysis.

On pages 2 and 3 are the exact verbatim responses used by these more than 700 Americans in response to this open-ended question.

Here is a sampling of the responses:

MY CHILDREN AND GRANDCHILDREN CAN’T AFFORD TO PAY THAT DEBT. WE NEED TO PAY OUR OWN DEBTS NOW

I DON’T THINK THE GOVERNMENT SHOULD HOLD SUCH A HIGH BALANCE OF DEBT

TOO MUCH DEBT

WE OWE TOO MUCH NOW

WE SPEND TOO MUCH MONEY. IF THEY RAISE THE DEBT CEILING THEY WILL CONTINUE TO SPEND. WE NEED TO MAKE CUTS.

I’M AFRAID OUR COUNTRY IS GOING BANKRUPT

WE SHOULDN’T BE IN DEBT AND WE SHOULDN’T INCREASE IT.

OUR COUNTRY JUST CANT AFFORD IT. WE CAN’T KEEP PRINTING MONEY. IF WE RUN SHORT, WE CUT BACK. I JUST THINK WE HAVE TO LIVE WITHIN OUR MEANS.

THEY SPEND TOO MUCH MONEY

I FEEL LIKE WE’RE ONLY MAKING MORE DEBT, OUR GOVERNMENT DOESN’T NEED TO SPEND MORE. I THINK WE SHOULD BE TAKING CARE OF THE ISSUES WE HAVE AT HOME AND NOT ABROAD.

WE NEED TO CUT COSTS FIRST

EVEN MORE DEBT

IT’S JUST GONNA KEEP BEING RAISED AND MAKE A BIGGER PROBLEM.

BECAUSE WE ARE NOTHING BUT A BUNCH OF STIFFS IN WASHINGTON

JUST RAISES THE BILLS I GUESS.

WE NEED TO IMPROVE OUR SCHOOLS, OUR EDUCATION SYSTEM AND HIGHWAYS. THERE IS SO MUCH TO DO HERE.

I DON’T WANT TO HAVE TO BE PAYING MORE TAXES

THEY SHOULD BE CUTTING FOREIGN AID IN ORDER TO MAINTAIN THE AMOUNT THEY SPEND DOMESTICALLY.

BELIEVE IN BALANCED BUDGET

IF I HAVE TO LIVE IN A BUDGET SO SHOULD THEY

THERE ARE A LOT OF THINGS THAT COULD BE CUT THAT AREN’T NECESSARY IN ORDER TO GET OUT OF DEBT SO THEY SHOULD STOP SPENDING

AREN’T WE IN DEBT ENOUGH? CAN WE AFFORD MORE?

HIGH ENOUGH AS IT IS

WE ALREADY OWE TOO MUCH MONEY

I’M AFRAID OUR COUNTRY IS GOING BANKRUPT

WE SHOULDN’T BE IN DEBT AND WE SHOULDN’T INCREASE IT.

OUR COUNTRY JUST CANT AFFORD IT. WE CAN’T KEEP PRINTING MONEY. IF WE RUN SHORT, WE CUT BACK. I JUST THINK WE HAVE TO LIVE WITHIN OUR MEANS.

THEY SPEND TOO MUCH MONEY

See a lot more responses at the source below.

As you can see, this sense that America’s spending is out of control is visceral. Congress will respond and it will be cut. Looking for a job, running a business or Investing in a world of austerity is a lot different from getting along in normal times. I advise everyone to think about how this impacts them because the cuts are definitely coming.

Source: In Their Own Words: Americans’ Views on Raising Debt Ceiling – Gallup

About 

Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty years of business experience. He is also a regular economic and financial commentator on BBC World News, CNBC Television, Business News Network, CBC, Fox Television and RT Television. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College. Edward also writes a premium financial newsletter. Sign up here for a free trial.