RUSH: Logan, Utah. Scott, great to have you on the program. Hello.
CALLER: Hello, Mr. Limbaugh.
RUSH: Yes, sir.
CALLER: This is an awesome experience. Well, I just had a question. I’m kind of confused. You were saying you didn’t know why people didn’t understand, and you were trying to explain to us about the defaulting on the debt and all that.
RUSH: No. I did not say I don’t know why people don’t understand. I said Obama is counting on you not understanding.
CALLER: Oh. Yeah, yeah. Well, I’m confused. If I look at it in my aspect, say I had a $100,000 credit card and was maxed out and I could barely make the payments on it. To increase my debt and apply for more debt and get say $200,000 debt limit on there, that would give me no more working capital than I already had on my debt limit, would it? And so I would be no better off making the payments to my debt than I was when I had the $100,000 debt limit. All it would do is increase my payments in the future, wouldn’t it?
RUSH: Okay, but in this example, tell me what it is you’re not understanding that I said.
CALLER: Well, no, no, no, I understand what you say. I’m wondering why we’re even talking about this, why our legislators are even talking about increasing the debt limit. It’s not gonna give us any more —
RUSH: Okay, your point is we could reduce the debt limit and still not default.
CALLER: Right. But why are we saying that we’re gonna default right now when —
RUSH: Because the president sets the agenda, it’s up to the Republicans to either shoot it down or play along with it. Presidents have power.
CALLER: Yeah, but if we increase the debt limit, that’s gonna make us more in trouble in the future, wouldn’t it?
RUSH: Oh, of course it is. We don’t have the money that we’re spending now. The debt limit raise or increase is simply a request by Obama to let me be more irresponsible.
CALLER: So the bigger scale, the national scale, it’s no different than what it would be on my smaller scale, is it? Because I always hear the term, “You don’t understand macroeconomics.”
RUSH: Well, there is a big difference, and that is you can’t go print money to cover your debt, and you can’t just borrow it easily and so forth. They get to pretend that there is no limit. I don’t know if you remember the House bank scandal of 1988 and ’89.
CALLER: Yes, I do. A little.
RUSH: Members of the House were able to write checks for any amount whatsoever no matter how much money they had in their account. The checks were covered. It didn’t matter what their salaries were. You and I could never do that. But, no, you understand it fully. You’ve got it down pat. Don’t doubt yourself.
Frank in Waco, Texas. Frank, hello, and welcome to EIB Network, sir. Great to have you here.
CALLER: Hey, Rush, great to talk to you again.
RUSH: Thank you.
CALLER: First I have to say if the Democrats had half the compassion that they claim to, they would let us use our food stamps to purchase LifeLock.
RUSH: (laughing) You never know.
CALLER: Hey, on the debt ceiling stuff you were of course right, completely right on that. I mean none of us could run our household the way that they’re attempting to run it for us with this money. But, you know, you said, well, it’s easy to armchair and we’re not there and maybe they just have to cut some kind of deal. I say, okay, fine, if they say the only way to do it is cut a deal, and if they say that you have to, you know, quote, unquote, increase revenues, and it’s okay to do one first and the other 12 years later, then fine, Boehner can say, “Okay we’ll take your idea, but we’ll reverse it. We’ll cut the spending now and we’ll increase the revenues in 12 years.”
RUSH: Okay, I like the theory behind it. It would never fly, and of course it would illustrate the folly of their idea.
CALLER: Well, exactly, it would never fly, and it’s ridiculous to even have to entertain the idea, but at least, like you say, it would break the folly of the idea.
RUSH: Yeah, I like it. “Okay, Mr. President, we’ll do the spending cuts now, we’ll get to the spending in 12 years. I mean it works out either way, doesn’t it, Mr. President? Still end up in the same place, don’t we?” Ha-ha-ha-ha. Great idea.
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