Debt Ceiling ... Here it comes!

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unsung
unsung I stopped by on March 7 2024. First time in many years, had to update payment info. Hope all is well. Politicians suck. Bye. Posts: 9,487
edited December 2013 in A Moving Train
Of course they are going to raise it, the GOP will act tough and demand spending cuts but at the last minute they will cave and vote for a bill three minutes after it was handed out, just like the Fiscal Cliff. The country will further go down the never ending debt spiral.


How long does this go on for? There will be a serious crash, one like nobody have ever seen. When will it happen? My guess is in less than four years.
Post edited by Unknown User on
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  • badbrains
    badbrains Posts: 10,255
    4 years??? The way it's going its gonna only take 4 months
  • unsung
    unsung I stopped by on March 7 2024. First time in many years, had to update payment info. Hope all is well. Politicians suck. Bye. Posts: 9,487
    $145,000 per taxpayer..

    sick


    http://www.usdebtclock.org/
  • Jason P
    Jason P Posts: 19,288
    I think they (our leaders) are working on a deal that will raise it again so that the next ceiling crash is forecasted to occur after the 2014 elections.

    :fp:
    Be Excellent To Each Other
    Party On, Dudes!
  • Jason P
    Jason P Posts: 19,288
    A $1 Trillion dollar coin is being floated around as a way to avoid the debt ceiling. The US treasury just mints a coin, assigns it a value of $1 Trillion, and presto! Crisis averted.

    :think:

    When I get home tonight, I'm going to remove a button from my shirt, assign it a value of $3500, and call VISA and see if they will accept it to pay my next statement.

    :fp:
    Be Excellent To Each Other
    Party On, Dudes!
  • unsung
    unsung I stopped by on March 7 2024. First time in many years, had to update payment info. Hope all is well. Politicians suck. Bye. Posts: 9,487
    I saw that. Laughable.


    Maybe we can recover if the FRN ever becomes backed by anything again other than debt/credit.
  • JC29856
    JC29856 Posts: 9,617
    unfunded war spending anyone??????????????????????

    The fiscal-cliff deal wasn’t great for Republican priorities, but some in the party say that a government shutdown could help them get their way.

    In last week’s compromise, many Republicans were forced to agree to a tax hike on wealthy Americans--albeit at a threshold higher than President Obama preferred--and few of the spending cuts and entitlement reforms they have long been calling for. But several key GOP figures are explicitly or tacitly open to a government shutdown to achieve those goals.

    Over the next few months, lawmakers will battle over three important issues: raising the nation’s debt limit; funding the government; and avoiding broad, automatic spending cuts--also known as sequestration. Failing to continue funding the government would lead to a shutdown, at least partially. And while choosing not to raise the debt limit wouldn’t quite represent a shutdown, some key Republicans still back the idea as leverage.

    Here’s what they have to say:

    Senate Minority Leader Mitch McConnell, on Sunday's Meet the Press:
    What’s important about the top Republican senator’s appearance on NBC’s Meet the Press wasn’t what he said but what he wouldn’t say. After a back and forth with host David Gregory on whether he would rule using a shutdown as leverage, McConnell had only this to say: “As the leader of the Republicans, what I'm telling you is we elected the president to be president. It's time for him to step up to the plate and lead us in the direction of reducing our excessive spending.” In other words, he wouldn’t rule it out.

    Sen. John Cornyn, R-Texas, in a Jan. 4 op-ed in the Houston Chronicle:
    “The coming deadlines will be the next flash points in our ongoing fight to bring fiscal sanity to Washington. It may be necessary to partially shut down the government in order to secure the long-term fiscal well-being of our country, rather than plod along the path of Greece, Italy, and Spain. President Obama needs to take note of this reality and put forward a plan to avoid it immediately.”

    Sen. Ted Cruz, R-Texas, in a Jan. 3 Dallas Morning News interview:
    "He laughed, literally, at President Obama’s recent suggestion that there won’t be a debate over whether to raise the government’s debt limit and openly called it a good idea to force a partial federal shutdown to cut the flow of red ink. 'The federal government will hit its credit limit in roughly two months, and Obama argues that default to any degree is unthinkable, especially because it entails spending that Congress has already authorized.
    “ 'I’m sure he would like not to discuss it,’ Cruz said. But he said a partial government shutdown would be useful, arguing that the one in 1995 set the table for ‘the greatest degree of fiscal responsibility we have seen from Congress in modern times.’ ”

    Sen. Pat Toomey, R-Pa., on MSNBC’s Morning Joe on Jan. 2:

    “We Republicans need to be willing to tolerate a temporary, partial government shutdown. We absolutely have to have this fight over the debt limit.”

    Former House Speaker Newt Gingrich, on Sunday’s Meet the Press:
    Although he said on MSNBC’s Morning Joe last week that using the debt limit as leverage is a “dead loser,” Gingrich is open to using the other two fights. Here’s what he said on Sunday:

    “[Republicans] have two vehicles. They have a continuing resolution, which is at the end of March, and they have the sequester bill.

    "Now, these are legitimate government spending bills. The debt ceiling is different because it triggers all of these international financial problems and triggers the credit of the United States. They don't have to say, 'We're going to be wimps.' I've helped closed the government twice. It actually worked. Bill Clinton came in and said, 'The era of big government's over,' after two closings. Not before."
  • know1
    know1 Posts: 6,799
    Didn't the President and/or Congress use to submit an annual budget? Does that happen anymore?
    The only people we should try to get even with...
    ...are those who've helped us.

    Right 'round the corner could be bigger than ourselves.
  • know1 wrote:
    Didn't the President and/or Congress use to submit an annual budget? Does that happen anymore?

    Why bother when you can govern by Fiat and public ignorance?
    Sorry. The world doesn't work the way you tell it to.
  • Jason P
    Jason P Posts: 19,288
    Very convenient that our leaders strategically pushed this off to occur after the last major elections ... there are some things they are good at working at together …

    Treasury says US will hit debt limit in mid-Oct., urges Congress to raise it

    WASHINGTON (AP) -- Treasury Secretary Jacob Lew has told Congress that the government will run out of money to pay its bills in mid-October unless lawmakers raise the country's borrowing limit, which is capped at $16.7 trillion.

    Lew said in a letter to Speaker John Boehner released Monday that the government is running out of accounting maneuvers it has used to avoid hitting the borrowing limit. He pressed Congress to act so Treasury can keep paying the government's bills.

    Lew said it's impossible for Treasury to predict exactly when borrowing limit will be reached. But he warns that if action isn't taken soon, the government could be left with $50 billion in cash by mid-October. He says that wouldn't be enough to cover Social Security payments, military, personnel salaries, Medicare and other programs for an "extended period."

    Earlier this year, Congress temporarily suspended the borrowing limit so lawmakers could focus on other budget debates. :fp: :fp: :fp: :fp: :fp:
    ....
    http://news.yahoo.com/treasury-says-us-hit-debt-201132681.html
    Be Excellent To Each Other
    Party On, Dudes!
  • Godfather.
    Godfather. Posts: 12,504
    this all fall under obamas direction right ?


    Godfather.
  • unsung
    unsung I stopped by on March 7 2024. First time in many years, had to update payment info. Hope all is well. Politicians suck. Bye. Posts: 9,487
    The Senate votes on a balanced budget, and it hasn't for a few years now.
  • unsung
    unsung I stopped by on March 7 2024. First time in many years, had to update payment info. Hope all is well. Politicians suck. Bye. Posts: 9,487
    But hey keep spending. Time to start hacking, we need BIG cuts to everything.
  • Jason P
    Jason P Posts: 19,288
    Remember when everyone was complaining about the mandatory budget cuts From sequestration a few months ago. If they didn't happen, what, we would run out of money a few weeks earlier then the October forecast date?

    We are headed towards the peso.
    Be Excellent To Each Other
    Party On, Dudes!
  • Jason P
    Jason P Posts: 19,288
    Begs to question how we are going to pay for the war in Syria. And the first one in is mandated to have to dispose of all those chemical weapons. That should only cost a trillion or so.
    Be Excellent To Each Other
    Party On, Dudes!
  • ajedigecko
    ajedigecko \m/deplorable af \m/ Posts: 2,431
    know1 wrote:
    Didn't the President and/or Congress use to submit an annual budget? Does that happen anymore?

    Why bother when you can govern by Fiat and public ignorance?


    Well said...it is amazing how "free stuff" keeps us groundlings happy.






    Cant keep
    live and let live...unless it violates the pearligious doctrine.
  • unsung
    unsung I stopped by on March 7 2024. First time in many years, had to update payment info. Hope all is well. Politicians suck. Bye. Posts: 9,487
    No problem, just print more money!!!
  • Jason P
    Jason P Posts: 19,288
    13 days until the government will have to shut down cause we don't have any more money to borrow.

    28 days until we hit the debt ceiling ... again ... and we have to raise it and devalue the US dollar ... again.

    Time for my Magic 8-Ball to reveal the future. Behold!

    :think: It's cloudy ... wait ... I see ... the debt ceiling will ... will be ... :shock: raised!!! There's more! No spending cuts will be enacted ... and the expiration on the new debt ceiling will expire ... after next year's elections? :?
    Be Excellent To Each Other
    Party On, Dudes!
  • unsung
    unsung I stopped by on March 7 2024. First time in many years, had to update payment info. Hope all is well. Politicians suck. Bye. Posts: 9,487
    Eventually it will be time to pay up. Then what?
  • brianlux
    brianlux Moving through All Kinds of Terrain. Posts: 43,644
    unsung wrote:
    Eventually it will be time to pay up. Then what?

    What will happen is, at least in part, explained in James Howard Kunstler's The Long Emergency. But the way he explains it, national debt is one piece of a larger clusterfuck.
    "It's a sad and beautiful world"
    -Roberto Benigni











  • CH156378
    CH156378 Posts: 1,539
    I would like if both sides could come together and solve this. Mabey a mixed bag of some revenue increases and some spending cuts.