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Debt Ceiling ... Here it comes!
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
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.
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.
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sick
http://www.usdebtclock.org/
:fp:
: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:
Maybe we can recover if the FRN ever becomes backed by anything again other than debt/credit.
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."
...are those who've helped us.
Right 'round the corner could be bigger than ourselves.
Why bother when you can govern by Fiat and public ignorance?
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
Godfather.
We are headed towards the peso.
Well said...it is amazing how "free stuff" keeps us groundlings happy.
Cant keep
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? :?
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.
Clearly you don't understand what "debt ceiling" means. Which is why you're so easy to fool.
Oh well.
The United States is set seize control of a midtown Manhattan skyscraper prosecutors claim is secretly owned by Iran, the justice department said, though the ruling is to be appealed.
The seizure and sale of the 36-story building, in the heart of New York City on Fifth Avenue, would be "the largest-ever terrorism-related forfeiture," the statement added.
A federal judge ruled in favor of the government's suit this week, saying the building's owners had violated Iran sanctions and money laundering laws.
....
http://news.yahoo.com/us-seize-york-skyscraper-secretly-owned-iran-015924951.html
I finally figured out how the US can wipe out our debt! We just need to name China as a terrorist state and presto!!!
I'm the one being fooled? :?
Maybe because some of us are sick and tired of explaining to people who don't WANT to understand the issue what the issue... is?
The "debt ceiling" has nothing to do with borrowing more money.. it's about paying the bills we already have.
If you, for instance, charge your credit card to the limit and then decide you're not going to pay the bill... your interest rate will go up and compound, meaning that if you don't pay your bills, they don't just magically go away, the amount that you owe keeps going up and up and the amount you DO pay goes more and more to interest than it does to the amount you owe.
Understand?
By just saying "no, we're not going to pay our bills and fuck you, Mr. President," you're just fucking yourself and your kids' future over. But the banks are very happy... they make more money on the debt they've already lent you. which is why the supposed "physical conservatives" at the financial institutions are all cheering on the Republicans.
Now... I just dumbed it way down and yes, there are all sorts of other factors and blah blah blah.
If Republicans actually thought we spent too much money, they wouldn't be getting upset by the pennies spent on the arts. They'd be upset at the trillions we pour into useless and ineffective programs in Iraq and the tens of millions of dollars we've wasted on "repealing Obamacare" 42 times and endless Benghazi hearings (when we're already had more than enough to prove that that wasn't a conspiracy, just an unfortunate series of events).
right on, they are a bunch of blowhards. They don't want to spend less, they just want to spend it on different things. They had plenty of years at the beginning of this century to show us all how much they want fiscal conservatism, and they showed their true colors instead.
It is terrifying when you are too stupid to know who is dumb
- Joe Rogan
I don't claim to know everything about everything. The one thing I do know is that both Republicans and Democrats are full of shit and have dug themselves into a hole that sooner or later will implode.
And we keep re-electing them.
:fp:
And your solution to this is what, exactly?