The only way to fight back against the Supreme Court claiming powers it doesn't currently have is for other branches to just...not go along with it. It's in the interest of the Biden Administration, the United States, and more importantly, the $24 trillion worth of bondholders to ignore them here. They all could and literally - nothing would change for them, the status quo would be maintained. People overestimate how our institutions are based on words and confidence. If we just ignored the Supreme Court, what would happen? Nothing. The Supreme Court is not the only branch of governemtn that can rewrite the rules as it sees fit.
I just talked to my financial advisor today. He seemed pretty confident this will be handled. I can't image the Republican donor class allowing this to happen. Not to mention the congress critters allowing their own portfolios to tank.
Boy, I hope so. I really dont want my 401K to take a dive, the past few years have not been kind. As others have mentioned this is one of the most dumber laws on the books......we really need the "OK" to pay the bills we have already racked up. Boy oh boy , I need that kind of clout when I have to pay for what I spent last month..................I am sorry Mr Chase Bank, unless you lower my interest charge I am not going to pay you.
It will certainly get resolved - but it can do damage even if it is. Back in 2010 or 2011, they went right to the wire. Didn't default, but US credit rating got dropped and the stock market had a meltdown. Estimated cost long-term was 1% of GDP.
dam, I totally forgot about that, great point Major. At this point I hope the gop moderates are in the back room discussing how they can keep their fringe brethren from going nuclear with this, the fringe think this is there chance to win points with the base.............."See, we wont let the evil libs beat us" No one wins this battle, pass this and then let's move to change the way this comes up, paying our bills should not be this hard and neither party should be held with a gun to their head every time we need to pay the dam bills.
The President doesn't have the power to borrow money. I suppose we could go with an authoritarian dictatorship that ignores the Constitution and the courts. It doesn't seem like the best idea in the long term, but to each his own I guess. You actually do have that power. You can default on your credit card. You can force them to sue you to enforce their debt. You can negotiate with them to settle your debt. You can declare bankruptcy and have all your debtors fight over whatever assets you have available.
That would be such an extreme and a dumb idea for myself, I knew when I made the purchases, I would have to pay for it, to not pay for it after the fact is wrong in my book. Just as extreme is the far right trying to hold the world`s feet to the fire because they can't pass anything on their own and have to resort to extremism...........which is what the gop is all about, whether its paying our bills or butting into people's personal lives and telling us what we can and can't do based on Christian values that they distort to fit their narrative. Where is the gop on feeding the hungry and helping the poor and elderly? Oh that's right, the rich get richer while poor grandma and grandpa cant pay for there meds The first bill passed by the new Republican House majority increased the debt by $114 billion by allowing wealthy people and corporations to continue to cheat on their taxes. Congressional Republicans proposed repealing—and are even running ads attacking—reforms President Biden signed to lower prescription drug costs. Repealing these policies would increase the amount of money Medicare pays Big Pharma, raise costs for seniors, and add $159 billion to the debt. House Republicans have advocated and proposed repealing tax increases on large corporations that President Biden has signed into law, adding $296 billion to the debt. House Republican leaders have also committed to extend the expiring Trump tax cuts, a $2.7 trillion debt increase that would give the top 0.1% (with incomes over $4 million per year) a $175,000 annual tax cut, over 2.5 times a typical family’s annual income. https://www.whitehouse.gov/briefing...enda-to-increase-the-debt-by-over-3-trillion/
As I've said repeatedly the issue is the media is on the side of Republicans and have brainwashed the public. The public has no idea what the debt ceiling even is. The public is ****ing stupid
Which is why I said Biden needed to make this about protecting the wealthy. Tie spending cuts to tax increases on wealthy.
'The public' is stupid. Do they even know what's going to be cut? No. CNN is the new Fox News now, so.../shrug
Exactly this works both ways though. The public doesn't know what the debt ceiling is as you say. Public opinion polls that frame policy questions this way are beyond useless. Nobody's going to have a strong view on the 14th amendment or seigniorage is the appropriate legal fiction (except for right wing morons moaning about authoritarianism while they try to strip people of voting rights, strip local government of authority, ensure permanent minority rule, force rape victims to give birth, and recruit armed militias - **** those guys anyway)
You keep skipping past the part where the stock market nd bond market collapse while litigation happens . You keep glancing over this as if it's no big deal but will make headlines every hour. Folks will wonder why their 401k is down and the media will claim biden refused to cut spending. They'll never mention what spending was being proposed to cut. The public will quickly turn on biden for not cutting spending and the media will run circles all day. The entrie debt ceiling is a scam but I'm not sure what's the best way out right now. You're making this false assumption that the 14th is all rainbows and sunshine
I'm not skipping past it I'm saying it doesn't happen. Saying "markets will react" to something is a fool's game. Markets always "react" to things. Then they react to other things. If you're talking about a permanent collapse of the 24 trillion bond market - you're going to have to ne more specific. Some pissant judge in Texas makes up some bs ruling. A judge in DC says **** you. Biden says **** you we're going to pay our debts. What is your "collapse of the bond market" story? Where does the 24T go? Doge coin? Honestly you need to be stop being so afraid of "the media" - nobody not on Twitter actually reads Axios. One way to control the narrative of the media - to the extent one cares - is to create drama. Trump got this. The public has an interest in the status quo, like their bank not collapsing, their paychecks arriving etc. A judge that tries to destroy it is going to have to have a lot of people with guns helping him do it.
So, you do in fact have that power, just like the government, you just aren't happy about what bills the Republican-controlled House is passing? You could have saved yourself a lot of meaningless typing and just said I was right.
