We are here again. Non-essential government will shut down if not funded by Oct 1st. US defaults on its financial obligations sometime in Oct-Nov if the debt ceiling is not raised. Raising the debt ceiling allows the US to pay for its financial obligations that has already been approved by Congress and current/past administrations. It's the height of reckless irresponsibility to approve spending and then not pay for it. - The House passed a funding bill last night. All dem voted for it. All rep voted against it. - McConnell says he will not suspend the debt ceiling. Of course, he did 32 times in his career and 3 times under Trump. - Trump contributed almost 1/3 of today's debt (he contributed ~$7.8T, $6.5T of it for the covid spending and tax cuts). - Moody analytics said defaulting would trigger a spike in interest rate, crash the stock market, cost 6 million jobs, raise unemployment to 9% and wipe out $15T in household wealth. We should pass a law to do away with the debt ceiling. It serves nothing except for political games to shift responsibility/blames on who contributed to the debt.
anyone catch that Moody analytics said defaulting would trigger a spike in interest rate, crash the stock market, cost 6 million jobs, raise unemployment to 9% and wipe out $15T in household wealth?
So BBS "moderates".....how do you propose Democrats "compromise" on this issue? Because "both sides" are the problem with any and all political challenges, tell us what Democrats need to be dealt with in order to avoid default. Seriously, though, the Democrats better not capitulate on this. Every time there has been a shutdown, the Republicans have taken the blame with the majority of voters. Democrats need to go on TV, explain the debt limit in laymen's terms (and by that I mean 2-3 sentence like "The debt limit is a procedural oddity in our system that allows Congress to vote on paying for legislation it has already passed.") and then repeat that the Republicans are basically refusing to pay for their own legislation. Remind voters that Republicans only pull this stunt when there is a Democratic President and that they've shown no willingness to cut spending when they themselves are in power. This is a perfect example of the difference between the two parties and why asking Democrats to work with Republicans (why is it never the other way around, btw - I never hear someone say "I'm going to vote for Republican moderates because I want them to work with Democrats") is naive and unfair.
If it does, you better have the full cash amount on hand because you'll be in line behind rich buyers looking for their third rental property and corporations looking for their 2,481st.
No I didn't. But did you hear that Moody analytics said defaulting would trigger a spike in interest rate, crash the stock market, cost 6 million jobs, raise unemployment to 9% and wipe out $15T in household wealth? I am currently very very unhappy with Dutch politics. But then I see the messed up state of US politics and I feel slightly better. (only slightly, because we have a real mess aswell).
I just ran across this item: US default would wipe out nearly 6 million jobs, Moody's says https://www.cnn.com/2021/09/22/business/us-default-job-loss-prediction/index.html
If nothing else works, I would try to lump the debt ceiling into the Dem's $3.5 T soft-infrastructure bill - it might help force Manchin and Sinema on board. I don't think the public actually cares who passes it. It seems to be one of those Washington obsessions but voters didn't penalize the GOP for their shenanigans and wrecking the economy/stock market in 2010 or 2011 when they did this.
Is that the word on the street or what's being heard on the grapevine? Knowing how embedded politicians are with their brokerage account, i dont think they'll risk a credit rating downgrade from a default. Though maybe people will just shrug if certain key senators short their stocks before voting their blessed conscience against raising the debt ceiling. In the olden times, people would hang them for treason, but that's only reserved for special rats like Mike Pence!
"If we cannot raise the debt ceiling. . . .we have no choice but to remove all tax loopholes and shelters. We have to implement a 17% flat tax" - Demos "Well . .. . . hold on a second. " - The Rich speaking through their congressional henchmen Rocket River
Republicans filibuster Senate bill to fund gov and raise the debt ceiling. Senate GOP Filibusters Bill to Raise Debt Ceiling in Key Procedural Vote (yahoo.com) The GOP rejected a proposal to fund the government into December and lift the debt ceiling past next year’s midterms, a vote that needed the support of 10 Republicans to advance over a GOP filibuster. But only a handful of GOP senators even considered it, and the bill appeared doomed for days. The bill failed, 48-50, and no Republicans supported it.
The Ds should say that the debt ceiling is not an issue since those 4-5% GDP growth numbers from Trump's big tax cuts for the top 1% are just about to kick in.
https://www.washingtonpost.com/opin...ceiling-is-yet-another-self-inflicted-crisis/ Opinion: Democrats’ failure to raise the debt ceiling is yet another self-inflicted crisis Opinion by Marc A. Thiessen Columnist Yesterday at 5:28 p.m. EDT First President Biden sparked a self-inflicted crisis on the southern border. Then he sparked a self-inflicted crisis in Afghanistan. Now the president and his Democratic allies on Capitol Hill are about to spark another self-inflicted crisis by failing to raise the debt limit, putting America at risk of default. And like all the other crises they have manufactured, they are blaming everyone but themselves. Democrats do not need Republican votes to raise the debt limit. They control the White House and both houses of Congress. And they have a legislative vehicle — a budget reconciliation bill — that they can use that requires no Republican votes. They already passed one reconciliation bill in March without including a debt-limit increase, and now they are preparing to pass another. All they need to do to avert a fiscal crisis is include a debt-limit increase in that bill and — poof! — the problem is solved. House Budget Committee Chairman John Yarmuth (D-Ky.) admitted as much in an interview on MSNBC, declaring, “We can do it through reconciliation,” but “leadership has said they don’t want to do that.” So, by their own admission, Democrats are choosing to create a new crisis. Why? First, because, as Yarmuth explained, if they use the reconciliation bill to raise the debt limit, “we actually have to specify a number” — and they fear Republicans will use that number against them in the 2022 midterms. And second, because Democrats can’t agree among themselves on the size and scope of the next reconciliation bill. Progressives want $3.5 trillion in spending, while moderate Sens. Joe Manchin III (D-W.Va.) and Kyrsten Sinema (D-Ariz.) say they won’t support anything close to that number. If Democratic leaders use the bill to raise the debt limit, and then fail to pass it because of intraparty divisions, they can’t blame Republicans for the resulting fiscal crisis. It would be yet another catastrophe born of their own incompetence. The solution is simple: If Democrats can’t agree on their reconciliation bill, then pass a separate reconciliation bill that raises the debt limit. Then pass a clean short-term spending bill that funds the government at current levels — which Republicans will support. The result? No fiscal crisis, and no government shutdown. Instead, Democrats are trying to force Republicans to vote for a debt-limit increase, by including it in a short-term spending bill to keep the government open. They are intentionally creating a crisis — hoping that threat of a federal default and government shutdown will force the Republicans to buckle, vote to raise the debt limit and pay for the profligate spending Democrats are enacting over GOP objections. Sorry, it doesn’t work that way. Democrats chose a partisan path, and now they must live with their choice. They have spent the last nine months trying to ram through as much spending as possible using a party-line process. In March, Democrats passed $1.9 trillion in social spending disguised as covid-19 relief on a party-line vote. Now, they are trying to use that same party-line process to pass $3.5 trillion more in spending, expanding the welfare state to touch virtually every American’s life from cradle to grave. Well, if Democrats can spend trillions of dollars without Republican votes, they can raise the debt limit without Republican votes. As Sen. Mitt Romney (R-Utah) explained, “The Democrats say they don’t need our votes to spend money they want to spend, but they do need our votes to pay for it. That dog won’t hunt.” He’s right. The traditional way the majority party gets the minority to vote for its priorities is by offering the minority something it wants. That’s how it worked when Republicans controlled unified government. As Brian Riedl of the Manhattan Institute points out, “Every time this century that Republicans have had full control of the White House and Congress, Democrats have overwhelmingly voted against raising the debt limit unless it was attached to legislation that contained significant liberal priorities.” But today, Democrats not only are offering Republicans nothing; they are actually asking the GOP to bail them out while simultaneously seeking to circumvent Republicans with a second massive spending bill passed with Democratic votes alone. That’s not going to fly. If Democrats fail to pass raise the debt ceiling and force a government shutdown, they are making a conscious political choice to manufacture yet another crisis. The question is: With Biden’s approval tanking, thanks to all the other crises Democrats have already created or mismanaged, is this really a good time to manufacture another one?
The Democrats simply lack the BALLS to do what is necessary. They are scared of "OH WHAT WILL THE REPUBS DO WITH THIS POWER ONCE THEY ARE IN POWER!!!" Meanwhile If the Repubs were in power this would have already have been done and completed. Rocket River
