Debt Ceiling Standoff

[Agent0range]

Quote

Negotiators for the Democratic president and Republican speaker appear to be narrowing on a budget cap for the 2024 budget year that would be key to resolving the standoff. They face a deadline, as soon as June 1, when the government could run out of cash to pay its bills. Treasury Secretary Janet Yellen said Sunday that June 1 is a “hard deadline.”

10 days for a "deal" to be made.  Let's just forget the fact that no deals should be involved in raising the debt ceiling.  It's paying the bills of the budget that the house passed.  Republicans are willing to risk economic disaster for a political win.

https://apnews.com/article/debt-limit-default-biden-mccarthy-spending-cuts-a3103f25ac6772816330f82481388f17

Edited May 21 by Agent0range

[spartan max2]

It's absolutely insane that people elect terrorist into the House.

Blowing up our entire economy shouldn't even be a negotiation. 

We can't just not pay our debts and expect it to be fine. 

[spartan max2]

And we have Trump telling Republicans to default.

https://www.cnbc.com/2023/05/11/trump-endorses-debt-ceiling-default.html

You people who want this man to be president are absolutely a dooms day cult. 

[+and-then]

This coming from a party that gave America "budget cuts" that are really only reduced increases.  

[spartan max2]

4 minutes ago, and-then said:

This coming from a party that gave America "budget cuts" that are really only reduced increases.  

The debt ceiling isnt decreasing spending it's just not paying our debts.

Do you not pay your debts in you're personal life? How does that work out?

Not raising the debt ceiling would sink the economy. But hey, who cares who gets hurt, as long as you can own the libs right ?

Edited May 21 by spartan max2

[Sir Wearer of Hats]

So you’ve spent more than you earnt and want to spend more? 

[+and-then]

31 minutes ago, spartan max2 said:

Not raising the debt ceiling would sink the economy. But hey, who cares who gets hurt, as long as you can own the libs right ?

This^ is troll behavior and based on a personal dislike, not the topic.  It gets O L D after the first few dozen instances. 

As for the topic, I stopped caring a while back because we've already passed the point of no return.  This is theater and we all know it.  If Republicans gave a damn about spending, they'd have stood their ground a long time ago.  The reality is that they have no backbone, OR desire to spend less.  They just want to spend money we don't have on other choices than Dems do.

At this point, I think an economic collapse is not only inescapable, it is being set up for a time of their choosing, for reasons of their own.  "They" being globalists who own the Uniparty in DC.  As soon as the collapse is triggered, we'll see chaos for a pre-determined period of time where everyone gets to experience pain and fear, then they'll come riding to the rescue with a CBDC.  

[spartan max2]

4 minutes ago, and-then said:

This^ is troll behavior and based on a personal dislike, not the topic.  It gets O L D after the first few dozen instances. 

As for the topic, I stopped caring a while back because we've already passed the point of no return.  This is theater and we all know it.  If Republicans gave a damn about spending, they'd have stood their ground a long time ago.  The reality is that they have no backbone, OR desire to spend less.  They just want to spend money we don't have on other choices than Dems do.

At this point, I think an economic collapse is not only inescapable, it is being set up for a time of their choosing, for reasons of their own.  "They" being globalists who own the Uniparty in DC.  As soon as the collapse is triggered, we'll see chaos for a pre-determined period of time where everyone gets to experience pain and fear, then they'll come riding to the rescue with a CBDC.  

Not troll behavior, it's a genuine point that you can choose to ignore or not. I don't have a personal disliking of you believe it or not.

Do you agree that not raising the debt ceiling will sink the economy?

If the economy sinks than people will get hurt by it. Do you agree with that? And if so than why do you support a default knowing it will hurt people?

The debt ceiling is not the time to "fight spending". The time to fight spending is when the bills are being passed. The money is already spent. It's about paying the debt or making the US credit rating **** 

Edited May 21 by spartan max2

[Gromdor]

I'm not too worried about it.  They play this game everytime.  They might make some people suffer a bit by delaying Social Security checks and military pay but they will pay in the end.  

[Agent0range]

4 minutes ago, Gromdor said:

I'm not too worried about it.  They play this game everytime.  They might make some people suffer a bit by delaying Social Security checks and military pay but they will pay in the end.  

I disagree.  We've had government shutdowns due to not being able to pass a budget.  But, the United States has never defaulted on its debt.

[+and-then]

1 hour ago, Agent0range said:

I disagree.  We've had government shutdowns due to not being able to pass a budget.  But, the United States has never defaulted on its debt.

Nor would it in this situation.  To default means to not pay the interest owed on loans.  We currently borrow about 30 cents on the dollar - outrageous, but still easily covered for reasonable periods of time.  The whole thing is theater.  Both sides.

[Gromdor]

Actually, to default is to not pay bills promised.  Not just the interest.

 

[Will Due]

 

It's got to end sometime. Let's do it now. It might lead to an upheaval of epic proportions. Afflictions of untold misery.

Which will then ultimately purge what needs to be illuminated:

Retardation.

 

 

[CrimsonKing]

This stuff is hilarious...they do this s*** every few years anymore, always a "last second emergency meeting" or "deal" calms the fears both sides raged at each other for for a few months...

I'm tired of this s***,if it happens we have a Great Depression again and most likely a WW... that's possibly close even without debt ceiling,both "sides" have been ensuring it for decades.

[Will Due]

 

After government retardation is eliminated  we can forever solve this problem by simply amending the Constitution making it illegal for government to ever borrow again.

 

 

Edited May 22 by Will Due

[Sir Wearer of Hats]

There’s already more debt owed than monetarily exists anyway, so why not increase the ceiling to the next imaginary number.

[+and-then]

3 hours ago, Gromdor said:

Actually, to default is to not pay bills promised.  Not just the interest.

 

So by your definition, we default in June unless we fork over 32 trillion dollars?  That about right?  

[+and-then]

3 minutes ago, Sir Wearer of Hats said:

There’s already more debt owed than monetarily exists anyway, so why not increase the ceiling to the next imaginary number.

It really IS a simple concept, isn't it?  I think we parted company with reality about 25-28 trillion dollars ago.  These days we're averaging between 3-4 trillion in tax receipts per year and we STILL spend about 1-1.5 trillion more than we have.  That's why I firmly believe we're headed for a collapse, followed by a "reset" that leaves DC aware of our every purchase and with the discretionary power to control what we can spend our own money on.

[Alchopwn]

The thing is, Debt is no big deal for Nation States.  It simply becomes Treasury Bonds and they go into the bond market.  People buy the bonds and then either sell them on or cash them in when they come to fruition.  National Debt is not like personal debt.  At worst, a nation state can simply print money to pay its debts, but that causes inflation.  Now inflation reduces the buying power of the consumer, but it reduces the value of the currency which boosts the competitive ability of all the nation's industry, as everything they make is now cheaper on the world market.  While it is possible for a nation to lose in this situation, primarily because it needs to import raw materials and parts for manufacture and they are now more expensive, the USA is not in that position, as we have the better part of a continent to ourselves and some of the most mineral rich land on Earth.

[Raptor Witness]

9 hours ago, spartan max2 said:

You people who want this man to be president are absolutely a dooms day cult. 

It’s sadly true, and not an exaggeration.  

This is the exact same tactic that Trump used at the start of the pandemic.

The only play the Republicans have left is mutually assured destruction. Their minds are empty of ideas, only pitiful desperation.

[Sir Wearer of Hats]

11 hours ago, spartan max2 said:

And we have Trump telling Republicans to default.

https://www.cnbc.com/2023/05/11/trump-endorses-debt-ceiling-default.html

You people who want this man to be president are absolutely a dooms day cult. 

Trump knows how to abuse bankruptcy laws, maybe the6 should listen

[preacherman76]

11 hours ago, spartan max2 said:

The debt ceiling isnt decreasing spending it's just not paying our debts.

Do you not pay your debts in you're personal life? How does that work out?

Not raising the debt ceiling would sink the economy. But hey, who cares who gets hurt, as long as you can own the libs right ?

No it’s more like your spouse telling you that we must increase our credit without being willing to talk about our spending. 
 

If you have to raise your DEBT every year, just to pay your bills, you are doing something very wrong. 

[preacherman76]

8 hours ago, Gromdor said:

Actually, to default is to not pay bills promised.  Not just the interest.

 

Why would we promise to pay bills we have no ability to pay, other than taking out another credit card?

Our budget needs to be gone through with a fine tooth comb. Spending must be reduced to way below what we take in, and we need to start hammering out this debt. 
 

This is the kinda thing propagandized division is all about. People in government who see this are called terrorist. Right in this very thread. 

[preacherman76]

BTW for those foolish enough to believe debt doesn’t matter, you have been sold a lie. It very much matters. And now that the petro dollar is all but dead, it won’t take long for us to realize. 
 

We the people should have been demanding we be the lenders to other countries all these years. Not the borrowers. And now the bill is so out of control it’s next to impossible to do anything other than start over. 
 

That will only mean the people who caused all this will be rewarded while the people suffer. 

[Gromdor]

6 hours ago, and-then said:

So by your definition, we default in June unless we fork over 32 trillion dollars?  That about right?  

No.  That is not how it works.

Take Social Security payments to a retiree for example-  That is money owed to a person.  The government doesn't pay him/her the whole amount all at once.  They pay monthly.