Democrats Push Bill to Let Government Ignore Debt Limit

Concart said:
You really don’t know how anything works do you? Suspending the debt ceiling allows exactly zero more dollars of spending. Would you just pick up a fucking book and learn something?
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odd.......you don't seem to understand the relationship between limits on borrowing and spending....
 
Concart said:
Simple question for you. If someone bought a five year treasury and it is due today, whose borrowing are we paying for? What’s the answer?
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it would be the money borrowed to pay off the person who cashed in his treasury note five years ago which was borrowed to pay off the person who cashed in his treasury note ten years ago which was........
 
ptif219 said:
Why are they borrowing money for that?
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Wow. Are you serious??? To pay back the Treasury holder. It’s money we owe. Wtf??? Don’t you understand the mechanism at all? Really?

We have tax revenues which pay some of our bills. To pay the rest we sell Treasury bills. We have to pay those back. So we had to raise the debt ceiling in order to sell more treasury notes to pay that back. Understand?
 
Concart said:
Wow. Are you serious??? To pay back the Treasury holder. It’s money we owe. Wtf??? Don’t you understand the mechanism at all? Really?

We have tax revenues which pay some of our bills. To pay the rest we sell Treasury bills. We have to pay those back. So we had to raise the debt ceiling in order to sell more treasury notes to pay that back. Understand?
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Because of the Democrats
 
They should get rid of the debt ceiling entirely.

Congress is responsible for putting together the budgets and the power of the purse and nobody should be able to tell Congress, after the fact, 'we are not going to pay those bills' because that then gives them a level of defacto control over Congress spending. That is unConstitutional.

If you are against growing government debt, then the place to address that is in Congressional budgets, full stop.

People here are so stupid they do not understand it is the 'Spending of the money' (budgets) and not the payment of the bills generated, that balloons debt and deficits.

NOt paying the bills only balloons the deficit and debt more as you go into default and interest paid on the COngressional generated debt, is not more expensive.


But how do you have this type of conversation with Conservatards who could never understand that is the 'creating the expenses (budget) and the spending of the money' that is the problem and NOT the 'paying of the bills'?
 
ptif219 said:
The democrats want a blank check so they can bankrupt the country

https://www.theepochtimes.com/democ...utm_source=partner&utm_campaign=BonginoReport
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The 'federal' government already has a blank check. It's called the Federal Reserve.
They can also borrow as much as they want anytime they want. There is no 'debt ceiling'.

Of course, there is practical limit on all of it. Already, the 'federal' government cannot pay it's debt, now approaching $32 trillion. It won't be long before the budget allocated to just paying the interest on the debt (not the principle!) will be larger than the budget for the entire military. Currently the Debt to GDP ratio is about 120.86% (debt divided by GDP), a horrible number. At this rate of borrowing and inflation, the budget for just serving the interest payments on the debt will become the largest budget item in the 'federal' government by about 2027.

Fiat currency is taking a similar hit. Today's dollar is worth only $0.25 in year 2000 dollars, and only 10 mils in 1920 dollars.

Sources: Treasury Dept, Internal Revenue Service, Federal Reserve.

The 'federal' government is broke.

It can raise money in one of three ways: tax it, borrow it, or print it.
The tax base simply isn't enough. There aren't enough people to tax. High taxes cause a shutdown in the economy and quite possibly a revolt, possibly violent. A tax crash. Fortunately, not likely.
Well...it is easily seen what happens when you borrow too much. Running on tick like this is disastrous. A debt crash. Fairly likely.
Printing it is no better. That just causes more inflation. At the rate necessary to keep all of this running, printing at those levels will result in hyperinflation. The dollar will be abandoned by the people. Many are already looking around for another currency. A cash crash (most likely). In this scenario, the government will still use the dollar, but no one else will. They will convert only when necessary to deal with government crap, and by then it will be almost worthless dollars.

In any scenario, the government simply runs out of the ability to pay for itself. Already options are extremely limited. The Fed is losing control and they won't be able to get it back. The result is uncontrolled shutdown of government programs to shed costs. This of course will result in revolt, quite possibly violent. The military won't be there to protect them. They must be paid, and the funny money they are being paid with is next to worthless.
 
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