Voters: pay attention on the debt limit

Flash said:
We never pay off debt already incurred. We paid the bills for past spending as they occurred with borrowed money. When those treasuries come due we pay the bond holders by borrowing more money. We never pay down the debt, we just pay interest and borrow more money which increases the interest payments. Government never "cuts" the budget, they just reduce the amount of the projected increase.

Some of the House plans to reduce spending is already hitting a snag as the farm block is unwilling to accept cuts in ethanol and other subsidies.
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Its unfortunate that Mccarthy allowed that. EVERYBODY gets a haircut when its time for one. But farmers have problems many other industries don't have and this sort of thing triggers these problems as they get paid at the end and have to plan many months ahead.
 
Celticguy said:
We're going to default anyway, just a matter of when.

But you miss the point as usual. We can easily cut spending raise the limit a little and let that ease the squeeze until the inflation, weakening dollar and debt bubble bring it all down.
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Sure cut the military 25 percent.
 
"The United States first instituted a statutory debt limit with the Second Liberty Bond Act of 1917. This legislation set limits on the aggregate amount of debt that could be accumulated through individual categories of debt (such as bonds and bills). In 1939, Congress instituted the first limit on total accumulated debt over all kinds of instruments."
 
BidenPresident said:
Yes.
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I didn't think I remembered it being in the Constitution.

""The United States first instituted a statutory debt limit with the Second Liberty Bond Act of 1917. This legislation set limits on the aggregate amount of debt that could be accumulated through individual categories of debt (such as bonds and bills). In 1939, Congress instituted the first limit on total accumulated debt over all kinds of instruments."
 
Celticguy said:
Its unfortunate that Mccarthy allowed that. EVERYBODY gets a haircut when its time for one. But farmers have problems many other industries don't have and this sort of thing triggers these problems as they get paid at the end and have to plan many months ahead.
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True. They need to end the tariffs that is causing China to retaliate by boycotting farmers. The government had to pay $42 billion to cover the loss.
 
Flash said:
I didn't think I remembered it being in the Constitution.

""The United States first instituted a statutory debt limit with the Second Liberty Bond Act of 1917. This legislation set limits on the aggregate amount of debt that could be accumulated through individual categories of debt (such as bonds and bills). In 1939, Congress instituted the first limit on total accumulated debt over all kinds of instruments."
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It is in the Constitution. You are almost always wrong and too arrogant to admit it.
 
Flash said:
True. They need to end the tariffs that is causing China to retaliate by boycotting farmers. The government had to pay $42 billion to cover the loss.
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They need to eliminate ethanol. That was the sticking point. It has more to do with making farmers grow less FOOD by paying more for corn going to make ethanol.
 
BartenderElite said:
If we default on our debt - on our already established obligations - it's not a bipartisan failure.

It will be Republicans that cause us to default. It will be solely on Republicans.

The economy will go to dark places that are hard to even imagine right now. But Republicans don't care, if they feel like they can gain political advantage. They're willing to create suffering for millions to do that.

If it happens, voters should never forget.
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What's our ROI on debt? I'm not saying you're wrong but there's a little more to it than you're letting on.
 
T. A. Gardner said:
You are only talking about default on debt, not the purpose of the debt ceiling itself. Raising it can allow additional spending.
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so what?

Just because you get a credit card limit increase DOES NOT mean you have to spend up to the limit.

The way to deal with that is thru the budget and not thru the debt ceiling as you can see they over spend OVER the debt ceiling regardless.

That is what you do not understand. The reason we are having this discussion now is because of PAST spending that exceeded the debt ceiling. So lowering the debt ceiling DOES NOT mean they will not create budgets to blow thru it like Trump did 3 times in his terms. The only question then is 'DO WE PAY OR NOT FOR WHAT WAS ALREADY SPENT'.

This HAS to be fixed at the budget level. Limits and discipline on budgets. Not raising a debt ceiling, they IGNORE, each time, does nothing. Not once did Trump stop to respect the debt ceiling with his budgets in his terms. Are you incapable of understanding that,.

Are you that daft?
 
BartenderElite said:
If we default on our debt - on our already established obligations - it's not a bipartisan failure.

It will be Republicans that cause us to default. It will be solely on Republicans.

The economy will go to dark places that are hard to even imagine right now. But Republicans don't care, if they feel like they can gain political advantage. They're willing to create suffering for millions to do that.

If it happens, voters should never forget.
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Methinks McCarthy is deeply involved in the Jan. 6 Insurrection and fears being charged with treason.
So he's planning on BURNING IT ALL DOWN to distract from the Jan. 6 investigation by the DOJ.

Yeah, McCarthy is that incompetent.

funny_redneck_crazy_face_animated_gif_by_bensib-d4is1um.gif
 
PostmodernProphet said:
no one is going to default on anything........but you need to agree to stop doing what you've been doing for the last forty years.....
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Letting Republicans ever have power??? I agree.



"Reagan took the deficit from $70 billion to $175 billion. Bush 41 took it to $300 billion. Clinton got it to zero. Bush 43 took it from zero to $1.2 trillion. Obama halved it to $600 billion. Trump’s got it back to a trillion."

cite
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ExpressLane said:
you just want to keep raising the debt limit . It’s time to rein in spending. You hat is what the GOP is trying to do. But you lied and said that money had all been spent
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The GOP still brags about Trump getting the debt ceiling raised 3 times. They still say what he did was good.

If Trump wins in 2024 he will immediately start up massive spending to stimulate the stock market so he can point to that as his success. Even someone as stupid as you guys are know that.
 
Nordberg said:
It is possible the Reds want a crash and then they will blame the Dems. Every red on this board will pile on Biden and the Dems for the McCarthy financial crash. This may be the plot. It is a terrible risk, but it will be "owning the Dems".
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They’ll own themselves in the process.
 
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