House votes to pass debt ceiling bill in win for McCarthy

[Chomsky]

Yes, by dishonest liberals and dishonest media.

And Indies. You know, the guys that decide national elections?

 

[anatta]

Our debt causes us no problems

what's the interest payment on the national debt now? how about 10 years from now? what happens if we go into a recession
or fed taxes aren't meeting projections?

 

[reflechissez]

He's not! that is just plain false. The debt ceiling was raised to cover our debt. What Biden has a problem with is his budget raises spending trillions more that we do not have.

You don't sound equipped for this conversation.

 

[vegas giants]

So? Except for four years during Clinton, the government has been spending more money than it has for about 100 years. The country has done pretty well during that time.

Claims of the sky is falling nonetheless. Lol

 

[gbg3]

It's not "raised". It's short

The bill raises the debt ceiling.

 

[Kushinator]

CBO's projections, the federal deficit totals $1.4 trillion in 2023 and averages 2.trillion per year from 2024 to 2033.

The Budget and Economic Outlook: 2023 to 2033

In CBO’s projections, the federal deficit totals $1.4 trillion in 2023 and averages $2.0 trillion per year from 2024 to 2033. Real GDP growth comes to a halt in 2023 and then rebounds, averaging 2.4 percent from 2024 to 2027.

www.cbo.gov

( long term projections are a bit wonkier - but recall because of Trump and Biden we just added ..was it $13 trillion?)
anyway one looks at this its not sustainable. can we at least cut the projected rate of growth of deficit spending?

The idea is to reduce deficit growth during good economic times, such that GDP grows faster than the difference between revenue and expenditures (in terms of absolute value).

 

[vegas giants]

what's the interest payment on the national debt now? how about 10 years from now? what happens if we go into a recession
or fed taxes aren't meeting projections?

About 6.8% of revenue. We have gone thru lots of recessions with debt

 

[reflechissez]

Are you saying that Senate Democrats are going to let the government default on its debt obligation over Republicans cutting $160 billion out Bidens budget request?

You people tried this before. Didn't go well.

 

[dobieg]

I've seen Gaetz recently refer to this. Interestingly, he didn't sign-off on the current Bill.

Gaetz is a "look at me", self serving DouchyDouche.

 

[anatta]

The idea is to reduce deficit growth during food economic times, such that GDP grows faster than the difference between revenue and expenditures (in terms of absolute value).

it never works that way. Look at COVID, wars, or just spendapalooza. and we are still in inflationary times after the last rounds of spending ( by both parties) never came back to pre-COVID levels.
You are assuming disciplined Congressional spending. an oxymoron

 

[Chomsky]

Incorrect.

"Since 1978, only 26 of 60 debt-ceiling hikes have been passed on their own."

US debt ceiling: A 'clean' increase is not the rule

The U.S. federal government is ticking closer to its "x-date," when it will no longer be able to pay its bills and risk a default that would shake the world economy.

www.reuters.com

1970's was when it (politicizing) all started. Before that, it only rarely occurred. And before the War, there was nothing at all - no Debt Ceiling!

This is a modern era thing. And no other country has it.

 

[trouble13]

I am betting that its dead in the Senate....

I like how some are condemning the bill before they even know what's in it. If Democrats block this bill they will own the shut down.

 

[vegas giants]

I like how some are condemning the bill before they even know what's in it. If Democrats block this bill they will own the shut down.

No they wont

 

[Callen]

I like how some are condemning the bill before they even know what's in it. If Democrats block this bill they will own the shut down.

Don't be so sure of that.

 

[anatta]

About 6.8% of revenue. We have gone thru lots of recessions with debt

it's about $500 billion now. in 7 years it will be a trillion , and its only going to go up from there.. and that's just the interest

Look at all the pushback on these minor spending cuts -even with spending causing inflation ( no more supply chain kinks)

 

[vegas giants]

it's about $500 billion now. in 7 years it will be a trillion , and its only going to go up from there.. and that's just the interest

Look at all the pushback on these minor spending cuts -even with spending causing inflation ( no more supply chain kinks)

it's about $500 billion now. in 7 years it will be a trillion , and its only going to go up from there.. and that's just the interest

Look at all the pushback on these minor spending cuts -even with spending causing inflation ( no more supply chain kinks)

It's not a problem though

 

[Manc Skipper]

Severe cuts for vets from the GoP, despite last year's fawning promises. Will the vet vote accordingly next year?

 

[MTAtech]

I

ya ya we know- and adding scads of new debt brings us to that inevitable default.
say it with me. 32 trillion and sky rocketing.. so use whatever one can..like I said there are no sacred cows

^ and that is with no recession and with decent growth

Is that 2033 number account for what GDP will be in 2033 or is the dent then over today's GDP?

I know all the gloomy declarations that the dollar is doomed and that hyperinflation is just around the corner. I've been reading them since the 80s.

 

[trouble13]

SChumer hasn't even seen it and he's already taken a dump on it.

This is an opportunity for McCarthy to show me that im wrong about him. The house needs to take a hard line on this.

 

[Chomsky]

why not? there is nothing sacred about the bloated Omnibus.. MConnell put the Repubs in that position
instead of a CR -so the House is pushing back on that dweeb

Because the economy? Our credit rating?

Failing to honor our debts is dangerous business.

McConell should work on passing a budget to get what he wants. But he can't. So he's playing politics holding our economy & creditworthiness hostage.

I hope Biden does not give into him.

 

[dobieg]

it's about $500 billion now. in 7 years it will be a trillion , and its only going to go up from there.. and that's just the interest

Look at all the pushback on these minor spending cuts -even with spending causing inflation ( no more supply chain kinks)

The CBO has it at $640 Billion this year and increasing to $1.4 Trillion by 2033.

In February, the Congressional Budget Office (CBO) projected that annual net interest costs would total $640 billion in 2023 and double over the upcoming decade, soaring from $739 billion in 2024 to $1.4 trillion in 2033 and summing to $10.5 trillion over that period.

 

[vegas giants]

The CBO has it at $640 Billion this year and increasing to $1.4 Trillion by 2033.

6.8% of our expenses


It was 15% in the 90s.

 

[Nickyjo]

Of course. It cuts spending. Garlic and crosses to Democrats.

Um, you have it wrong. It cuts spending Republicans don’t like. But may be I have it wrong. Did they cut any defense spending?

 

[MTAtech]

what's the interest payment on the national debt now? how about 10 years from now? what happens if we go into a recession
or fed taxes aren't meeting projections?

We'll do what we've been doing forever, role over the debt and issue new bonds.

Remember, those interest payments are income to mostly Americans.

 

[vegas giants]

We'll do what we've been doing forever, role over the debt and issue new bonds.

Remember, those interest payments are income to mostly Americans.

Exactly. About 21% of those payments are to Americans and the federal reserve is the largest holder of our debt