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House votes to pass debt ceiling bill in win for McCarthy

ttwtt78640 said:
My guess, based on what Biden has said, is none. Biden has demanded a ‘clean’ debt ceiling increase to an unspecified amount. If any agreement is going to happen, it would have to come from the Senate.
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bingo. so now the Senate knows the House has the ability to hold together on a spending bill.
It's not going to make profligate Dems think twice but it can make profligate Repubs think twice

McConnell is still a major PIA, but it could put pressure on him as leader ..hard to say but ill take the good news of the day
and see where it goes
 
Chomsky said:
Interesting point. But I don't see the Dem's falling for it or parting ways with Biden. Surely not in the election season!
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Well, the House has passed a bill raising the debt ceiling. So if it doesnt get raised, it wont be their fault.
 
Ishm said:
What's going on at the moment shows how stupid the concept of a debt ceiling actually is. Probably why no one else uses one. Every year, congress and the president pass a negotiated and agreed budget. Once it has passed, the country will spend that budget more or less. But it has already been through all the discussions and approvals, so why should there be a separate debt ceiling discussion to pay for the budget that was already approved? It makes no sense unless both parties sign up to never pass a budget that exceeds the debt ceiling, but even that is pretty flawed for obvious reasons. Put the arguments where they belong, which is in the agreeing of the next annual budget and get rid of the debt ceiling which in real terms achieves nothing other than damage to Americas credibility and economy when Republicans hold the country hostage.
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Too bad more American's don't understand the above.

Guy's like McCarthy should never put us in a position of reneging on our debts.
 
Fletch said:
Well, the House has passed a bill raising the debt ceiling. So if it doesnt get raised, it wont be their fault
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Like all things it will be viewed through partisan eyes........
 
Fletch said:
Wasnt it you who said 'Running massive deficits in times of economic growth is bad policy?'
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Increasing deficits during times of massive economic growth is bad policy.

But wait... what constitutes a massive deficit?
 
Fletch said:
Well, the House has passed a bill raising the debt ceiling. So if it doesnt get raised, it wont be their fault.
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They're short of the money spent. How can Biden sign it?

McCarthy should stick to his own Congress' budget, and not get involved in the prior Congress'.
 
Kushinator said:
Increasing deficits during times of massive economic growth is bad policy.

But wait... what constitutes a massive deficit?
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Well we are already over a trillion for this fiscal year and we are only half way through it. That seems massive to me.
 
anatta said:
if i recall it only cuts back on the rate of spending to 2022 levels?
OMG the horrors of only a bloated budget instead of a grotesquely bloated budget
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How do you take it from raising the debt ceiling, to renegotiating last Congress' budget?

The debt ceiling was a perfunctory motion until just recently it became politicized.
 
upsideguy said:
No, it won't work that way. The Senate will never pass it, so there will be no veto. Republicans are ultimately going to get the blame for overreaching on a matter that is not typically negotiated, essentially setting themselves up as suicide bombers and demanding ransom to keep them from pulling the pin.

They probably could get something minor for their vote, but they are overreaching big time. Economists estimate that the average 401(k) will take a $25K hit (about 20%) if they don't get this done. I guess it will create a buying opportunity for all of us, eh?
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Just because the debt ceiling is not typically negotiated, that doesn't mean it can't be negotiated.

The House bill isn't all that much of a spending cut and we'll see if the Dems will stand their ground and crash our economy.

The American voters already disapprove the Biden pukes handling of the economy. If they refuse to negotiate, it won't go well for the Dems.
 
iguanaman said:
Historically debt ceiling increases are not combined with concessions and this one will be no different.
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Incorrect.

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

www.reuters.com

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 www.reuters.com
 
Kushinator said:
Increasing deficits during times of massive economic growth is bad policy.

But wait... what constitutes a massive deficit?
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CBO's projections, the federal deficit totals $1.4 trillion in 2023 and averages 2.trillion per year from 2024 to 2033.
www.cbo.gov

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 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?
 
From the OP's article:
"Republicans agreed to allow proposed work requirements for Medicaid beneficiaries..."

A significant number of seniors living in nursing homes are Medicaid recipients. Is the GOP going to force them to get jobs? They are in nursing homes for a reason.
 
vegas giants said:
By everyone. I bet everything they cave
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If they cave, McCarthy will face a referendum vote on his speakership because of the rules change he had to agree to in order to get the votes to be the speaker.
 
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