Treasury secretary warns ‘extraordinary measures’ needed to keep US from defaulting on debt as soon as next week

[Linc]

How about "Cutting Spending"?

Oh wait...that makes too much sense. I'm sorry.

How about ‘specifics’, like all your ‘secret’ deals?

 

[post]

There is effectively no way to save the nation short of monetizing the debt at this point and debasing the dollar. We are running perpetual $1T annual deficits, in ten years they will be $3T annual deficits and then it is game over. The problem with spending isn't defense, it is entitlements, something the democrats have worked tirelessly to expand for the last many decades, full well knowing it would blow up the finances of the nation.

Gotta buy them votes.

Except you failed to mention one of the two political party's only core agenda is to protect it's wealthiest donors from tax increases,
tax compliance, accountability generally and especially regulatory constraints and requirements.

Link to archived image of this articlel, https://archive.ph/oLZrD
https://www.washingtonpost.com › politics › 2022 › 08 › 11 › hyperbolic-gop-claims-about-irs-agents-audits

Hyperbolic GOP claims about IRS agents and audits​

Aug 11, 2022 Democrats' new army of 87,000 IRS agents will be coming for you — with 710,000 new audits for Americans who earn less than $75k.". — House Minority Leader Kevin McCarthy, in a tweet, Aug ...

https://rollcall.com › 2023 › 01 › 10 › in-first-act-gop-controlled-house-takes-aim-at-irs-funding

In first act, GOP-controlled House takes aim at IRS funding​

3 days ago The new Republican-controlled House passed a bill to claw back $71.5 billion in funding for the IRS that was part of Democrats' climate, tax and health care reconciliation law last year. The ...

So, we're left with the other major party attempting to represent the interests of all but the wealthiest 75,000 households,
even those who do not notice who the G.O.P. confines itself to vehemently representing the best interests of.

https://www.propublica.org › article › how-the-irs-was-gutted

How the IRS Was Gutted — ProPublica​

If the IRS had maintained a level of enforcement similar to that of the years from 2004 to 2010, it would have collected about $18 billion more than it did last year, ProPublica estimates.

https://apnews.com › article › politics-internal-revenue-service-business-0d50346f80d92b67cf1fc5ee7b8b0d93

Watchdog sees 'light at the end of the tunnel' for the IRS​

2 days agoFILE - The exterior of the Internal Revenue Service (IRS) building in Washington, on March 22, 2013. With an $80 billion infusion of funds through Democrats' flagship climate and health law, and a direct hiring authority that has helped rebuild its ranks, the IRS is beginning to see a "light at the end of the tunnel" of its customer service struggles, says the National Taxpayer Advocate.

 

[Ishm]

I get your point, but you are playing fast and loose with the numbers here. the Covid spending put everything way out of whack. Yearly deficits were moderating before covid. Still WAY too high, but I sure see very little in the way of ideas on how to get those deficits decreased.

Yearly deficits were growing under Trump even before covid, and the forecasts were for ongoing deficit increases. Trumps last deficit/debt policy announcement that I know of was in Jan 2020 just before covid. He said he would fix it all by growing gdp at a constant 3% per year for the next 30 years. A bit of crazy rambling, but don't believe there has been a GOP debt/deficit policy presented since then. The current sudden debt focus seems to just a concept rather than a fully worked through policy unless there is a lot of detail not yet presented.

I am on board with debt reduction, but it needs to be a fully developed plan that goes from simple cost cutting through to the ROI calculations for investments in both hard and soft infrastructure. The type of business focus that other nations seem to use more than the US govt.

The real deficit problem in the US comes from SS and Healthcare, but it will take a catastrophic economic collapse to get the bipartisan approvals needed to address any mandatory spending issues.

 

[BlueTex]

No kidding. Your question was apparently unclear. I thought you meant at the time, of course no congress can bind another.

How can the GQP shut down the government except through default this year? We have a budget through Sept.

 

[Linc]

Been awhile since we have seen one of those. There is always hope that we can get back to regular order with the budget although I am not holding my breath.

The bills will be paid with incoming revenue.

As is most of the spending in the omnibus bills.

Good thing those 18 GOP Senators saw what was coming with this crazy freedumb circus.

 

[Deuce]

Been awhile since we have seen one of those. There is always hope that we can get back to regular order with the budget although I am not holding my breath.

Congress screwing up that process over and over doesn't make screwing up this process become justified.

The bills will be paid with incoming revenue.

No they wont. Revenue is insufficient to avoid default. That's why these "extraordinary measures" are kicking in, they're desperate attempts to delay default as long as possible, but the eventual result is still default.

As is most of the spending in the omnibus bills.

Deflecting to a different topic, rejected. Your personal opinion on government spending is irrelevant. Whine all you want, it's not unconstitutional to have Medicare and shit.

 

[bave]

Defense is the problem, not "entitlements."

$6.27 trillion in federal spending last year, less than $900B of that was defense related. Defense spending growth rate is a fraction of the growth rate of the entitlement spending.

Are you unacquainted with math?

Except you failed to mention one of the two political party's only core agenda is to protect iys wealthiest donors from tax increases,
tax compliance, accountability generally and especially regulatory constraints and requirements.

Please review a chart of federal revenue over time and compare that chart to spending over time. Then let me know if revenue is the problem. Moreover, the US has the most progressive tax code on the planet.

So, we're left with the other major party attempting to represent the interests of all but the wealthiest 75,000 households,
even those who do not notice who the G.O.P. confines itself to vehemently representing the best interests of.

While the other party is totally interested in outright buying votes.

 

[BlueTex]

Been awhile since we have seen one of those. There is always hope that we can get back to regular order with the budget although I am not holding my breath.

The bills will be paid with incoming revenue.

As is most of the spending in the omnibus bills.

There is no way for the GQP to shut down the government except through default this year. We have appropriations through Sept.

 

[anatta]

“The period of time that extraordinary measures may last is subject to considerable uncertainty,” Yellen wrote in a letter to bipartisan congressional leaders Friday. Still, “it is unlikely that cash and extraordinary measures will be exhausted before early June,” she said.

The letter kicks off what is likely to be a prolonged, intense political battle over US fiscal policy, a showdown that could strain financial markets and elevate dangers for an economy already facing the risk of recession.
Economists expect the Treasury will run out of cash around August if the debt ceiling isn’t boosted.

Bloomberg - Are you a robot?

 

[Linc]

How can the GQP shut down the government except through default this year? We have a budget through Sept.

Debt Ceilings have to be raised multiple times long before they shut down the government October 1st.

 

[Deuce]

$6.27 trillion in federal spending last year, less than $900B of that was defense related. Defense spending growth rate is a fraction of the growth rate of the entitlement spending.

Are you unacquainted with math?

Goalpost shift, lol. Rejected.

 

[bave]

Goalpost shift, lol. Rejected.

Lol. Wut?

You stated the problem was defense spending. I provided you the actual numbers showing that is clearly not the case.

Now you whine about looking the fool?

 

[Deuce]

Lol. Wut?

You stated the problem was defense spending. I provided you the actual numbers showing that is clearly not the case.

Now you whine about looking the fool?

"Entitlements" and "all federal spending" are not the same thing. Rejected.

Or are you claiming that highway funding is an "entitlement," lol

 

[post]

$6.27 trillion in federal spending last year, less than $900B of that was defense related. Defense spending growth rate is a fraction of the growth rate of the entitlement spending.

Are you unacquainted with math?



Please review a chart of federal revenue over time and compare that chart to spending over time. Then let me know if revenue is the problem. Moreover, the US has the most progressive tax code on the planet.



While the other party is totally interested in outright buying votes.

"Please review a chart of federal revenue over time and compare that chart to spending over time. Then let me know if revenue is the problem. Moreover, the US has the most progressive tax code on the planet...."

Not accurate, your indoctrination is on display! If what you posted was accurate, wouldn't it be pretty much beyond dispute,
using your description?

Study: Billionaires Paid Lower Tax Rate Than Working Class for First Time in 2018

Economist: “The rich definitely pay less in taxes than they did in the past and less than they should."

moneyandmarkets.com

https://www.cnbc.com › 2021 › 09 › 23 › americas-richest-400-families-pay-a-lower-tax-rate-than-average-taxpayer.html

America's richest 400 families pay a lower tax rate than ... - CNBC​

Sep 23, 2021The wealthiest 400 American families paid an 8.2% average rate on their federal individual income taxes from 2010 to 2018, according to a White House analysis published Thursday. Those richest...

Which Taxpayers Pay the Most Taxes?

Federal income tax brackets are progressive, so higher earners pay higher rates. Learn about who pays taxes, how much they pay, and who pays the most.

www.thebalancemoney.com

Which Taxpayers Pay the Most Taxes?​

People with an AGI of $546,434 pay the most in federal income taxes​

By Beverly Bird
Updated on January 12, 2023

Wisconsin GOP leader proposes flat income tax; Evers opposes

The Republican leader of the Wisconsin state Senate has proposed moving to a flat income tax rate of 3.25%. Democratic Gov. Tony Evers has vowed to block the proposal circulated Friday.

wisconsinwatch.org

"The Republican leader of the Wisconsin Senate proposed implementing a flat 3.25% income tax rate on Friday, a plan that Democratic Gov. Tony Evers has vowed to block saying it benefits the wealthy over the middle class.

The conflict comes as both sides say they want to tap a nearly $7 billion state budget surplus to lower taxes. Evers has also listed other costly priorities that will compete with cutting taxes, including increasing funding for K-12 public schools and giving local governments more money..."

 

[bave]

"Entitlements" and "all federal spending" are not the same thing. Rejected.

Or are you claiming that highway funding is an "entitlement," lol

I can see analytics are not your strong point. Defense is ~$900B of a $6.27 spending package. The "Big Three" entitlement programs alone are estimated at ~$2.5T. Additionally, as I previously pointed out, the entitlement spending growth rate is massively higher than defense spending.

Your stark inability to manage even these basic facts is pretty galling.

"Please review a chart of federal revenue over time and compare that chart to spending over time. Then let me know if revenue is the problem. Moreover, the US has the most progressive tax code on the planet...."

Not accurate, your indoctrination is on display!

What do you think you are showing that contradicts my statement that the US has the most progressive tax code?

 

[Deuce]

I can see analytics are not your strong point. Defense is ~$900B of a $6.27 spending package. The "Big Three" entitlement programs alone are estimated at ~$2.5T. Additionally, as I previously pointed out, the entitlement spending growth rate is massively higher than defense spending.

Your stark inability to manage even these basic facts is pretty galling.

Excellent, I wanted to established that you believed Medicare and Social Security are "entitlements" that should be abolished.

Have a nice day.

 

[bave]

Excellent, I wanted to established that you believed Medicare and Social Security are "entitlements" that should be abolished.

Have a nice day.

Ah, so in addition to struggling with basic analytical abilities you evidently also struggle with reading comprehension.

Please show me where I used the word "abolished", anything similar, or implied such. I simply stated where the spending problem is originating, something you were also amazingly unaware of until I educated you on the topic.

Life is going to be hard with the shortcomings you are displaying here. I suggest you work on those.

 

[post]

Ah, so in addition to struggling with basic analytical abilities you evidently also struggle with reading comprehension.

Please show me where I used the word "abolished", anything similar, or implied such. I simply stated where the spending problem is originating, something you were also amazingly unaware of until I educated you on the topic.

Life is going to be hard with the shortcomings you are displaying here. I suggest you work on those.

Your posts are effortless because you post nothing to support your opinions. The amount of money invested in messagimg identical
to the opinions you post makes it all the more necessary for you to post links to sources influencing your conclusions. Are there middlemen
between you and Koch funded "data" or does it all come directly from the WSJ Editorial Board, Cato. AEI, Heritage, etc.

 

[jpn]

If the Republicans were really serious about deficits and the debt, and not just pretending, they'd put together a serious package of real spending cuts and tax increases.

But they aren't.

So they won't.

 

[Gatsby]

How in the world are we just learning on January 13 that we're going to hit the debt ceiling by January 19? If that's true (and not just politicking to raise the debt ceiling ASAP) then it suggests Janet Yellen *really* dropped the ball. We should have known about this weeks ago, maybe months ago. We should have known about it in the lame-duck session when Congress could have raised it without any drama. And we definitely shouldn't be finding this out the week after Kevin McCarthy just promised the crazies in his caucus he'd do something dumb. If it happened a couple months from now he could at least have time to spin it, but what the hell is he supposed to do now?

This sounds like an absolute cluster****. Maybe new facts will change my mind, but I'm pretty pissed off at Janet Yellen today.

 

[bave]

Your posts are effortless because you post nothing to support your opinions. The amount of money invested in messagimg identical
to the opinions you post makes it all the more necessary for you to post links to sources influencing your conclusions. Are there middlemen
between you and Koch funded "data" or does it all come directly from the WSJ Editorial Board, Cato. AEI, Heritage, etc.

What exactly are you needing a citation for? You don't know where to find information on the federal budget? You don't know where to find tax system comparisons?

How lazy and incompetent are people today? No wonder you are all complaining about being unable to manage life, you can't manage a google search.

 

[Callen]

How can the GQP shut down the government except through default this year? We have a budget through Sept.

A budget isn't funding. It's approval for spending but it doesn't come with a cheque. Not raising the debt ceiling means default AND shutting down much of the government.

 

[Napoleon]

How in the world are we just learning on January 13 that we're going to hit the debt ceiling by January 19? If that's true (and not just politicking to raise the debt ceiling ASAP) then it suggests Janet Yellen *really* dropped the ball. We should have known about this weeks ago, maybe months ago. We should have known about it in the lame-duck session when Congress could have raised it without any drama. And we definitely shouldn't be finding this out the week after Kevin McCarthy just promised the crazies in his caucus he'd do something dumb. If it happened a couple months from now he could at least have time to spin it, but what the hell is he supposed to do now?

This sounds like an absolute cluster****. Maybe new facts will change my mind, but I'm pretty pissed off at Janet Yellen today.

Keep in mind that this is the same Janet Yellen who denied that inflation is real then said it was transitory. She’s not the brightest crayon in the box.

 

[BlueTex]

How in the world are we just learning on January 13 that we're going to hit the debt ceiling by January 19? If that's true (and not just politicking to raise the debt ceiling ASAP) then it suggests Janet Yellen *really* dropped the ball. We should have known about this weeks ago, maybe months ago. We should have known about it in the lame-duck session when Congress could have raised it without any drama. And we definitely shouldn't be finding this out the week after Kevin McCarthy just promised the crazies in his caucus he'd do something dumb. If it happened a couple months from now he could at least have time to spin it, but what the hell is he supposed to do now?

This sounds like an absolute cluster****. Maybe new facts will change my mind, but I'm pretty pissed off at Janet Yellen today.

We reach the ceiling next week but "extraordinary measures" will take us through summer...

 

[BlueTex]

A budget isn't funding. It's approval for spending but it doesn't come with a cheque. Not raising the debt ceiling means default AND shutting down much of the government.

Which is why I said the only way for the GQP shut down the government THIS year before the debt ceiling is raised is through default.