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

zincwarrior said:
Wow it's like the Democrats could have fixed this during the lame duck session but didn't. The world wonders!
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It wouldn't have passed the Senate. Instead, a stop-gap approach was agreed to ensure funding through the budget year. After the shit-show that followed the GQP vote on speaker, I guarantee the more sane Republicans would have been on board with a debt ceiling bill. Now we have to expect the Treasury to dig a trench, and hope for the best.

The GQP is prepared to take everyone down with them.
 
Kushinator said:
It wouldn't have passed the Senate. Instead, a stop-gap approach was agreed to ensure funding through the budget year. After the shit-show that followed the GQP vote on speaker, I guarantee the more sane Republicans would have been on board with a debt ceiling bill. Now we have to expect the Treasury to dig a trench, and hope for the best.

The GQP is prepared to take everyone down with them.
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Biden should tell congress to piss off and make them sue to test the constitutionality of the debt limit...
 
BlueTex said:
Biden should tell congress to piss off and make them sue to test the constitutionality of the debt limit...
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I agree... if it comes to that. Let's hope cooler heads will prevail.
 
jpn said:
Biden should just ignore it. Just keep writing checks.

Get an Office of Legal Council opinion stating that
  • (a) the spending in question has already been legally appropriated, and
  • (b) the Constitution says the debt of the United States "shall not be questioned"
Then tell Republicans to pound sand. The whole "debt ceiling" concept was nonsense from the start anyway.
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So you want a dictator.
 
Kushinator said:
Your definition of a dictator is someone who won't allow an opposition party to throw the world's financial system into chaos?

If cultists refuse to negotiate in good faith... oh well.
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If the world’s economy depends on financial irresponsibility at our expense then it deserves to crash and burn. Let somebody else be on the hook for propping up the world economy with debt. And while we’re at it maybe the world should pay their own ******* bills and stop demanding that we carry their water.
 
Self-inflicted drama, Congress could end this madness and operate like literally every other country in the world but no, have to have this happen every few years at minimum.
 
Carjosse said:
Self-inflicted drama, Congress could end this madness and operate like literally every other country in the world but no, have to have this happen every few years at minimum.
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Just to provide soundbites for the low-education viewers of conservative news outlets.
 
The hilarious part is that this perpetual brinksmanship over the debt ceiling is actually going to make our debt problems worse. The GOP has already gotten our national credit downgraded over this nonsense, keep doing that and the interest rates on our already-heavy debt get worse.

They pretend they are against overspending and debt, and yet every single time they have any sort of power they actively make our debt situation so much worse. How many times must this cycle repeat before the public figures out they lie about absolutely everything?
 
Roadvirus said:
How about "Cutting Spending"?

Oh wait...that makes too much sense. I'm sorry.
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Tough to cut spending when the country just getting more and more populated, more people and infrastructure. More everything.
Spending will generally only increase over time.
 
SuperDS77 said:
Looks like we are going to see how stiff McCarthy's and the house republicans collective spines are sooner than anticipated.

In the article the WH says flatly that they will not negotiate, that this should just be done no questions asked.

Let us hope McCarthy does not agree.



By Nikki Carvajal and Tami Luhby, CNN
Updated 1:50 PM EST, Fri January 13, 2023

"
CNN —

The Treasury Department said Friday the US will reach the debt limit on January 19 and “extraordinary measures” will need to be taken, setting up one of the first major battles on Capitol Hill after Republicans took control of the House.
...
The deadline comes far sooner than many experts had expected. Most were predicting the debt ceiling would last at least until the summer, when the Treasury Department would have to start taking extraordinary measures to avoid defaulting on the government’s obligations.


The debt ceiling was last raised in December 2021 to $31.4 trillion.

The White House said Friday it will not offer any concessions or negotiate on raising the debt ceiling.


“We will not be doing any negotiation over the debt ceiling, but broadly speaking, at the start of this new Congress, we’re reaching out to all the members … making sure that we have those connections with those new members,” White House press secretary Karine Jean-Pierre said.
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Dims thrive on crises and their "extraordinary measures" to combat them.

Would that there were even one among them with an ability to use ordinary measures to 1) never allow a situation to get to a crisis stage in the first place and, 2) employ basic common sense to turn it around if it ever did happen.

There are few, if any, on the left side of the aisle either capable or willing to do either.

Moreover, it's unknown how someone who took 15 attempts to get himself propped up into the position he's in now can do anything about it either.

There's always hope though.
 
EdwinWillers said:
Dims thrive on crises and their "extraordinary measures" to combat them.

Would that there were even one among them with an ability to use ordinary measures to 1) never allow a situation to get to a crisis stage in the first place and, 2) employ basic common sense to turn it around if it ever did happen.

There are few, if any, on the left side of the aisle either capable or willing to do either.

Moreover, it's unknown how someone who took 15 attempts to get himself propped up into the position he's in now can do anything about it either.

There's always hope though.
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Should the Biden administration just default next week and let the GQP savor in the consequences? Personally, I would tell the GQP to piss off and sue... Keep borrowing and let them fight the debt limit in court...
 
Kushinator said:
This is meaningless drivel. The rest of your post doesn't even deserve to be addressed, much less quoted.
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From an expert at same.

Fortunately, some meaningless drivel has a degree of entertainment value.
 
Tell them to piss off and keep borrowing.. Let them take it to court...


In the preliminary stages of being drafted, the GOP proposal would call on the Biden administration to make only the most critical federal payments if the Treasury Department comes up against the statutory limit on what it can legally borrow. For instance, the plan is almost certain to call on the department to keep making interest payments on the debt, according to four people familiar with the internal deliberations who spoke on the condition of anonymity to describe private conversations. House Republicans’ payment prioritization plan may also stipulate that the Treasury Department should continue making payments on Social Security, Medicare and veterans benefits, as well as funding the military, two of the people said.

Such a move would be unprecedented and hugely controversial, and even releasing the plan could turn into a major political liability for the GOP. A hypothetical proposal that protects Social Security, Medicare, veterans benefits and the military would still leave out huge swaths of critical federal expenditures on things such as Medicaid, food safety inspections, border control and air traffic control, to name just a handful of thousands of programs. Democrats are also likely to accuse Republicans of prioritizing payments to U.S. bondholders — which include Chinese banks — over American citizens.
“Any plan to pay bondholders but not fund school lunches or the FAA or food safety or XYZ is just target practice for us,” a senior Democratic aide said, speaking on the condition of anonymity to discuss a proposal that hasn’t yet been released publicly.

 
EdwinWillers said:
Would that there were even one among them with an ability to use ordinary measures to 1) never allow a situation to get to a crisis stage in the first place and, 2) employ basic common sense to turn it around if it ever did happen.
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That's the thing about crises... you never know when they will emerge. Your second point is simply dishonest. Democrats have been tasked with cleaning up the various messes that have occurred during GOP governance.
 
EdwinWillers said:
From an expert at same.

Fortunately, some meaningless drivel has a degree of entertainment value.
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You don't know what you're even attempting to speak about. The dollar and dollar denominated fixed income securities act as the world's financial reserves, and any attempt to sabotage this reality is effectively financial terrorism. I'm sure that Russian interests are quite happy with these developments.

Nevertheless, U.S. government bonds are of the utmost importance to the global financial system. These attempts to disrupt such a balance should be met with disdain... as in you should be ashamed of yourself for even puking up such ignorance.
 
Kushinator said:
That's the thing about crises... you never know when they will emerge. Your second point is simply dishonest. Democrats have been tasked with cleaning up the various messes that have occurred during GOP governance.
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Kushinator said:
That's the thing about crises... you never know when they will emerge. Your second point is simply dishonest. Democrats have been tasked with cleaning up the various messes that have occurred during GOP governance.
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Hitting the debt ceiling is absolutely predictable. It's called budgeting. The fact that this is suddenly an issue now is more a sign that the administration was ignoring it a couple of months ago.

And this issue is largely the result of Democrats. Pelosi just lost her position. It's congress that keeps putting these spending bills through.
 
EdwinWillers said:
Dims thrive on crises and their "extraordinary measures" to combat them.

Would that there were even one among them with an ability to use ordinary measures to 1) never allow a situation to get to a crisis stage in the first place and, 2) employ basic common sense to turn it around if it ever did happen.

There are few, if any, on the left side of the aisle either capable or willing to do either.

Moreover, it's unknown how someone who took 15 attempts to get himself propped up into the position he's in now can do anything about it either.

There's always hope though.
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Goddamn right wingers lie about everything. Republicans are the ones who cause this situation.

There is an extremely simple solution: raise the debt ceiling. Remember who fights that, every goddamned time?
 
dcsports said:
Hitting the debt ceiling is absolutely predictable. It's called budgeting. The fact that this is suddenly an issue now is more a sign that the administration was ignoring it a couple of months ago.

And this issue is largely the result of Democrats. Pelosi just lost her position. It's congress that keeps putting these spending bills through.
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Lies lies lies. All day, every day, these people lie.

It's not "suddenly" an issue now, no. It absolutely was predictable. Republicans are the ones who always push us to this brink.
 
What happened to all the insane revenue the Tax Cuts for the Rich generated for America?
 
Republicans are too busy investigating the other side to do REAL business.

It will be a short 2 years as Speaker for Kev.
 
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