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

[rickc]

In November 2022 Yellen urged Congress to raise the debt limit high enough so it would not be reached till after the 2024 election.

Yellen Urges Congress to Raise Debt Limit Beyond 2024 Election (Published 2022)

Republicans might try to use the borrowing cap as leverage if they achieve a majority in the House or Senate, but the Treasury secretary cautioned against a “devastating economic self-inflicted blow.”

www.nytimes.com

Congress controls the purse strings of the Federal government. They pass the spending Bills which become law if the President signs them.

Why does Congress continue to play this game with the debt limit. Other than politics.

Congress

Only Republicans and only when a Democrat is in the white house.

Hell the republicans suspended the debt ceiling when Trump was president

Republican Leaders Have No Problem Throwing Economy in Turmoil - Democrats

democrats.org

During Donald Trump’s four years in office, a majority of Senate Republicans voted to raise or suspend the debt limit three times as Trump added nearly $8 trillion to the national debt.

 

[yankintx]

What happened to all the insane revenue the Tax Cuts for the Rich generated for America?

It was more BS they sold to the rubes to give tax cuts to the top 1%.

They luv the uneducated, as they suck at math.

 

[dcsports]

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.

Republicans don't 'push us to the brink' - although I wish they would take a stronger hand in holding us back.

It's a spending problem - not a debt ceiling problem. We're maxing out our credit cards. And this round is all on Democrats.

 

[dcsports]

Congress

Only Republicans and only when a Democrat is in the white house.

Hell the republicans suspended the debt ceiling when Trump was president

Republican Leaders Have No Problem Throwing Economy in Turmoil - Democrats

democrats.org

During Donald Trump’s four years in office, a majority of Senate Republicans voted to raise or suspend the debt limit three times as Trump added nearly $8 trillion to the national debt.

You mean, when we were in a economic crisis related to the pandemic, and doing emergency spending left and right?

Good grief!

 

[Cardinal]

Yes.

If Republicans are willing to blow up the global economy for spending cuts, then that's merely an illustration of why Republicans have no business making economic decisions.

 

[Kushinator]

When was the last time we've had an economic crises?

You're better off running away like the rest of your cult.

 

[dcsports]

What happened to all the insane revenue the Tax Cuts for the Rich generated for America?

You mean, tax cuts to people paying taxes? The purpose wasn't to generate 'insane revenue' but to boost the economy. And it worked.

But to answer your question, we spent it... and then some.

 

[Kushinator]

Hitting the debt ceiling is absolutely predictable.

But meaningless. It's legislation that was enacted during an obsolete currency standard.

It's called budgeting.

No it's not. It's called crisis creation.

 

[dcsports]

But meaningless. It's legislation that was enacted during an obsolete currency standard.

No it's not. It's called crisis creation.

Tracking your revenue and spending and understanding when you will run out of money is a budgeting function.

Not tracking it (or ignoring it through the elections and until the next congress is in place), and going 'whoops! We're out of money 6 months early!' is crisis creation.

 

[rickc]

You mean, tax cuts to people paying taxes? The purpose wasn't to generate 'insane revenue' but to boost the economy. And it worked.

But to answer your question, we spent it... and then some.

After 2 Years, Trump Tax Cuts Have Failed To Deliver On GOP's Promises

 

[BlueTex]

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.

Horseshit.. Congress has the constitutional authority to pass appropriations, the debt limit is unconstitutional.. It violates both the 14th amendment and the legal principal of entrenchment..

 

[BlueTex]

Tracking your revenue and spending and understanding when you will run out of money is a budgeting function.

Not tracking it (or ignoring it through the elections and until the next congress is in place), and going 'whoops! We're out of money 6 months early!' is crisis creation.

Tell me you don't know shit about entrenchment without tell me you don't know about entrenchment..

 

[dcsports]

____.. Congress has the constitutional authority to pass appropriations, the debt limit is unconstitutional.. It violates both the 14th amendment and the legal principal of entrenchment..

Tell me you don't know shit about entrenchment without tell me you don't know about entrenchment..

Was entrenchment on your word of the day calendar?

You responded to two posts attempting to gaslight, and didn't counter my points in any way. Take care.

 

[BlueTex]

Was entrenchment on your word of the day calendar?

You responded to two posts attempting to gaslight, and didn't counter my points in any way. Take care.

Awww... Is the word too big for the GQP? Entrenchment means NO congress can obligate a future congress.... I see you didn't address the 14th amendment aspect of the debt ceiling... Just a reminder...

Section 4.​

The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned. But neither the United States nor any state shall assume or pay any debt or obligation incurred in aid of insurrection or rebellion against the United States, or any claim for the loss or emancipation of any slave; but all such debts, obligations and claims shall be held illegal and void.

 

[Carjosse]

We operated without all this drama till 1995... Look up the Gephardt rule...

United States debt ceiling - Wikipedia

en.wikipedia.org

That is what I mean, entirely unnecessary drama.

 

[Paradoxical]

They are dishonest and anti-American enough to literally blow up the world economy just to say they've "owned the libs". This, after decades of tax cuts that blow up the deficit followed by blaming the Democrats.

You got it. Blow it up. Start over with adults at the wheel.

 

[Paradoxical]

Y

Austerity programs? Look how well that worked in Europe. We could massively cut the DoD budget if campaigns were not so tied to being 'hawks'.

Yep. Tighten that belt. Pull up your bootstraps. Get ready for the Biden depression that some predicted.

 

[Paradoxical]

Biden should tell congress to piss off and make them sue to test the constitutionality of the debt limit...

Will do. Congress spends money. Not Biden.

 

[Paradoxical]

M

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.

ore populated with illegals. Whites are barely increasing, if at all. Abortions you know...........

 

[BlueTex]

Will do. Congress spends money. Not Biden.

The money has already been appropriated…

 

[upsideguy]

How about "Cutting Spending"?

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

How about not cutting taxes until the budget is balanced. Oh wait... that makes too much sense. I'm sorry.

The deficits are a bi-partisan issue, as is the solution. That said, you need to solve that within the budget process. The question of raising the debt limit is not a leverage point of that process. It is about paying the bills that have already been incurred, which makes it about the good faith and credit of the United States of America. Default and expect interest costs on the debt to rise immediately (and a recession, which will cost a fortune in stimulus).

Given the dire consequences of not raising the debt limit to the US (and world) economies, those that would try to play "hardball" here are at least ignorant fools and arguably terrorists. One thing they are not are patriotic Americans.

 

[jpn]

So you want a dictator.

So I don't want a president who gives in to (fiscal) terrorists.

The bill was run up partially under Republicans. Now the Republicans are refusing to pay thejr bill. Screw 'em.

 

[Paradoxical]

The money has already been appropriated…

How is it that they said they are shutting down the 87,000 IRS agents then?

In any event, that has zero to do with future spending and the debt ceiling. If there is no money to pay their future salaries and costs (and there isn't) let everything collapse and depression ensue so the libs earn their valuable lessons.

 

[BlueTex]

T

How is it that they said they are shutting down the 87,000 IRS agents then?

In any event, that has zero to do with future spending and the debt ceiling. If there is no money to pay their future salaries and costs (and there isn't) let everything collapse and depression ensue so the libs earn their valuable lessons.

They aren't.. you are buying the bullshit...The CR passed before the 117th congress is LAW..

 

[Paradoxical]

T


They aren't.. you are buying the bullshit...The CR passed before the 117th congress is LAW..

All I know is what McCarthy said. Your coveted goon squad with AK47s is not going through now.