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

Kushinator said:
Maybe...

There is a plan in works for the POTUS to enact article 4 of the 14th amendment, and then see these traitors in court.

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.
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As he should.. Tell the GQP to piss off and see you in court
 
BlueTex said:
Just answer the question. In your scenario, would voluntarily lowering your income be responsible?
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Not really. Of course it wouldn't be as irresponsible as trying to spend $1 trillion you're not authorized to spend to forgive student loans. The sorry situation we're in is not because we're undertaxed, it's because when the government wants to spend money, it just creates some and thinks it's normal to spend more than you take in decade after decade.
 
natman said:
Not really. Of course it wouldn't be as irresponsible as trying to spend $1 trillion you're not authorized to spend to forgive student loans. The sorry situation we're in is not because we're undertaxed, it's because when the government wants to spend money, it just creates some and thinks it's normal to spend more than you take in decade after decade.
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LMAO.. if you ever needed a demonstration of the lack of the seriousness of the GQP, this is it
 
mike2810 said:
In November 2022 Yellen urged Congress to raise the debt limit high enough so it would not be reached till after the 2024 election.
www.nytimes.com

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 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.
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Yep, raise the debt ceiling to $500T, eliminate all federal taxes and pass a household BIG of $100K/year. We can then borrow, print and spend our way to prosperity. ;)
 
ttwtt78640 said:
Yep, raise the debt ceiling to $500T, eliminate all federal taxes and pass a household BIG of $100K/year. We can then borrow, print and spend our way to prosperity. ;)
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The best you have to offer is attacking a strawman?

The fact of the matter is, Republican's had no problem with increasing the debt ceiling 3 times under Trump.
 
BlueTex said:
Just another lie from the GQP... Yellen has been warning about this for months...
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OK, I should have said “some experts”.

The deadline comes sooner than some experts had expected. They were predicting the debt ceiling limit would not be breached until later this year, when the Treasury Department would have to start taking extraordinary measures to avoid defaulting on the government’s obligations.
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BlueTex said:
LMAO.. if you ever needed a demonstration of the lack of the seriousness of the GQP, this is it
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Any fool can respond with "LMAO". Are you unable to come up with an intelligent argument?
 
natman said:
Any fool can respond with "LMAO". Are you unable to come up with an intelligent argument?
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Only an idiot would buy the $40,000 in debt on a $36,000 income with maxed out credit cards that the solution is to cut spending alone... The wise would say get a get second job to pay down your debt, for they know the high cost of INTEREST. For the GOVERNMENT, that is not instituting a tax cut for the wealthy... YOU brought the analogy, not me...
 
Mr Person said:
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.
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Continuing the spending madness is what is going to blow up the economy.
 
Anthony60 said:
Continuing the spending madness is what is going to blow up the economy.
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This is utter nonsense. We know this because your cult made no point to cut spending when they had control.
 
Paradoxical said:
We are tired of reckless spending on stupid things. Shut this useless government down. It was never intended to be a nanny state.
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Paradoxical said:
There's a reason she is there which is to go along with the Democrat's desire to spend America into oblivion. A 33 trillion dollar debt is disastrous. Never before in the history of humanity has a country seen such debt without crashing and she wants us to just ignore and increase it more like someone using several credit cards all maxed out because they spent money on useless things like equity training, studies on why transgenders are that way, bloated government, 100 billion to Ukraine, housing and medical for illegals and then want you and I to give these spending addicts more credit cards when they can't pay off the ones they have.
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Your posts are becoming more and more separated from the real world. What am I talking about? In the real world, many countries have safety net programs that make ours look stingy. Denmark, as an example, has indeed taken a very different path from the United States over the past few decades, veering (modestly) to the left where we’ve veered right. And it has done just fine.

American politics has been dominated by a crusade against big government and programs that help people; Denmark has embraced an expansive government role, with public spending more than half of GDP. American politicians fear talk about redistribution of income from the rich to the less well-off; Denmark engages in such redistribution on a scale unimaginable here. American policy has been increasingly hostile to organized labor, and unions have virtually disappeared from the private sector; two-thirds of Danish workers are unionized.

Conservative ideology says that Denmark’s policy choices should be a disastrous hellhole, with grass growing in the streets of Copenhagen. If Denmark, and other progressive countries, are hellholes, they’re doing a very good job of hiding that fact.

Regarding federal debt, while the Republicans get hysterical about debt whenever a Democrat is in the White House, which they didn’t do when Republicans live there, the debt isn’t the disaster you proclaim. If it was, maybe Republicans wouldn’t pass tax cuts that balloon the debt? Since that’s what they do every time, it’s hard to take them seriously. In the real world, the federal government has no trouble finding lenders and managing the debt.

Using the debt limit as a hostage is like going out to a fancy restaurant, racking up a huge bill and then refusing to pay the credit card bill when it arrives. Congress appropriated spending and now it’s time to pay the bill.

Undocumented people getting medical treatment? That’s what civilized societies do and it doesn’t cost all the much. As I said, that’s civilized and no wonder Republicans object to it.
 
BlueTex said:
Only an idiot would buy the $40,000 in debt on a $36,000 income with maxed out credit cards that the solution is to cut spending alone... The wise would say get a get second job to pay down your debt, for they know the high cost of INTEREST. For the GOVERNMENT, that is not instituting a tax cut for the wealthy... YOU brought the analogy, not me...
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I've already said that "lowering your income", i.e. tax cuts were not a responsible approach. You're just not going to be fix things by taxing somebody else. The spending beyond your means has got to stop.
 
MTAtech said:
Your posts are becoming more and more separated from the real world. What am I talking about? In the real world, many countries have safety net programs that make ours look stingy. Denmark, as an example, has indeed taken a very different path from the United States over the past few decades, veering (modestly) to the left where we’ve veered right. And it has done just fine.

American politics has been dominated by a crusade against big government and programs that help people; Denmark has embraced an expansive government role, with public spending more than half of GDP. American politicians fear talk about redistribution of income from the rich to the less well-off; Denmark engages in such redistribution on a scale unimaginable here. American policy has been increasingly hostile to organized labor, and unions have virtually disappeared from the private sector; two-thirds of Danish workers are unionized.

Conservative ideology says that Denmark’s policy choices should be a disastrous hellhole, with grass growing in the streets of Copenhagen. If Denmark, and other progressive countries, are hellholes, they’re doing a very good job of hiding that fact.

Regarding federal debt, while the Republicans get hysterical about debt whenever a Democrat is in the White House, which they didn’t do when Republicans live there, the debt isn’t the disaster you proclaim. If it was, maybe Republicans wouldn’t pass tax cuts that balloon the debt? Since that’s what they do every time, it’s hard to take them seriously. In the real world, the federal government has no trouble finding lenders and managing the debt.

Using the debt limit as a hostage is like going out to a fancy restaurant, racking up a huge bill and then refusing to pay the credit card bill when it arrives. Congress appropriated spending and now it’s time to pay the bill.

Undocumented people getting medical treatment? That’s what civilized societies do and it doesn’t cost all the much. As I said, that’s civilized and no wonder Republicans object to it.
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Mind telling me the following:

Denmarks population compared to the United States

Denmarks illegal alien population

Denmarks effective tax rate compared to the United States

Denmarks spending on Ukraine

Denmarks spending on national defense and defense of other countries


Thanks
 
natman said:
I've already said that "lowering your income", i.e. tax cuts were not a responsible approach. You're just not going to be fix things by taxing somebody else. The spending beyond your means has got to stop.
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Another dishonest generation.

It's not a matter of spending... it's butthurt. You cultists had no problem increasing spending and deficits while being in control of budgeting.

Nobody gives a **** about your lies and false narratives.

Taxing people who can afford the burden is a more appropriate mode of dealing with inflation than increasing mortgage interest rates.
 
Paradoxical said:
Mind telling me the following:

Denmarks population compared to the United States

Denmarks illegal alien population

Denmarks effective tax rate compared to the United States

Denmarks spending on Ukraine

Denmarks spending on national defense and defense of other countries


Thanks
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A list without a point.
 
ttwtt78640 said:
Yep, raise the debt ceiling to $500T, eliminate all federal taxes and pass a household BIG of $100K/year. We can then borrow, print and spend our way to prosperity. ;)
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Ok.

I will say it again. It is pass time for Congress to enact balanced budgets. Congress made the mess we are in. Congress needs to fix it.
 
mike2810 said:
Ok.

I will say it again. It is pass time for Congress to enact balanced budgets. Congress made the mess we are in. Congress needs to fix it.
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They aren’t going to cut at least $1T/year in spending and/or raise taxes that much. Doing what they have been doing for decades gets congress critters re-elected at a rate of over 90%, which is no incentive to change their borrow, print and spend “budgeting” policy.
 
I suppose Steve Mnuchin stayed in his lane and kept his mouth shut the entire time he was Trump's Treasury Secretary? :rolleyes:

Part of the Treasury Secretary's job IS to make recommendations to Congress and the President on all matters financial whether domestic expenses of international. I'm thinking maybe you need to read up on what the Treasury Secretary's job really is and stop taking pot shots in the dark.
 
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