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Will Congress Hit the Dept Ceiling on 10/1 Without Raising it?

Will Congress Hit the Dept Ceiling on 10/1 Without Raising it?

  • Total voters
    11
  • Poll closed .
Didn't vote on the two choices.
estimate is the debt ceiling will be reached on 10/18
The new federal fiscal years starts 10/1

Who knows how the boneheads from both Parties will handle the two issues.
 
October 1st is actually the day the Continuing Resolution to fund the government needs to be done by. Raising the debt ceiling can go to about the middle of the month if I'm not mistaken.
 
It's a sure bet, this being the federal government, they'll inevitably raise the debt ceiling - again. But by 10/1? Dunno.
 
you betcha it will.
 
No the Dems will ensure that the right thing is done.
 
Yes it will, the debt ceiling will be hit, both sides will blame the other. Then after a week it will be raised by a few trillion and both sides will say they had no choice to many people were not getting paid ie military and everyone loves the military in the US ( well not everyone but it is a vote getter)
 
Loulit01 said:
Only two choices here.
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I hope they do. I think most of the apocalyptic hand wringing made of the debt ceiling is lies anyway. It’s like they used to say government shutdowns were the end of the world and now we’ve had like four or five shutdowns and what really happens is some stupid government workers have to take down vacation. Nothing really bad.

Think about it. If we defaulted on bonds then it would make our bonds unattractive and thus America couldn’t issue bonds to cover deficits. Not as many anyway, and the interest will be super high.

The interest would once again make bonds a real investment for small investors, and it will force the government to substantially reduce deficits while making the asset sheets of big banksters smaller thus reducing income inequality. Actually it was be an amazing thing for most Americans
 
Loulit01 said:
Only two choices here.
Click to expand...

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I have an idea !..
What "IF" we expect better stewardship from our elected officials, instead of just letting the put us in to
more debt, eveytime they offer us some Freebees ?....
 

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Felis Leo said:
If no agreement were reached and we were on the eve of a sovereign default, Biden could simply order the Treasury Department to mint a trillion dollar platinum coin.
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No . He couldn’t. The legal authority is not there. And in any event you would need a trillion dollars worth of platinum to mint it.

Although I’m sure that many on the far right would love the idea of restoring our currency to being based on bullion reserves
 
If they do, it will be last minute.
The Republicans want you to think that they're against raising the debt ceiling because they're such conservatives.
The Democrats want you to think that it is the evil Republican's fault that the government might shut down.
The fact of the matter is that the money has already been spent, and there is no real choice any longer, and both parties know it.
The whole thing is absurd. It's like taking out a loan, then after spending the money deciding whether or not to approve getting the loan. We got it, we spent it, we have to pay it.

So, put whichever senator you want in this cartoon, and it will be pretty accurate:

255770.webp
 
EMNofSeattle said:
No . He couldn’t. The legal authority is not there. And in any event you would need a trillion dollars worth of platinum to mint it.

Although I’m sure that many on the far right would love the idea of restoring our currency to being based on bullion reserves
Click to expand...

It actually is, EMNofSeattle. I would direct you to Title 31, Section 5112(k) of the United States Code, which states thus:

The Secretary may mint and issue platinum bullion coins and proof platinum coins in accordance with such specifications, designs, varieties, quantities, denominations, and inscriptions as the Secretary, in the Secretary’s discretion, may prescribe from time to time.

And the law does not specify that the coin necessarily need contain the fair market equivalent of bullion. In the same way a penny is actually worth more than one cent for its copper value alone, or a $100 bill contains far less than $100 worth of cotton fiber and dye.
 
Lord Tammerlain said:
Yes it will, the debt ceiling will be hit, both sides will blame the other. Then after a week it will be raised by a few trillion and both sides will say they had no choice to many people were not getting paid ie military and everyone loves the military in the US ( well not everyone but it is a vote getter)
Click to expand...

/end thread
 
Felis Leo said:
It actually is, EMNofSeattle. I would direct you to Title 31, Section 5112(k) of the United States Code, which states thus:

The Secretary may mint and issue platinum bullion coins and proof platinum coins in accordance with such specifications, designs, varieties, quantities, denominations, and inscriptions as the Secretary, in the Secretary’s discretion, may prescribe from time to time.

And the law does not specify that the coin necessarily need contain the fair market equivalent of bullion. In the same way a penny is actually worth more than one cent for its copper value alone, or a $100 bill contains far less than $100 worth of cotton fiber and dye.
Click to expand...
A bullion coin is a coin containing the value in Bullion. So it is not a mere coin. It must contain the bullion.


So you would need 1T in platinum to Mint the platinum coin.
 
EMNofSeattle said:
A bullion coin is a coin containing the value in Bullion. So it is not a mere coin. It must contain the bullion.


So you would need 1T in platinum to Mint the platinum coin.
Click to expand...
Where does it say that?
 
Dittohead not! said:
If they do, it will be last minute.
The Republicans want you to think that they're against raising the debt ceiling because they're such conservatives.
The Democrats want you to think that it is the evil Republican's fault that the government might shut down.
The fact of the matter is that the money has already been spent, and there is no real choice any longer, and both parties know it.
The whole thing is absurd. It's like taking out a loan, then after spending the money deciding whether or not to approve getting the loan. We got it, we spent it, we have to pay it.

So, put whichever senator you want in this cartoon, and it will be pretty accurate:

View attachment 67356030
Click to expand...
I'd despaired of ever hearing the money was already spent on this thread. It's my experience on this forum that many will ignore this bedrock fact and go right on arguing about whose fault this is. But I do sincerely thank you for the post.

While I'm here I'd also like to thank the poster who noted that 90% of the money we need to raise the ceiling to pay for was spent during Trump's term. Another bedrock fact that passed with little notice.
 
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