The debt limit!

[BWK]

Preparing to ‘play chicken’ with default: Understanding Republicans’ ‘debt limit terror’​

The United States is the only major industrial nation with a debt ceiling. America’s debt ceiling, moreover, applies only to budgetary appropriations that have already been made; it has no impact on future spending or borrowing. Indeed, as one legal scholar has argued, since legislation passed by Congress and signed by the president implicitly authorizes the U.S. Treasury to spend the money necessary to implement it, a separate requirement to increase the accrued debt creates the possibility of default, and may therefore be unconstitutional.

In any event, although debates about the national debt have become increasingly partisan, Congress and the president have agreed to increase the debt ceiling over 100 times since World War II. The debt limit has also been “suspended” — a distinction, made for political reasons, without a substantive difference — seven times. The debt ceiling was raised three times while Donald Trump was President. In 2019, when Congress suspended the debt ceiling until July 2021, Trump exulted that the agreement was “phenomenal.” The ceiling has been raised twice with Joe Biden in the White House.

Preparing to ‘play chicken’ with default: Understanding Republicans’ ‘debt limit terror’

Moody’s has estimated default could result in a 4 percent drop in GDP, 9 percent unemployment and a $15 trillion loss in household wealth.

thehill.com

We can't worry about the debt, Biden has one more time to raise the debt. If if's good for tramp why not make it good for Biden.

Greene, Gaetz, and Boebert, want to burn it down.

 

[BWK]

Why in the FUCK are you trying to get us to blow more money? Jesus Christ man

Us? $8 trillion added on by Trump and a $2 trillion dollar tax give away to the rich, and you talk about us?

 

[Ray From Cleveland]

Us? $8 trillion added on by Trump and a $2 trillion dollar tax give away to the rich, and you talk about us?

In just 2 years Dementia and the commies added 3.8 trillion do the debt, and that's not including the 1.7 trillion pork bill they just passed. If not for the Republicans taking leadership of the House, he was well on his way to equaling or surpassing Trump. And keep in mind Trump spent half of his term with a Democrat led House, you know, the people that make out the spending bills? Also keep in mind under Trump, we got hit with the worst pandemic anybody alive in this country has ever seen.

 

[BWK]

And they're gonna keep on kickin it, too.

There is interest due on every dollar in existence. The nature of the monetary policy itself dictates that there will always be more debt in the system than there is currency in existence ot pay the debt.

Even if the government stopped borrowing to do deficit spending, there is still pricipal plus interest due every month.

If they stop borrowing, then no new currency is created to replace the currency that they used to make those payments.

Whether you're making a payment on a loan or paying a tax to make a payment on a Treasury bond, the portion of the payment that goes to pay off the principal extinguishes that portion of the debt. But the debt also extinguishes the currency.

When currency and debt meet, they destroy each other.

If they just pay off the principal only, all of the loans and Treasury bonds that exist, the entire currency supply vanishes.

So, if they don't send the country deeper into debt every year, the whole thing goes into a deflationary collapse under the weight of those payments.

Tax cuts going to the wealthy are driving a big part of it.

 

[Ray From Cleveland]

Republicans always bitch about it when the other parties in office. It is pure bullcrap! And it always leads to them being throw out of office too. You don't call them the party of the stupid for nothing.

The American people want a strong safetynet, infrastructure, science and spending within our borders. We don't want to live in a third world crap hole.

Spending within our borders? You mean like the 100 billion we sent to a corrupt country to fight their war and zero to stop invaders from entering our country?

 

[BWK]

In just 2 years Dementia and the commies added 3.8 trillion do the debt, and that's not including the 1.7 trillion pork bill they just passed. If not for the Republicans taking leadership of the House, he was well on his way to equaling or surpassing Trump. And keep in mind Trump spent half of his term with a Democrat led House, you know, the people that make out the spending bills? Also keep in mind under Trump, we got hit with the worst pandemic anybody alive in this country has ever seen.

But,but,but, Covid doesn't count or an infrastructure package to fix roads and bridges right? When are you fools going to understand the difference, and that you can't afford to talk about the debt?

 

[BWK]

Spending within our borders? You mean like the 100 billion we sent to a corrupt country to fight their war and zero to stop invaders from entering our country?

A tyrannical Fascist dictator who is trying to take over Europe like Hitler? Let's spend the $100 billion. After all, the war budget was never a concern for the Right before. YOU CAN'T AFFORD A CONVERSATION ABOUT THE DEBT you fucking hypocrite.

 

[BWK]

Why in the FUCK are you trying to get us to blow more money? Jesus Christ man

Blow more money? This coming from the leaches who promote tax cuts for the wealthy that yields nothing; U.S. National Debt Surpasses $30 Trillion: What This Means For You

Donald Trump​

During his single term, Congress passed the Tax Cuts and Jobs Act in 2017, which slashed corporate and personal income tax rates. Considered by many a boon for the wealthiest Americans and corporations, at the time of its passage, the Congressional Budget Office estimated the cuts would increase the federal deficit by $1.9 trillion.

While the Treasury Secretary estimated that the tax cuts would decrease the federal deficit, the deficit increased from $665 billion in 2017 to $3.13 trillion in 2020. The tax cuts drove some of this increase but multiple Covid relief packages were responsible for the majority of the increase.

 

[BWK]

We didnt spend money on golf.

The hell you didn't. Who do you think pays for that $150 million dollar vacation?

 

[BWK]

Republicans have no skin in this game over debt. They have been the biggest spenders of money where little to nothing on that investment has been seen.

 

[BWK]

Youre talking about security and travel expenses, which every president has.. Golf didnt cost anything.

What a fucking idiot. How do you get to the golf course you gd retard?

 

[Ray From Cleveland]

A tyrannical Fascist dictator who is trying to take over Europe like Hitler? Let's spend the $100 billion. After all, the war budget was never a concern for the Right before. YOU CAN'T AFFORD A CONVERSATION ABOUT THE DEBT you fucking hypocrite.

You just made a statement that Republicans spent money outside of our border, and when I bring up Ukraine, you make an excuse for Democrat spending, and then call me a hypocrite?

 

[Ray From Cleveland]

But,but,but, Covid doesn't count or an infrastructure package to fix roads and bridges right? When are you fools going to understand the difference, and that you can't afford to talk about the debt?

Maybe we can't, but neither can you. Your people spent just as much if not more, so you can stop with the false finger pointing.

Tax cuts were responsible for our great economy before covid. A strong military is always a benefit to every American. Compare that to the vote buying and pork spending by the Communists. It was spending specifically for their people and not half of the citizens.

The tax cuts saved me several hundred dollars. Dementia spending cost me thousands in much higher prices and inflation. Under Republican leadership, at least we got something for the spending. We only got Fd under Dementia.

 

[Papageorgio]

Trump's golf didn't cost us anything, because he was golfing at his resorts, but what about his security, while playing golf?
Trump charged his entourage for golf carts, food and hotel rooms.

I said this during Obama’s Presidency, they are fine to take vacations, they need it to destress, with the entourage that have to go with them, they are very expensive trips, bigger worries than where a President vacations.

 

[jbander]

You are missing the point.

Ok one more time, what is the point.

 

[jbander]

Maybe we could cut a few hundred billion out of the military and raise taxes on the rich! We need to pass a debt limit rise!

The people of this country decide what they want government to provide. Once that is decided you pay for it, that is done with tax money , tax the fat out of our society. There are tons of money to be had. You wouldn't affect one poor or middle class person unless you got some of the increase from taxing big B.

 

[P F Tinmore]

Ok one more time, what is the point.

I was questioning why we were borrowing money to be repaid with interest when we can print it ourselves at no cost

 

[Ray From Cleveland]

The people of this country decide what they want government to provide. Once that is decided you pay for it, that is done with tax money , tax the fat out of our society. There are tons of money to be had. You wouldn't affect one poor or middle class person unless you got some of the increase from taxing big B.

Typical commie: take from others to give to you because you couldn't provide the goodies you want for yourself.

 

[Godboy]

Republicans have no skin in this game over debt. They have been the biggest spenders of money where little to nothing on that investment has been seen.

You mean the money we spent on COVID? Is that the spending youre mad about? Youre a fucking idiot if you think the GOP blows money like dems. Sorry, but we have all the receipts. Youre dishonesty isnt going to fly here.

 

[Nuthin' Fancy]

I said this during Obama’s Presidency, they are fine to take vacations, they need it to destress, with the entourage that have to go with them, they are very expensive trips, bigger worries than where a President vacations.

“President Barack Obama’s vacation is costing taxpayers millions of dollars — unbelievable!” he wrote in one of many tweets criticizing Obama for taking a trip.

“Can you believe that, with all of the problems and difficulties facing the U.S., President Obama spent the day playing golf. Worse than Carter,” Trump said in 2014.

"I would rarely leave the White House because there's so much work to be done," Trump said to the Hill in June 2015, the month he launched his presidential campaign. "I would not be a president who took vacations. I would not be a president that takes time off."

Trump said last August that if he became president, he wouldn’t have time for golf. “I’m going to be working for you, I’m not going to have time to go play golf,” he said at an event in Virginia.

Trump's visits to golf clubs in four years: 296 as of December 30 2020

Total times Obama played golf during his eight year Presidency: 306