Republicans and the debt ceiling

[Anonymous]

Republicans have made themselves so politically irrelevant they only thing they have left is desperation. They’re going to blow up the economy to save it you see?

[Anonymous]

Republicans fantasy of cutting social security is ridiculous. The average American with a 401k only has $130k saved up by retirement. Most Americans don’t have a 401k.

[Anonymous]

[Anonymous]

Anonymous wrote:

They can call it whatever they like. It won’t make old people any less destitute.

[Anonymous]

Anonymous wrote:Republicans fantasy of cutting social security is ridiculous. The average American with a 401k only has $130k saved up by retirement. Most Americans don’t have a 401k.

Again, today's GOP is sociopathic. There is just no other way about it. They don't give a shit if you worked hard your whole life only to freeze to death starving in an alley somewhere when you get old and can no longer work to support yourself.

[Anonymous]

If caring about the sick, the poor, the elderly and doing as Christ taught is "woke" then I am "woke" AF.

And every Republican who claims to be a Christian is a complete and total fraud.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Republicans fantasy of cutting social security is ridiculous. The average American with a 401k only has $130k saved up by retirement. Most Americans don’t have a 401k.

Again, today's GOP is sociopathic. There is just no other way about it. They don't give a shit if you worked hard your whole life only to freeze to death starving in an alley somewhere when you get old and can no longer work to support yourself.

Oh don't worry, they won't have old people freezing in alleys.

They'll make freezing in an alley a crime and they'll send old people to the for-profit prisons they own stock in and force them to work for pennies an hour!

[Anonymous]

[Anonymous]

Anonymous wrote:

Default is not at issue.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:DOJ needs to declare the debt limit unconstitutional and move on.

It's not a ridiculous argument

"The validity of the public debt of the United States, authorized by law, ... shall not be questioned. "

I sincerely hope Biden can navigate a way out of this that doesn’t involve giving House Republicans a bunch of easy wins. My dream is that he will stand up and say, “If the American people want to cut Social Security, they can elect a Republican House, send 60 Republicans to the Senate, and put a Republican in the White House. But it will *never* happen on my watch!”

(Thunderous applause.)

I fear, however, he will pathetically negotiate against himself and get rolled and utterly demoralize his base.

This WH say that there will be no negotiating or compromise.
That's a far cry from what Biden said back in 2011.

Republicans cannot threaten the debt ceiling and claim good faith. Holding the debt ceiling hostage WILL result in higher interest rates, higher interest burden by federal government, it will increase inflation and drive a recession, it will create indernational doubt about the stability of the United States and of the Dollar as currency, and will only give all the more of a boost to China as the leading world power. It is complete stupidity.

Everything you said is false. You are talking about a default on the debt,
which is not what is at issue here. Instead it is about whether to borrow more money.
Borrowing more money can also lead to higher interest rates. Not borrowing money and paying off your debts leads to lower interest rates.
Ultimately, interest rates come from inflation, not the other way around.

The issue is about defaulting on the debt. Congress has passed laws requiring a certain level of spending and a certain level of taxes. Borrowing has to make up the difference. If the US cannot borrow more to make up the difference, it will default.

It will default by not spending the money that Congress passed. That is not the same as defaulting on debt, which involves not making payments on debts already made.

The issue is you are short on cash, and are short hundreds of dollars on your budget while you have a credit card balance of $5000 outstanding.
If you then decide to cancel your cable rather than charge the hundreds to another credit card, that doesn't mean you defaulted on your $5000 credit card bill.
You do not default on your credit card payments by not going to the movies.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:DOJ needs to declare the debt limit unconstitutional and move on.

It's not a ridiculous argument

"The validity of the public debt of the United States, authorized by law, ... shall not be questioned. "

I sincerely hope Biden can navigate a way out of this that doesn’t involve giving House Republicans a bunch of easy wins. My dream is that he will stand up and say, “If the American people want to cut Social Security, they can elect a Republican House, send 60 Republicans to the Senate, and put a Republican in the White House. But it will *never* happen on my watch!”

(Thunderous applause.)

I fear, however, he will pathetically negotiate against himself and get rolled and utterly demoralize his base.

This WH say that there will be no negotiating or compromise.
That's a far cry from what Biden said back in 2011.

Republicans cannot threaten the debt ceiling and claim good faith. Holding the debt ceiling hostage WILL result in higher interest rates, higher interest burden by federal government, it will increase inflation and drive a recession, it will create indernational doubt about the stability of the United States and of the Dollar as currency, and will only give all the more of a boost to China as the leading world power. It is complete stupidity.

Everything you said is false. You are talking about a default on the debt,
which is not what is at issue here. Instead it is about whether to borrow more money.
Borrowing more money can also lead to higher interest rates. Not borrowing money and paying off your debts leads to lower interest rates.
Ultimately, interest rates come from inflation, not the other way around.

interest rates for sovereign debt are based on default risk. If you want to see high interest rates, look at what happens to countries post-default

Correct, but default is not at issue here. It is about whether to borrow more money. The more you borrow, the higher the risk of default.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:DOJ needs to declare the debt limit unconstitutional and move on.

It's not a ridiculous argument

"The validity of the public debt of the United States, authorized by law, ... shall not be questioned. "

I sincerely hope Biden can navigate a way out of this that doesn’t involve giving House Republicans a bunch of easy wins. My dream is that he will stand up and say, “If the American people want to cut Social Security, they can elect a Republican House, send 60 Republicans to the Senate, and put a Republican in the White House. But it will *never* happen on my watch!”

(Thunderous applause.)

I fear, however, he will pathetically negotiate against himself and get rolled and utterly demoralize his base.

This WH say that there will be no negotiating or compromise.
That's a far cry from what Biden said back in 2011.

Republicans cannot threaten the debt ceiling and claim good faith. Holding the debt ceiling hostage WILL result in higher interest rates, higher interest burden by federal government, it will increase inflation and drive a recession, it will create indernational doubt about the stability of the United States and of the Dollar as currency, and will only give all the more of a boost to China as the leading world power. It is complete stupidity.

Everything you said is false. You are talking about a default on the debt,
which is not what is at issue here. Instead it is about whether to borrow more money.
Borrowing more money can also lead to higher interest rates. Not borrowing money and paying off your debts leads to lower interest rates.
Ultimately, interest rates come from inflation, not the other way around.

Actually, yes that is what is at issue here. Do we pay the bills run up be the past 250 years of government administration, and particularly the SEVEN TRILLION amassed by the Trump Administration and the GOP when it controlled the House and Senate and passed an unfunded tax cut?

That is not at issue regardless of who wins the debt ceiling fight. Not raising the debt ceiling, will still lead to paying the bills.
The unfunded tax cut is not what racked up $7 trillion in debt. It was all the spending, which Republicans only pretend to care about when Democrats are in power.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:DOJ needs to declare the debt limit unconstitutional and move on.

It's not a ridiculous argument

"The validity of the public debt of the United States, authorized by law, ... shall not be questioned. "

I sincerely hope Biden can navigate a way out of this that doesn’t involve giving House Republicans a bunch of easy wins. My dream is that he will stand up and say, “If the American people want to cut Social Security, they can elect a Republican House, send 60 Republicans to the Senate, and put a Republican in the White House. But it will *never* happen on my watch!”

(Thunderous applause.)

I fear, however, he will pathetically negotiate against himself and get rolled and utterly demoralize his base.

This WH say that there will be no negotiating or compromise.
That's a far cry from what Biden said back in 2011.

Republicans cannot threaten the debt ceiling and claim good faith. Holding the debt ceiling hostage WILL result in higher interest rates, higher interest burden by federal government, it will increase inflation and drive a recession, it will create indernational doubt about the stability of the United States and of the Dollar as currency, and will only give all the more of a boost to China as the leading world power. It is complete stupidity.

Everything you said is false. You are talking about a default on the debt,
which is not what is at issue here. Instead it is about whether to borrow more money.
Borrowing more money can also lead to higher interest rates. Not borrowing money and paying off your debts leads to lower interest rates.
Ultimately, interest rates come from inflation, not the other way around.

Actually, yes that is what is at issue here. Do we pay the bills run up be the past 250 years of government administration, and particularly the SEVEN TRILLION amassed by the Trump Administration and the GOP when it controlled the House and Senate and passed an unfunded tax cut?

All of these budget issues SHOULD HAVE HAPPENED DURING BUDGET NEGOTIATIONS! Now is not the time. Focus on the next budget instead, dummies.

That budget happened during a lame duck session, when these guys were not in power.
This same attack happened when Obama was President, and the Republicans were then attacked for not passing the budget Obama wanted, with some calling them traitors for not doing so.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:DOJ needs to declare the debt limit unconstitutional and move on.

It's not a ridiculous argument

"The validity of the public debt of the United States, authorized by law, ... shall not be questioned. "

I sincerely hope Biden can navigate a way out of this that doesn’t involve giving House Republicans a bunch of easy wins. My dream is that he will stand up and say, “If the American people want to cut Social Security, they can elect a Republican House, send 60 Republicans to the Senate, and put a Republican in the White House. But it will *never* happen on my watch!”

(Thunderous applause.)

I fear, however, he will pathetically negotiate against himself and get rolled and utterly demoralize his base.

This WH say that there will be no negotiating or compromise.
That's a far cry from what Biden said back in 2011.

Republicans cannot threaten the debt ceiling and claim good faith. Holding the debt ceiling hostage WILL result in higher interest rates, higher interest burden by federal government, it will increase inflation and drive a recession, it will create indernational doubt about the stability of the United States and of the Dollar as currency, and will only give all the more of a boost to China as the leading world power. It is complete stupidity.

Everything you said is false. You are talking about a default on the debt,
which is not what is at issue here. Instead it is about whether to borrow more money.
Borrowing more money can also lead to higher interest rates. Not borrowing money and paying off your debts leads to lower interest rates.
Ultimately, interest rates come from inflation, not the other way around.

Actually, yes that is what is at issue here. Do we pay the bills run up be the past 250 years of government administration, and particularly the SEVEN TRILLION amassed by the Trump Administration and the GOP when it controlled the House and Senate and passed an unfunded tax cut?

All of these budget issues SHOULD HAVE HAPPENED DURING BUDGET NEGOTIATIONS! Now is not the time. Focus on the next budget instead, dummies.

It's actually a great time to start on writing the approps bills for next year. The president's budget is going to be submitted in a few weeks and then mark-up will begin. They can put their dream spending plans into those bills and then pass them over the summer/fall. But they don't want to do that, because 1) then they can't cut medicare, ss, etc. because they aren't in those bills, 2) they know the senate and biden won't agree to them unless they threaten to blow up the financial system and economy, and 3) then they'd have to take responsibility for the spending cuts instead of blaming them on biden.

They haven't followed the regular budget process since George W Bush was President. Instead they have votes on 'must-pass' omnibus where they can put in all sorts of special favors that no one will notice, and usually don't even have time to read.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:DOJ needs to declare the debt limit unconstitutional and move on.

It's not a ridiculous argument

"The validity of the public debt of the United States, authorized by law, ... shall not be questioned. "

I sincerely hope Biden can navigate a way out of this that doesn’t involve giving House Republicans a bunch of easy wins. My dream is that he will stand up and say, “If the American people want to cut Social Security, they can elect a Republican House, send 60 Republicans to the Senate, and put a Republican in the White House. But it will *never* happen on my watch!”

(Thunderous applause.)

I fear, however, he will pathetically negotiate against himself and get rolled and utterly demoralize his base.

This WH say that there will be no negotiating or compromise.
That's a far cry from what Biden said back in 2011.

Republicans cannot threaten the debt ceiling and claim good faith. Holding the debt ceiling hostage WILL result in higher interest rates, higher interest burden by federal government, it will increase inflation and drive a recession, it will create indernational doubt about the stability of the United States and of the Dollar as currency, and will only give all the more of a boost to China as the leading world power. It is complete stupidity.

Everything you said is false. You are talking about a default on the debt,
which is not what is at issue here. Instead it is about whether to borrow more money.
Borrowing more money can also lead to higher interest rates. Not borrowing money and paying off your debts leads to lower interest rates.
Ultimately, interest rates come from inflation, not the other way around.

The issue is about defaulting on the debt. Congress has passed laws requiring a certain level of spending and a certain level of taxes. Borrowing has to make up the difference. If the US cannot borrow more to make up the difference, it will default.

It will default by not spending the money that Congress passed. That is not the same as defaulting on debt, which involves not making payments on debts already made.

The issue is you are short on cash, and are short hundreds of dollars on your budget while you have a credit card balance of $5000 outstanding.
If you then decide to cancel your cable rather than charge the hundreds to another credit card, that doesn't mean you defaulted on your $5000 credit card bill.
You do not default on your credit card payments by not going to the movies.

There is not enough tax revenue to both pay the debt and interest and make the other payments that are required by law. The treasury has already said they can’t prioritize debt payments over others, so even under your definition there will be a default. The government’s obligations to make pay SS, Medicare, Medicaid, pay contract debts, etc. is not like a cable bill. It can’t just be “canceled.”