Schumer calls for two-year debt ceiling hike

Congress has already previously passed legislature for whatever the total costs are for this year. Approving the debt amount is supposed to be a procedural task for the country paying its bills. It's basically paying for all the legally approved purchases. Political stunts by Republicans to not vote to pass the debt ceiling is something they only do when a Democrat is currently president.

President Biden to hold debt limit meeting next Tuesday

Biden & the Dems can take some responsibility for this. The likes of Paul Krugman were urging the party to resolve this in the lame-duck session. But I guess they thought the possibiility of gaining political capitol was more important.

Debt crisis could cause recession

No, R3. They didn’t have the votes. Either Sinema or Manchin would have stopped it. And how were they going to gain political “capitol” (sic) through a debt crisis?

The solution is simple: cut all funds to Texas, Florida, and any other state considering secession. Let them have their wish.

Biden calls debt ceiling meeting "productive," McCarthy says he heard "nothing new"

R6, are those states considering secession?

Bump, just for more talk on this. Not sure if there’s another thread already going.

My mom told me that 401(k)s are a scam and that at some point before I retire, the government and financial sector will collude to cause a financial crisis that will gobble up everyone's life savings in weeks and transfer the wealth to financial and governmental leaders.

Sounded paranoid but here we go. 🙃

Why don't we just take out an ARM on the country, but when the balloon payment is due in 5 years, we'll sell the country. The market is only going up, and we'll more than make up what we owe on the loan and our debt!

We can put in a pool to add value!!!

Your mom sounds fun r10.

McCarthy is pathetic. Biden shouldn't and isn't going to blink on this.

Giving in would just encourage the Republicans to do this every year. It's an effective attempt at a coup from the one GOP-controlled part of Congress.

Did these debt ceiling fights start in the 2000s? It seems non-stop since then.

R14 They caught on when parties realized they can use it to force negotiations at the last minute and elected officials realized they can guarantee facetime in the media to blabber on about how irresponsible the other side is every time the bills come due. It's now part of the corrupt institution that is tanking the country and trust in the government.

Every congressperson craves media time, and in doing this shit, they are sending out constant PR that the government is broken, broke and run by petty, greedy people who don't care at all about the US or its citizens. And that is in turn causing this great divide among the people.

Your mom is correct.

Fuck the debt ceiling.

Amy?

What happens when a resolution is passed and we pay our bills?

Who are we paying?

Who holds our debt?

I learned in elementary school history class that the UK and the colonial US put people into prison for holding debts, or made me work as indentured servants. It's strange to think that a country of 327 million people is in debt to someone.

[quote] As of January 2023, the five countries owning the most US debt are Japan ($1.1 trillion), China ($859 billion), the United Kingdom ($668 billion), Belgium ($331 billion), and Luxembourg ($318 billion).

Belgium and Luxembourg???!

[quote] Like its neighbor, Belgium, Luxembourg is a tax haven for wealthy foreign investors. Also like Belgium, investors from around the world buy U.S. debt through accounts based in Luxembourg.

Tha fuq?

R19. Most of the nation's debt is held by it's people. Those who buy bonds and such.

It's a way for bankers and investors to make easy money. They essentially invest in the country as a whole for a guaranteed payback.

And as long as the national GDP keeps growing it's possible to just borrow for years. Just pay the interest and maybe get round to paying the principle when you can.

They should really rename significant portions of the debt, because it doesn't function anything like personal debt and I think people get very confused by the two.

The debt ceiling only lasts two years. Then we have more debt.

So if we default, is this a big deal? Or not. I can’t tell what’s reality and what’s political theatre anymore.

FUCKING Manchin. That guy has a MAGA tattoo on his ass cheek.

What if...

President Biden calls the Republican's bluff? What if he just says that the country will default due to the Republican's nonsense. Yep... President Biden will take a hit and should accept that. But he is 80 something years old. He's already lived more years than he has left to live. Therefore, why should he deal with this?

It's time to stop allowing Republicans and a small (but vocal) minority hold our country hostage. Enough is enough! Yes, it'll be rough times but the fight is for the greater good.

R26. I agree 100% and I'm pretty sure that's exactly what he's doing.

The message needs to be crystal clear that if there's a default, it's because the GOP won't do their jobs.

I'm actually quite curious what Wall Street and the broader business community is thinking right now. They're obviously not worried but if there is a default, are they hedged?

The poll is stupid, OP.

The debt ceiling is about paying existing deck.

If I choose not to pay my credit card bill, guess what will happen to my credit?

[quote] The debt ceiling only lasts two years. Then we have more debt.

We wouldn't have so much debt if the GOP didn't force huge tax cuts for the rich.

[quote] What happens when a resolution is passed and we pay our bills? Who are we paying? Who holds our debt?

I believe most of our debt is held by Americans ourselves in the form of bonds, promised Medicare and SS

What if, god forbid, the debt defaults? I know SS won't be able to be paid, for example...along with many other programs. When finally settled, will there be back payments of SS that weren't paid? I'm thinking not, but was wondering.

[quote] What if, god forbid, the debt defaults? I know SS won't be able to be paid, for example...along with many other programs. When finally settled, will there be back payments of SS that weren't paid? I'm thinking not, but was wondering.

The real problem isn't that. It's that the value of all the money in retirement accounts will plummet as the stock market will--if America's credit (worthiness to pay its bills) is reduced, the whole house of cards falls.

R31. Worse case scenario is that the US government finds it really difficult to borrow going forward and has to make DEEP cuts across the board, including SS, Medicare, and the military to reduce the deficit.

If that holy trinity gets hit you can bet there's going to be huge problems.

[quote] If that holy trinity gets hit you can bet there's going to be huge problems.

That holy trinity is 95% of the budget.

They HAVE to cut those if they want to make any real dent in the budget. The problem is neither the Dems nor the GOP is willing to do that. Their constituents would get angry and immediately vote them out of office. So instead they tinker at the edges and pretend they're helping the budget--usually reducing the number of federal employees or something like that (2% of the budget)

[quote][R31]. Worse case scenario is that the US government finds it really difficult to borrow going forward

That's another option. Lenders (other countries) just throw up their hands and scream. "I'm tired of the USA shit" and curtail or just outright refuse to lend.

This debt ceiling issue is a big game. Right now, the GOP is using it like ransom in a kidnapping....1) To get their own way on other things....and 2) To make Biden look bad for re-election next year. I don't trust this Congress. Both parties do this with the rest of the country as pawns, who will suffer. It makes me sick.

Who pays any attention to Schumer? Another effete, impotent politician from New York

There's an argument, which I agree with, that the debt ceiling is unconstitutional. The money has already been appropriated by congress and this shouldn't be a separate fight. If someone has a problem with the budget, take it up when writing that bill.

Biden will likely use the constitution to ignore the debt ceiling law and raise it himself if worse comes to worse.

Why not raise the debt? It's not like it will ever be paid off. It's all pretend, so why not carry on with the American Dream?

Because we need to cut money from Medicare, Medicaid, education, welfare, Social Security, so we can have another tax break for the wealthy.

McCarthy says debt ceiling deal possible by end of week as Biden cuts short upcoming foreign trip

These magats really want to finish America off.

Debt limit talks resume at Capitol as Republicans, White House face ‘real differences

The first response should be reworded to "Yes, we need to pay our bills."

Flabby, magat, theatrics. Flllaaaaaaassssssiiiiid.

Debt limit talks halted again at Capitol

POTUS: I Still Believe We'll Be Able to Avoid a Default

[quote] Why not raise the debt? It's not like it will ever be paid off. It's all pretend, so why not carry on with the American Dream?

I agree. Nobody is gonna cash out else the world will go into a crisis. It is all fake money, so let's just carry on and nobody will care.

Hilarious that conservatives are throwing a fit when it was Nixon who effectively took the U.S off the gold standard in 1971, thus setting in motion the ever-ballooning debt we’ve been left with today. And their useless wars and related expenditures certainly didn’t help.

Hold strong President Biden. It's time for this SHIT TO STOP!

The president has to cut short an overseas trip to manage the temper tantrums of maga. How many fucking times was the debt increased under their tribal leader, three times?

Were I Democrats I would let leak (whether it's true or not) that the White House has been telephoning various businessmen and companies (at the exclusion of Republican donors) and just letting them know to prepare for the worst.

You are correct, R1. The Republicans weaponized the procedural count to the Electoral Ballots, and now they are weaponizing raising the Deb Ceiling. Republicans have no levers of power to fuck up the economy, and they are pulling this stunt.

[quote] The first response should be reworded to "Yes, we need to pay our bills."

That doesn’t take into account that some future “bills” can be cancelled, just like people who are cutting back might cancel their streaming or cable services. There is some amount of future spending that the U.S. has no contractural requirement to keep doing. The administration needs could delay that spending.

Republicans need to raise the Debt Ceiling in order to pay Trump's bills.

Kevin McCarthy @SpeakerMcCarthy 2h

The White House is moving backward in negotiations.

Unfortunately, the socialist wing of the Democrat Party appears to be in control—especially with President Biden out of the country.

-Hold the line, President Biden!

Is Ted Cruz conceding here that the President does have the Constitutional authority to raise the debt ceiling?

Amy Schumer?

I swear the entire USA has the collective memory of a goldfish.

McCarthy is getting prime time media coverage and his jollies off. The media is having a wank over this too. Fun stuff.

NPR spent enough time to discuss this manufactured crisis to make clear that this is about removing student loan forgiveness from the Biden agenda. McCarthy who has an uncontrolled, feminine speaking voice believes this is his moment to showcase his POTUS abilities.

A man made bitch

The extremely wealthy and big business and Wall Street will lose billions of dollars. For this reason only, the debt limit will be increased.

President Biden was overseas meeting with a former enemy turned ally that happens to hold enormous American debt. POTUS had to cut short his trip to attend to the tantrums of maga here. The press is still bothsidesing this?.

After all of the showboating, theatrics and screaming maga didn't show up to session today. Do you think the press will mention their absenteeism when they bothsides this issue.

Biden on debt talks: 'I'm very optimistic'