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Schumer calls for two-year debt ceiling hike

Senate Majority Leader Charles E. Schumer (D-N.Y.) on May 2 said that Congress should pass a clean, two-year extension of the debt ceiling.

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by Anonymousreply 66May 27, 2023 1:05 AM

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.

by Anonymousreply 1May 3, 2023 12:35 AM

President Biden to hold debt limit meeting next Tuesday

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by Anonymousreply 2May 3, 2023 1:21 AM

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.

by Anonymousreply 3May 3, 2023 4:39 PM

Debt crisis could cause recession

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by Anonymousreply 4May 4, 2023 11:38 PM

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?

by Anonymousreply 5May 5, 2023 1:42 AM

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

by Anonymousreply 6May 5, 2023 4:16 AM

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

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by Anonymousreply 7May 11, 2023 1:24 AM

R6, are those states considering secession?

by Anonymousreply 8May 11, 2023 1:29 AM

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

by Anonymousreply 9May 13, 2023 10:56 AM

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. 🙃

by Anonymousreply 10May 13, 2023 11:00 AM

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!!!

by Anonymousreply 11May 13, 2023 11:42 AM

Your mom sounds fun r10.

by Anonymousreply 12May 13, 2023 11:46 AM

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.

by Anonymousreply 13May 13, 2023 11:57 AM

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

by Anonymousreply 14May 13, 2023 12:08 PM

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.

by Anonymousreply 15May 13, 2023 12:19 PM

Your mom is correct.

by Anonymousreply 16May 13, 2023 12:39 PM

Fuck the debt ceiling.

by Anonymousreply 17May 13, 2023 12:42 PM


by Anonymousreply 18May 13, 2023 1:00 PM

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.

by Anonymousreply 19May 13, 2023 1:01 PM

[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???!

by Anonymousreply 20May 13, 2023 1:03 PM

[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?

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by Anonymousreply 21May 13, 2023 1:04 PM

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.

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by Anonymousreply 22May 13, 2023 1:11 PM

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

by Anonymousreply 23May 13, 2023 1:13 PM

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

by Anonymousreply 24May 15, 2023 12:03 PM

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

by Anonymousreply 25May 15, 2023 12:10 PM

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.

by Anonymousreply 26May 15, 2023 12:25 PM

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?

by Anonymousreply 27May 15, 2023 1:11 PM

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?

by Anonymousreply 28May 15, 2023 1:20 PM

[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.

by Anonymousreply 29May 15, 2023 1:21 PM

[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

by Anonymousreply 30May 15, 2023 1:22 PM

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.

by Anonymousreply 31May 15, 2023 1:30 PM

[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.

by Anonymousreply 32May 15, 2023 1:33 PM

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.

by Anonymousreply 33May 15, 2023 1:41 PM

[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)

by Anonymousreply 34May 15, 2023 2:25 PM

[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.

by Anonymousreply 35May 15, 2023 2:28 PM

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.

by Anonymousreply 36May 15, 2023 2:34 PM

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

by Anonymousreply 37May 15, 2023 3:34 PM

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.

by Anonymousreply 38May 15, 2023 3:40 PM

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

by Anonymousreply 39May 15, 2023 5:00 PM

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?

by Anonymousreply 40May 15, 2023 5:18 PM

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

by Anonymousreply 41May 15, 2023 5:34 PM

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

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by Anonymousreply 42May 17, 2023 12:12 AM

These magats really want to finish America off.

by Anonymousreply 43May 17, 2023 12:13 AM

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

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by Anonymousreply 44May 19, 2023 11:09 PM

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

by Anonymousreply 45May 19, 2023 11:35 PM

Flabby, magat, theatrics. Flllaaaaaaassssssiiiiid.

by Anonymousreply 46May 19, 2023 11:51 PM

Debt limit talks halted again at Capitol

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by Anonymousreply 47May 20, 2023 7:12 AM

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

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by Anonymousreply 48May 20, 2023 4:35 PM

[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.

by Anonymousreply 49May 20, 2023 4:41 PM

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.

by Anonymousreply 50May 20, 2023 4:58 PM

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

by Anonymousreply 51May 20, 2023 5:41 PM

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?

by Anonymousreply 52May 20, 2023 6:30 PM

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.

by Anonymousreply 53May 20, 2023 7:07 PM

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.

by Anonymousreply 54May 20, 2023 7:14 PM

[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.

by Anonymousreply 55May 20, 2023 8:49 PM

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

by Anonymousreply 56May 20, 2023 10:34 PM

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!

by Anonymousreply 57May 21, 2023 12:18 AM

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

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by Anonymousreply 58May 23, 2023 4:17 PM

Amy Schumer?

by Anonymousreply 59May 23, 2023 5:06 PM

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

by Anonymousreply 60May 23, 2023 7:01 PM

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

by Anonymousreply 61May 24, 2023 10:34 PM

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

by Anonymousreply 62May 25, 2023 10:37 PM

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

by Anonymousreply 63May 25, 2023 10:50 PM

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?.

by Anonymousreply 64May 26, 2023 10:43 PM

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.

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by Anonymousreply 65May 26, 2023 11:54 PM

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

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by Anonymousreply 66May 27, 2023 1:05 AM
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