Debt ceiling drama already here (deal allegedly reached)

Really surprised this isn’t the top thread…

so I will add that this is a catastrophe and everyone should be writing their congressperson and Senator.

Biden’s 14th Amendment message to progressives: It ain’t gonna happen

Negotiators Pause Debt-Ceiling Talks: ‘We’re at a Very Bad Moment’

 

Are assets growing at the same rate as liabilities are in this country? If not, then we have a problem. I find it rather useless to say "right now, as of today, at this point in time, we are net positive equity" when liabilities are expanding at an exponential rate in comparison to the assets.

 

GOP can’t pass anything AOC is right, the path to a clean bill is through the Dems. Just need 5 members from the problem solvers committee

 

The Republican Party: This is how you Make America Great Again, default on the debt (money already spent) if the Democrats won't agree to future spending cuts at the very same time. Somehow it's politically worth it to the Republicans (does anyone know how?) to default and ruin the economy if they can't have their way. (Does that remind you of a certain narcissistic crybaby who has already said "Default" and who owns the Republicans?)

 

https://www.washingtonpost.com/busi...use-offer-freeze-spending-debt-ceiling-talks/

This article shows that we aren’t dealing with serious people. Biden administration put a one year defense freeze on the table, which would be a cut in inflation adjusted terms. Republicans said no, they want defense increase. Republicans are insisting on $16 billion per year in cuts to entitlements to the poor, our about $200 billion over 10 years, which would amount to about 1% of the projected $20 trillion debt increase over 10 years.

They want to blow the whole economy up to get small cuts in only the programs they pick and choose.

 

Plus it is hurting our standing in the world, with the President having to reassure other nations that we are actually a serious nation

One major party is incapable of governance.

Until Saturday, Biden had largely stayed out of the public eye at the summit, forgoing big public statements and leaving Friday’s leader dinner early. He has been spending time instead by a video monitor in a room next to his hotel suite, where aides in Washington have been keeping him apprised of the back-and-forth of debt limit talks.

National security adviser Jake Sullivan acknowledged that world leaders have pressed Biden about the standoff in Washington. But press secretary Karine Jean-Pierre said that, while there was intense interest in how the president would resolve a domestic showdown that has geopolitical ramifications, there was no panic — at least not yet.



Biden aims to reassure world that US won’t default on debt
Biden aims to reassure world that US won’t default on debt - Tampa Bay Times

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So basically the GOP wanted to cut taxes for the rich and give corporate handouts and now they want the poor to pay for it

 

Remember Ryan wanted spending cuts before tax cuts but McConnell said that they could never pass it. So the tax cuts were done strategically to force a debt crises because at that point it is either negotiated spending cuts or tax increases. Piss poor for the country but smart talking points for the ill informed.

 

Default of not, a rating agency downgrade would be a terrible.

Biden should invoke 14th amendment and move on. If the maggots sue, it’s clear they wanted a default.

 

Hmm. Wonder if Kevin McCarthy is watching 60 Min today? Instead of cheep political points and hosing ordinary Americans, maybe attach a bill to the debt ceiling about Pentagon accountability for the military industrial complex.

 

the military is a giant pit of money sucking corruption & yet the only way to make it better is, yep you got it! throw more & more money at it. slash their budget & have a real, 3rd party audit them.

 

I can’t recall a time this wasn’t a story. Wasn’t the $400 hammer under St Reagan?

The maggot brain eating disease. Blood curling cuts to hard working Americans taste better than $400k stinger missiles.

 

The one thing that makes this more complicated is that in some of these cases, small parts are custom made for these pieces of equipment, and by the time you take all of the design, overhead, manufacturing and tolerance testing and divide it by a few hundred pieces a small part can become highly costed. It isn’t as if you can go get the same thing at Home Depot.

I don’t know if that is what is going on, but I suspect it probably is.

 

Single producer of said part. I think they call that a monopoly? Teddy Roosevelt was a true conservative, unlikely the maggots wanting default and consolidation of power.

my point of raising this story on costs is that McCarthy’s negotiation on the debt ceiling is a stage setting increase fy24 budget for an increase defense spending and a massive decrease to other programs.

 

You don't think that is on purpose? It has the twin advantages of driving up prices contractors can charge the government, and making them more or less useless when we inevitably abandon them in a foreign country after losing a war to a bunch of farmers.

 

I suspect that the Republicans view the debt ceiling crisis as a win-win situation. They either get their budget cuts or at least a significant percentage of the cuts or they destroy the economy through default and blame it Biden. It's also not beyond the realm of possibility that the cuts forced by the Republicans could have a similar impact to the cuts forced back as a result of the last debt ceiling crisis when the cuts had the effect of slowing the recovery from the 2008-2009 recession. In this case possibly forcing the economy into a recession in 2024.

 

I think this means an agreement has already been reached in principle that has support:

 

If i was Biden I’d dare them. Never negotiate with terrorists. If they are willing to blow up the economy forever over their budget then we deserve to be punished for electing them.