Debt limit passes House, moves on to Senate.

Now take that senator Jambalaya or whatever her name is. (Sorry, my poor memory can't handle such handles. Maybe it's dyslexia.) She has said that "in good conscience" she can't vote for such a bill. IOW "in good conscience" she can vote to crash the economy. What a friend of the people! Hypocrisy doesn't get any worse.

 

To the larger issue


One reason she’s sanguine is that Yellen is among a number of prominent economists to embrace an alternative method for measuring the sustainability of the nation’s debt. Instead of looking at the pile of outstanding bonds as a share of the economy’s output, she prefers the ratio of interest payments — crucially, after adjustment for inflation — to GDP.

In other words, take the amount of money the government spends on interest payments in a given year, divide by the size of the economy, then subtract inflation. The lower the outcome, the better.


The government’s interest bill has fallen in recent decades as a share of the economy, thanks to lower borrowing costs over the period. Net interest as a percentage of GDP, without adjusting for inflation, has averaged about 1.5%, though it climbed to 1.9% in 2022 after the pandemic borrowing surge.

Factor in inflation, and interest-to-GDP has frequently been negative, even before the burst of post-COVID price increases. Looking ahead, the White House Office of Management and Budget expects Yellen’s measure to rise back above zero in 2024, as inflation ebbs, and then to top out at 1.1% in 2032-33. That’s a level the treasury secretary says is “quite reasonable.”

Why Yellen doesn’t lose sleep over US borrowing that alarms most Americans
Why Yellen doesn’t lose sleep over US borrowing that alarms most Americans - Tampa Bay Times

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far right says Biden won, far left says pubs won. those of us in the middle are just happy that some sort of common sense prevailed to prevent default

 

dems would have blamed pubs, pubs would have blamed dems...goooo team

 

Milktoast

 

The republicans were never going to “win” this negotiation because in the end, they were never going to let the country default, so they had no real bargaining chip. They got some Ok concessions which are a step in the right direction as far as budget excess, maybe have set a precedent for next time, and we will move on to the next manufactured crisis.

 

This type of attitude is the exact reason we are in the state we are in.

I didn’t lose anything.

The country won in some areas and lost in others.

Sad that you think this way.

 

The far right maybe. Just like the far left thinks the pubs won and Biden caved.

 

100%. Just look at the comments on this board over the last few weeks and months regarding the part of the Pub party that was talking about not raising the ceiling. They were getting skewered

 

I’m not crying about anything.
I’m laughing at the people who think Biden is some master negotiator.

If you think Biden was the one actually doing the negotiating I’ve got a bridge to sell you….

 

Yeah he played them alright.

McCarthy got Biden to negotiate on debt. Score a win for the GOP.


Guess what? Biden's negotiating.
After months of treating Republicans like hostage takers and swearing he wouldn’t “negotiate” with them, President Joe Biden is now doing just that. He has met with McCarthy several times this month, most recently on Monday, and both men seem confident they are close to a deal.

At this point, they appear to be ironing out the details.

 

Guess what? Saying you wont negotiate is negotiation. You new at this? Look, either you like the deal and should thank Biden, or you don’t like it and he got one over on you… which one is it?

 

It’s not so black and white man, you’re better than thinking like that.

However you do seem to look for anything to inflate Biden’s skills, I guess it’s just you way of making yourself feel better about voting for the guy.

 

Amendments have all been defeated, roll call for the vote happening now.

 

It passed.

 

Needed 60, got 63.