As things stand now, House Republicans will cause the United States to default on its debts

And you rant about his deficits and debt including the COVID spending in particular .

 

Yes. And you keep pretending that you care about cutting spending . . . while supporting Trump.

 

I opposed to the sending the Dem wanted you betcha. I especially supported his proposed across the board spending cuts and demands for cuts for debt ceiling increases. Tell me about your support for the Dem spending cuts......oh thats right there weren't any.

 

So you are on record as opposing Trump's spending increases. Good to know. Tell me about your opposition to Trump's spending increases.

 

This could become catastrophic sooner than we think.

The Times reports, "Treasury Secretary Janet L. Yellen said on Monday that the United States could run out of money to pay its bills by June 1 if Congress does not raise or suspend the debt limit, putting pressure on President Biden and lawmakers to reach a swift agreement to avoid defaulting on the nation’s debt.

"The more precise warning over when the United States could hit the so-called X-date dramatically reduces the projected amount of time lawmakers have to reach a deal before the government runs out of money to pay all of its bills on time. The new timeline could force a flurry of negotiations between the House, Senate and Mr. Biden over government spending — or a high-stakes standoff between the president and the House Republicans who have refused to raise the limit without deep spending cuts attached.

Mr. Biden on Monday called the top four leaders in Congress to ask for a meeting on May 9 to discuss fiscal issues. The president reached out to Speaker Kevin McCarthy and Representative Hakeem Jeffries of New York, the minority leader, along with Senator Chuck Schumer of New York, the majority leader; and Senator Mitch McConnell of Kentucky, the minority leader.

"Because the United States runs a budget deficit — meaning it spends more money than it takes in — it must borrow huge sums of money to pay its bills. In addition to paying Social Security benefits, along with salaries for the military and government workers, the United States is also required to make interest and other payments to the bondholders who own its debt."

 

Treasury Secretary Janet Yellen announced Monday that the U.S. may not be able to pay its bills after June 1.

The Republican Party is using the threat of economic collapse and global market meltdown to achieve legislative goals. Those goals include the shredding of our President's administration.

It is indeed interesting that the forum's Republicans refuse to discuss this issue. If they engage at all it is to change the subject away from the Republican threat of economic chaos.

 

This is a subject the forum's Republicans are avoiding, but, then, they avoid everything their party is doing.

Perhaps, they don't have the background to reply intelligently.

CNN reports, "President Joe Biden and House Republicans may have as little as a month to prevent the US from defaulting on its debt, which would impact millions of Americans and unleash economic and fiscal chaos here and around the world.

"Just what would happen if the nation defaults on its debt is unknown since it’s never actually happened before. A close call in 2011 roiled the financial markets and prompted Standard & Poor’s to downgrade the US’ credit rating to AA+ from AAA."

According to CNN, Republicans are threatening Americans in five ways:

"About 66 million retirees, disabled workers and others receive monthly Social Security benefits. The average payment for retired workers is $1,827 a month in 2023. These payments could be delayed in a debt default scenario, though it’s possible Treasury could continue making on-time payments because of the entitlement program’s trust fund.

"More than 2 million federal civilian workers and around 1.4 million active-duty military members could see their paychecks delayed. Federal government contractors could also see a lag in payments, which could affect their ability to compensate their workers. Also, certain veterans benefits, including disability payments and pensions for some low-income veterans and their surviving families, could be affected.

"Americans’ investments would take a direct hit. Case in point: Markets had what was then their worst week since the financial crisis during the 2011 debt ceiling standoff after the Standard & Poor’s downgrade. Even if the debt ceiling impasse is resolved soon after a default, stocks could shed as much as a third of their value. That would wipe out around $12 trillion in household wealth, according to Moody’s Analytics.

"If a default occurs, yields on US Treasuries will inevitably rise to compensate for the increased risk that bondholders won’t receive the money they’re owed from the government. Since interest rates on loans, credit cards and mortgages are often based on Treasury yields, the cost of borrowing money and paying off debt would rise.

"A debt default could trigger an economic downturn, which would prompt a spike in unemployment. It would come at a particularly fragile time – when the nation is already dealing with rising interest rates and stubbornly high inflation.

"How much damage would be done would depend on how long the crisis continues. If the default lasts for about a week, then close to 1 million jobs would be lost, the unemployment rate would jump to about 5% and the economy would contract by nearly half a percent, according to Moody’s.

"But if the impasse dragged on for six weeks, then more than 7 million jobs would be lost, the unemployment rate would soar above 8% and the economy would decline by more than 4%, according to Moody’s. The effects would still be felt a decade from now."

Put a different way, Republicans are threatening their own base. Pardon me, I don't mean to be disparaging, but do those voters even know that?

 

I will be brutally honest ... and personal.

I am really scared. I am too old for this. This is not about politics.

My wife and I are on Social Security. Our medical coverage is from Medicare. Both programs are in jeopardy by the Republican threat to withhold paying our bills. So are our life's savings.

I have been through this before. The last time this happened (2008-2009) we lost half our savings. I would rather not have that happen again. Our recovery time is shorter.

No doubt there are many who share our circumstances.

 

He was the only one promoting cuts in spending.

Trump Budget Cuts Size of Federal Government, but Bolder Reforms Needed
https://www.heritage.org/budget-and...size-federal-government-bolder-reforms-needed

Trump's $4.8 trillion budget gets chilly reception from Congress
https://www.reuters.com/article/us-...-chilly-reception-from-congress-idUSKBN204174

Here’s what Trump’s budget proposes to cut
https://www.cnn.com/2017/03/16/politics/trump-budget-cuts/index.html

Did you support those budget cuts?

 

Feel free to go back to December of 2020 where I opposed his second round of COVID spending.

Then you can tell me where you opposed Biden's even more unnecessary COVID spending and bloated Let's Create Inflation spending bills. Then you can show me where you support the Reps wanting to cut at least future spending increases and oppose Biden and the Dems current demands for even more spending and higher deficits and debt.

 

Tell you what instead of misstating what the Republicans, the only ones trying to bring to fiscal order to government, try telling my the Democrat proposals to get spending under control and the deficits slashed. What are they offering. The only chaos will be caused by Trump and Yellen making it chaotic. You do realize money does not stop flowing into the US Treasury 29 days from now. You do realize that the sum total of the debt of the United States does not come due in 29 days. The Treasury pays interest on the debt, the T-Bills that come due, SS/Medicare out of current revenues and everything else is on the table.

 

I understand that, and so do you.

The Republicans are threatening an economic catastrophe and a global market collapse to achieve their goals, trying to bring to fiscal order to government. Like you, they don't know the difference between raising the debt ceiling to pay curtain obligations and future budgetary matters involving future discussions. The former is now. The latter is sometime in the future.

The President wants our country to pay its bills without conditions. Republicans, like you, think there is something wrong with that.

Their threat is now, and time is running out. That's why I said what I said.

"Republicans really don't care about our country. House Republicans want to cause an economic catastrophe to achieve their legislative goals, and forum Republicans don't care." You have proven that. You think "fiscal order" is more important than the American and global economy.

Explain how I misstated Republican intentions.

That's another tactic used by Republicans. Because they can't prove what they say, they make baseless accusations.

Just as you did.

 

Sandy Shanks said:
Since 1960, Congress has acted 78 separate times to permanently raise, temporarily extend, or revise the definition of the debt limit – 49 times under Republican presidents and 29 times under Democratic presidents. The debt ceiling was raised three times under President Trump, who thinks it is foolish to use the debt limit as a bargaining tool.
********************************************************************************************************************************************************

Congressional Republicans and grassroots Republicans think increases in the National Debt began with the Biden administration.

Of course, they are wrong again. The federal government has been spending more than it takes in since FDR's New Deal and World War Two.

The forum's Republicans stay quiet about this because they can't explain why, all of a sudden, they are threatening economic collapse over increasing the debt which has gone on for the past 85 years.

 

You just did again assigning your phony motives to them. Again revenue inflow does not stop because we hit a so called debt ceiling. The only way we will default on debt is if Biden and Yellen decide to do so. If we keep raising the debt we will hit the point we can no longer service that debt and we will default on it. There is NO reason not to tie on paper agreed to spending cuts here and then pass an increase in the limit. Only one side is addressing it but Biden appears to be backing down.

 

That remark makes you a typical Republican. You don't know what the issue is. The fact that Republicans are clueless explains their silence on this thread. You are the only Republican responding, and you don't know what the problem is.

The U.S. government spends more than it takes in.

Your statement indicates you didn't know that.

This issue is not about "revenue inflow." Of course, the government will continue to receive its revenue, but it is not enough to pay our obligations.

The ability to pay our obligations runs out on or about June 1, according to our treasury secretary, whose word readers will accept over your uninformed thoughts.

Hence, the need to raise the debt ceiling and sooner is far better than later. That's the issue, not "revenue inflow."

 

So, do you really believe the RP will not raise the "debt ceiling"?
Tell the truth. It will only hurt for a second.

 

Using ad-hominem and logic fallacy to make an argument is the true sign of weakness in ones position.

 

The fact that you habe to resort to specious lables for lack of anything of merit is quite obvious. But just for the record I am an independent fiscal conservative.

My statement DECLARED IT. And we continue to take in the RECORD amount of revenues when we hit the debt ceiling are you denying that or something?

Of course it is geez have you ever run a business budget?

The ability to pay SOME of our obligations all of them by a long shot why do you believe all revenue inflow will stop?

Hence, the need to raise the debt ceiling and sooner is far better than later. That's the issue, not "revenue inflow."[/QUOTE]
Hence the need to cut outflows and boost inflows. It's all about how Biden and Yellen will finance it with that rwcord revenue coming in.

 

Well, I got Republicans to respond.

That said, you didn't say a thing. Your entire post was a ad-hominem attack.

That makes you a Republican.

 

With all this talk, the reader may have lost sight of the issues involved. Here is a review.

We are running out of time.

CNN reports, "President Joe Biden and House Republicans may have as little as a month to prevent the US from defaulting on its debt, which would impact millions of Americans and unleash economic and fiscal chaos here and around the world.

"Just what would happen if the nation defaults on its debt is unknown since it’s never actually happened before. A close call in 2011 roiled the financial markets and prompted Standard & Poor’s to downgrade the US’ credit rating to AA+ from AAA."

Republicans are threatening Americans in five ways:

"About 66 million retirees, disabled workers and others receive monthly Social Security benefits. The average payment for retired workers is $1,827 a month in 2023. These payments could be delayed in a debt default scenario, though it’s possible Treasury could continue making on-time payments because of the entitlement program’s trust fund.

"More than 2 million federal civilian workers and around 1.4 million active-duty military members could see their paychecks delayed. Federal government contractors could also see a lag in payments, which could affect their ability to compensate their workers. Also, certain veterans benefits, including disability payments and pensions for some low-income veterans and their surviving families, could be affected.

"Americans’ investments would take a direct hit. Case in point: Markets had what was then their worst week since the financial crisis during the 2011 debt ceiling standoff after the Standard & Poor’s downgrade. Even if the debt ceiling impasse is resolved soon after a default, stocks could shed as much as a third of their value. That would wipe out around $12 trillion in household wealth, according to Moody’s Analytics.

"If a default occurs, yields on US Treasuries will inevitably rise to compensate for the increased risk that bondholders won’t receive the money they’re owed from the government. Since interest rates on loans, credit cards and mortgages are often based on Treasury yields, the cost of borrowing money and paying off debt would rise.

"A debt default could trigger an economic downturn, which would prompt a spike in unemployment. It would come at a particularly fragile time – when the nation is already dealing with rising interest rates and stubbornly high inflation.

"How much damage would be done would depend on how long the crisis continues. If the default lasts for about a week, then close to 1 million jobs would be lost, the unemployment rate would jump to about 5% and the economy would contract by nearly half a percent, according to Moody’s.

"But if the impasse dragged on for six weeks, then more than 7 million jobs would be lost, the unemployment rate would soar above 8% and the economy would decline by more than 4%, according to Moody’s. The effects would still be felt a decade from now."

Put a different way, Republicans are threatening their own base. Pardon me, I don't mean to be disparaging, but do those voters even know that?

One Republican is talking about revenue. Other than the fact that the government spends more than it takes in -- and has done so for 85 years -- revenue isn't the problem. The debt ceiling has to be increased by around June 1 or we default.

That's the problem.

 

Uh oh. Democrats better come up with a balanced budget so they don't add anything else onto the debt.

 

As things stand now, House Republicans are bent on causing the United States to default on its obligations to the American people, including Social Security and Medicare

Raising the debt limit will allow the U.S. to pay current debts. Future spending is an entirely different ballgame. Each new spending proposal requires a separate bill, separate negotiations between lawmakers, and a separate vote, often requiring 60 votes to approve closure.

House Republicans want to include future spending in their legislative action to approve an increase in the debt limit.

“Let me be clear. A no-strings-attached debt limit increase will not pass,” McCarthy.

 

This Republican thinks this is a joke.

 

Isn't it a clown show?
Democrats are going to shut down the government if they can't get their way.
They'll continue to spend too much money in the budget and then won't have enough to finish out the year.

But the joke is they'll try to blame Republicans for that, accusing them of not letting them borrow more money!