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Debt Limitapalooza 2023!

Barring something completely unforeseen, we'll either default or they'll mint the $1T coin they keep talking about. There's almost zero chance that congress (GQP house really) does anything to fix this. The minute that McCarthy does anything towards resolving the crisis without huge cuts to SS/etc., the MAGAs will invoke the speaker removal clause in the new rules.

And yes, they'll all blame Biden no matter what.
 
HomerJS said:
FTFY

People have such short memories they have to be told again debt limit is about paying for past spending.

Of course Repulicans won't have time to deal with this because Hunter Biden is more important.
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Use the usual logic of Republicans. Why don't we run the government like our own home budget. Response to them: So, you don't pay your credit card bill?
 
Greenman said:
Why do we even have a debt limit? If we're stuck with it for some reason, just raise it to a quadrillion dollars and we're good to go for the next fifty years.
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I have asked this question many times. There is no real answer though, it’s the dumbest idea ever.

If you don’t like federal debt that’s fine, but the answer then is to have congress spend less money, not have some random law where maybe we blow up the world economy every few years.
 
Given this Congress, and its goals, this is going to be a problem.
We will likely have to endorse Russia's ethnic cleansing in Europe before Republicans allow the United States government to function financially.
 
fskimospy said:
I have asked this question many times. There is no real answer though, it’s the dumbest idea ever.

If you don’t like federal debt that’s fine, but the answer then is to have congress spend less money, not have some random law where maybe we blow up the world economy every few years.
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Our country has created vast riches held in private accounts while creating huge levels of borrowing to alleviate the suffering filling those accounts has imposed by the transfer of that wealth. Why not tax those privately held pools of money instead, at an adequately level to fund that deficit.

Of what value is vast wealth to a country if that wealth is owned by a tiny fraction of the people?

If the haves won’t share the Golden Goose, perhaps it is time to let it die. We create what we fear and the rich fear poverty. And here come the Republicans. Voila!
 
As of just a few days ago we were being told this crisis would occur in June or September. How in the world did it go from that to just a couple of days? I presume the government has dozens, maybe hundreds of "experts" whose job it is to predict things like this.
 
Thump553 said:
As of just a few days ago we were being told this crisis would occur in June or September. How in the world did it go from that to just a couple of days? I presume the government has dozens, maybe hundreds of "experts" whose job it is to predict things like this.
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Treasury implements "extraordinary measures" to extend the deadline on a regular basis. Right now looks like June.
 
Democrats obviously thought it's going to be a disaster for the GOP and can be used for leverage, or they would have raised it in the lame duck.
 
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