Debt Limitapalooza 2023!

[Paratus]

The debt limit will be reached on the 19th necessitating “extraordinary means”.

U.S. will hit its debt limit Thursday, start taking steps to avoid default, Yellen warns Congress

Treasury Secretary Janet Yellen wrote House Speaker Kevin McCarthy, "It is unlikely that cash and extraordinary measures will be exhausted before early June."

www.cnbc.com

What’s your default position on what’s going to happen?

 

[Indus]

US defaults thanks to Russian loyalists in the US congress.
US stocks nose dive.
Inflation.
Biden says he's not a dictator so its up to Congress.

 

[HomerJS]

US defaults thanks to Russian loyalists in the US congress.
US stocks nose dive.
Inflation.
Biden says he's not a dictator so its up to Congress.
Republicans blame Biden

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.

 

[Pens1566]

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.

 

[hal2kilo]

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.

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?

 

[K1052]

Either a clean raise will have to pass by discharge petition or 1T coin mintage.

 

[hal2kilo]

Either a clean raise will have to pass by discharge petition or 1T coin mintage.

US Mint Page Coin Production Costs Outlined in The United States Mint Annual Report - USCoinNews
Seems a massive amount of money will be required to mint 2 Trillion half dollars coins.

 

[Paratus]

US Mint Page Coin Production Costs Outlined in The United States Mint Annual Report - USCoinNews
Seems a massive amount of money will be required to mint 2 Trillion half dollars coins.

I believe it would be a special single minted coin worth $1T.

Don’t lose it.

 

[Homerboy]

US Mint Page Coin Production Costs Outlined in The United States Mint Annual Report - USCoinNews
Seems a massive amount of money will be required to mint 2 Trillion half dollars coins.

So they will just mint that money that it takes to mint 2 Trillion

 

[Bitek]

US Mint Page Coin Production Costs Outlined in The United States Mint Annual Report - USCoinNews
Seems a massive amount of money will be required to mint 2 Trillion half dollars coins.

He should put Obama on the front, mlk monument on the back, and watch the GOP really lose their shit.

 

[fskimospy]

I believe it would be a special single minted coin worth $1T.

Don’t lose it.

Yes, basically Biden would mint a $1 trillion (or more!) coin and then give it to the treasury. He can do this as many times as is necessary.

 

[Bitek]

Yes, basically Biden would mint a $1 trillion (or more!) coin and then give it to the treasury. He can do this as many times as is necessary.

Maybe mint two in case he passes a vending machine on the way over...

Would be a shame to have a debt crisis due to the irresistible taste of Funyuns.

 

[Greenman]

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.

 

[fskimospy]

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.

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.

 

[Jaskalas]

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.

 

[Moonbeam]

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.

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!

 

[Thump553]

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.

 

[K1052]

House Conservatives are just immensely unserious and irresponsible people who should not run a hot dog stand.

https://twitter.com/x/status/1614042437126594560

 

[K1052]

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.

Treasury implements "extraordinary measures" to extend the deadline on a regular basis. Right now looks like June.

 

[sdifox]

Change the congressmen's pay to BTC while they drag their feet and it will be raised for good.

 

[senseamp]

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.

 

[GoPackGo]

Could they mint 32 of them and pay off the debt?

 

[Bitek]

Could they mint 32 of them and pay off the debt?

We could, but unfortunately we'd spend $64T to mint all the change needed.

 

[Zorba]

We could, but unfortunately we'd spend $64T to mint all the change needed.

How would it cost 64T for 32 coins? Really could just mint one $32T coin.

 

[Bitek]

How would it cost 64T for 32 coins? Really could just mint one $32T coin.

Because we'd have to make change, and Jim Jordan would demand we pay in pennies

US Mint Page Coin Production Costs Outlined in The United States Mint Annual Report - USCoinNews
Seems a massive amount of money will be required to mint 2 Trillion half dollars coins.

Honestly, don't over think this...