Will the US default on its debt?

[IronWing]

If the Reps successfully force a default, it is only because the Senate Dems let them. The Dems can end the Senate's minority rule nonsense anytime they wish to.

 

[JTsyo]

Why do we even have a debt ceiling when the Constitution already says the debt is valid if Congress incurs it.

Fourteenth Amendment

• Section 4
  The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned. But neither the United States nor any State shall assume or pay any debt or obligation incurred in aid of insurrection or rebellion against the United States, or any claim for the loss or emancipation of any slave; but all such debts, obligations and claims shall be held illegal and void.

 

[weblooker2021]

You know, if you were a staunch fiscal conservative the responsible thing to do would have been to cut the spending first, and then cut taxes.

But hey, not like GOP ever acted responsibly.

I don't think you understand how fiscal and monetary policies work, lol. We can absolutely keep spending and we should. To do otherwise would be stupid.

Sure we can spend the money that we earn in Taxes.

Do you realize raising the debt ceiling covers debt that was already spent. Still can't see why that's a bad thing??

Ye and we should cut our cost in order to pay the debt using the money we collect in taxes and not print new money which is what debt ceiling will do.

Do you find it odd that your first instinct is to hurt Americans while not even considering the option of taxing corporations more? I guess you are one of those profits over people kind of guy.

Corp already been taxes too high, taxes should be lowered on everyone including corp.

 

[MrSquished]

Corp already been taxes too high, taxes should be lowered on everyone including corp.

You are clueless. Corporations are rolling in dough and loophole their way out of paying so many taxes. You are truly regressive.

 

[K1052]

Corp already been taxes too high, taxes should be lowered on everyone including corp.

I assume "too high" means "anything above zero".

 

[fskimospy]

Sure we can spend the money that we earn in Taxes.

Or we can just continue to run deficits literally until the end of time and be just fine.

 

[K1052]

If the Reps successfully force a default, it is only because the Senate Dems let them. The Dems can end the Senate's minority rule nonsense anytime they wish to.

Yep. They could have also resolved this much earlier by simply raising the ceiling to some astronomical figure but they don't have the guts to make the Republicans stop this bullshit brinksmanship.

 

[Bitek]

∆∆∆ oh boy, I did it once on vaccines and OSHA, not doing it again ∆∆∆

 

[soulcougher73]

Hopefully they will, world will not come to the end. We can't keep spending, it's time to cut all the social programs.

Like we did during the Republican golden age?

 

[Zorba]

Why do we even have a debt ceiling when the Constitution already says the debt is valid if Congress incurs it.

Fourteenth Amendment

• Section 4
  The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned. But neither the United States nor any State shall assume or pay any debt or obligation incurred in aid of insurrection or rebellion against the United States, or any claim for the loss or emancipation of any slave; but all such debts, obligations and claims shall be held illegal and void.

Treasury should just ignore it. It is clearly unconstitutional.

 

[Amol S.]

In 9 days from today we will find out I guess. if we don't do anything, it could be catostraphic for America. 6 million jobs lost, $15T in wealth wiped out. *second link

I don't understand what the deal is, and is this even a possibility? Would Republicans allow this to happen so they could make Joe look bad?

https://www.yahoo.com/now/us-10-days-defaults-debt-162711207.html

https://www.washingtonpost.com/us-policy/2021/09/21/debt-ceiling-recession-/

It probably would not happen. Remember the money which has been saved from being spent on military, by the US leaving Afghanistan? How about the stop in the building of the border wall? Or the cancellation of the Key Stone Pipeline extension? I wonder how much those actions have saved our country some money for next year.

 

[Puffnstuff]

Yeap, end all corporate welfare.

Stop bailing out failing companies like Bush did under TARP.

 

[Bitek]

Stop federal funding for medical treatment for unvaccinated covidiots.

Stop all reimbursements to Florida especially

 

[Puffnstuff]

We aren't heartless trumpanzees.

 

[sdifox]

US corporations only pay 10 percent of US tax burden while the public pays 50 percent...

 

[IronWing]

Us corporations only pay 10 percent of US tax burden while the public pays 50 percent...

I’m ambivalent about corporate taxes. The only purpose to them that I can see is to tax income that for whatever reason the government can’t extract from the people that own the corporations. Paying taxes at the corporate level instead of the individual level disregards the income level of individual owners and skirts progressive tax rates. In a better world, I’d be happy with no corporate income taxes and 100% collection of individual income taxes.

 

[sdifox]

I’m ambivalent about corporate taxes. The only purpose to them that I can see is to tax income that for whatever reason the government can’t extract from the people that own the corporations. Paying taxes at the corporate level instead of the individual level disregards the income level of individual owners and skirts progressive tax rates. In a better world, I’d be happy with no corporate income taxes and 100% collection of individual income taxes.

But, corporations are people....

 

[trenchfoot]

It seems this debt ceiling thing is a dual purpose prybar for our politicians to use as a leverage tool and bludgeon on the opposition party in power at the time, of which produces the same inevitable result: the debt ceiling gets raised.

 

[dank69]

If the Reps successfully force a default, it is only because the Senate Dems let them. The Dems can end the Senate's minority rule nonsense anytime they wish to.

Accuracy matters here. It will be 2 Democrats' fault.

 

[mect]

Hopefully they will, world will not come to the end. We can't keep spending, it's time to cut all the social programs.

Add "Arguing with Zombies" to your reading list.

Arguing with Zombies review: Paul Krugman trumps the Republicans

The Nobel-winning economist and New York Times columnist is at the top of his game in eviscerating those who have dragged America down

www.theguardian.com

 

[kage69]

Can't let Lady G get all the damning side-by-side quotes can we?

https://imgur.com/a9Ru65C

Corporate sell outs on the left, party-before-country traitors on the right. Makes me sick how the public gets trampled when these assholes play their games.

 

[Mai72]

Can't let Lady G get all the damning side-by-side quotes can we?

https://imgur.com/a9Ru65C

Corporate sell outs on the left, party-before-country traitors on the right. Makes me sick how the public gets trampled when these assholes play their games.

A complete 180. Disguisting. It can't be his change in regard to the US debt ceiling has anything to do with Biden in office, can it?

I've also read that Mitch wants to destroy pensions, and blames much of Kentucky's money issues on state penisons. How would he hamper pensions? By letting the government defalut, and this inturn would maybe allow states to bail on their pension obligations. Of course, his pension would still be intact. He can't allow that to happen can he now.

 

[fskimospy]

A complete 180. Disguisting. It can't be his change in regard to the US debt ceiling has anything to do with Biden in office, can it?

I've also read that Mitch wants to destroy pensions, and blames much of Kentucky's money issues on state penisons. How would he hamper pensions? By letting the government defalut, and this inturn would maybe allow states to bail on their pension obligations. Of course, his pension would still be intact. He can't allow that to happen can he now.

I mean it's obvious they don't care about being hypocrites. Amusingly enough though, federal default would be a disaster for Kentucky as federal fiscal transfers comprise about 20% of his home state's GDP. The state economy would collapse without it.

 

[hal2kilo]

I wish they'd just kill the ceiling. It's stupid. Congress approves the spending, the debt ceiling is nothing but a marketing ploy with massive ramifications.

It was created during World War 1, so Wilson could placate the anti war crowd who were using the cost of war to try to stay out of it. So they came up with this edifice.

5 Facts About the History of the U.S. Debt Ceiling (ivn.us)

 

[VRAMdemon]

Meh ... They may shut the government down for about 5 days. Eventually McConnell’s corporate masters will call him on the carpet and he’ll back down. The people most impacted by this OWN the Republican party. Funny how this only happens when Democrats are in the White House. Most likely McConnell’s goal here isn’t to use a debt limit increase to forestall the larger reconciliation package, but rather to keep Republican fingerprints off the debt limit increase so they can run ads next year that, “Senator Liberal voted to add $10 trillion dollars of debt to your children’s future. Candidate Conservative opposes burdening the next generation with massive tax increases.”