Raise the borrowing limit or go bankrupt

mark francis

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Many, if not most politicians agree with democrats that the US must either raise or suspend the debt ceiling. Cutting spending or slashing the size of the bloated government is not an option for leftists. Sadly, raising or suspending the debt ceiling will inevitably lead to national bankruptcy, something leftists refuse to believe.

https://www.theepochtimes.com/mkt_a...q2GL3F8l3vMrkEZ/l9IJ/OBhAd6rQui7o9V0QYb/6cGA=

ECONOMY

US Reaches Debt Ceiling, Forcing Treasury Into ‘Extraordinary Measures’
U.S. Treasury Secretary Janet Yellen speaks during her visit at the Microsoft India Development Center in Noida, India, on Nov. 11, 2022. (Money Sharma /AFP via Getty Images)

By Ingólfur Stefánsson

January 19, 2023Updated: January 19, 2023

The United States has officially reached its statutory debt limit (pdf) of $31.381 trillion on Jan. 19 as was predicted by Treasury Secretary Janet Yellen in a letter to Congress (pdf) on Jan. 13. The Treasury Department will now have to implement extraordinary measures to prevent default on the national debt.

In her letter, Yellen explained that the debt limit is the total amount of money that the United States government is authorized to borrow to meet its existing legal obligations, including Social Security and Medicare benefits, military salaries, interest on the national debt, tax refunds, and other payments.

“Presidents and Treasury Secretaries of both parties have made clear that the government must not default on any obligation of the United States,“ Yellen wrote.

The Treasury Department may use accounting and budgetary measures known as “extraordinary measures” to avoid defaulting on the national debt until Congress takes action to raise the debt limit and allow the government to borrow again. The duration of these measures depends on the government’s spending levels and is not permanent. The Treasury Department will only be using two of the four available extraordinary measures during the initial phase of the debt limit standoff.

Two Extraordinary Measures

The Treasury anticipates implementing these two extraordinary measures this month, January 2023. Firstly, to redeem existing, and suspend new, investments of the Civil Service Retirement and Disability Fund (CSRDF), and the Postal Service Retiree Health Benefits Fund (Postal Fund). Secondly, reinvestments of the Government Securities Investment Fund (G Fund) of the Federal Employees Retirement System Thrift Savings Plan, will be suspended.

Congress has provided the Treasury authority to use these measures that, according to Yellen, will “reduce the amount of outstanding debt subject to the limit and temporarily provide additional capacity for Treasury to continue financing the operations of the federal government.” She explained that after the debt limit impasse has ended, the CSRDF, Postal Fund, and G Fund will be made whole.

Extraordinary measures have been used when necessary by treasury secretaries over the recent decades. Yellen warned that the use of extraordinary measures only enables the government to meet its obligations for a limited time.

“It is therefore critical that Congress act in a timely manner to increase or suspend the debt limit. Failure to meet the government’s obligations would cause irreparable harm to the U.S. economy, the livelihoods of all Americans, and global financial stability. Indeed, in the past, even threats that the U.S. government might fail to meet its obligations have caused real harms, including the only credit rating downgrade in the history of our nation in 2011,” she wrote.

Standoff

The Biden administration has been firm in expressing that the debt ceiling should be raised without any additional conditions or stipulations attached.

House Speaker Kevin McCarthy has urged Democrats to participate in discussions with Republicans on a financial plan that includes an increase in the debt limit. However, the White House restated its refusal to engage in such talks and emphasized the potential for a market-disrupting battle over the debt limit later in the year.

“I would like to sit down with all the leaders and especially the president and start having discussions. Who wants to push the nation through some type of threat at the last minute with the debt ceiling? Nobody wants to do that,” McCarthy said on Tuesday.

White House press secretary Karine Jean-Pierre, claimed that the president’s economic plan was indeed working, despite the debt limit being reached, at a press briefing on Jan. 18.

“He will not allow Republicans to take the economy hostage or make … working Americans pay the price for their schemes to benefit the wealthiest Americans and also special interests.”
 
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pjmret

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The national debt has risen by almost $7.8 trillion during Trump’s time in office

The growth in the annual deficit under Trump ranks as the third-biggest increase, relative to the size of the economy, of any U.S. presidential administration, according to a calculation by a leading Washington budget maven, Eugene Steuerle, co-founder of the Urban-Brookings Tax Policy Center. And unlike George W. Bush and Abraham Lincoln, who oversaw the larger relative increases in deficits, Trump did not launch two foreign conflicts or have to pay for a civil war.

trump must be a "leftist"? lol

you right wing morons, always whining about "leftists" and never taking responsibility for actions by republicans, are so predictable :)
 

the annoying thing

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Many, if not most politicians agree with democrats that the US must either raise or suspend the debt ceiling. Cutting spending or slashing the size of the bloated government is not an option for leftists. Sadly, raising or suspending the debt ceiling will inevitably lead to national bankruptcy, something leftists refuse to believe.

https://www.theepochtimes.com/mkt_app/us-reaches-debt-ceiling-forcing-treasury-into-extraordinary-measures_4996289.html?utm_source=Morningbrief&src_src=Morningbrief&utm_campaign=mb-2023-01-20&src_cmp=mb-2023-01-20&utm_medium=email&est=Uvt8Gu9iMM9+5LMizbd4GjDq2GL3F8l3vMrkEZ/l9IJ/OBhAd6rQui7o9V0QYb/6cGA=

ECONOMY

US Reaches Debt Ceiling, Forcing Treasury Into ‘Extraordinary Measures’
U.S. Treasury Secretary Janet Yellen speaks during her visit at the Microsoft India Development Center in Noida, India, on Nov. 11, 2022. (Money Sharma /AFP via Getty Images)

By Ingólfur Stefánsson

January 19, 2023Updated: January 19, 2023

The United States has officially reached its statutory debt limit (pdf) of $31.381 trillion on Jan. 19 as was predicted by Treasury Secretary Janet Yellen in a letter to Congress (pdf) on Jan. 13. The Treasury Department will now have to implement extraordinary measures to prevent default on the national debt.

In her letter, Yellen explained that the debt limit is the total amount of money that the United States government is authorized to borrow to meet its existing legal obligations, including Social Security and Medicare benefits, military salaries, interest on the national debt, tax refunds, and other payments.

“Presidents and Treasury Secretaries of both parties have made clear that the government must not default on any obligation of the United States,“ Yellen wrote.

The Treasury Department may use accounting and budgetary measures known as “extraordinary measures” to avoid defaulting on the national debt until Congress takes action to raise the debt limit and allow the government to borrow again. The duration of these measures depends on the government’s spending levels and is not permanent. The Treasury Department will only be using two of the four available extraordinary measures during the initial phase of the debt limit standoff.

Two Extraordinary Measures

The Treasury anticipates implementing these two extraordinary measures this month, January 2023. Firstly, to redeem existing, and suspend new, investments of the Civil Service Retirement and Disability Fund (CSRDF), and the Postal Service Retiree Health Benefits Fund (Postal Fund). Secondly, reinvestments of the Government Securities Investment Fund (G Fund) of the Federal Employees Retirement System Thrift Savings Plan, will be suspended.

Congress has provided the Treasury authority to use these measures that, according to Yellen, will “reduce the amount of outstanding debt subject to the limit and temporarily provide additional capacity for Treasury to continue financing the operations of the federal government.” She explained that after the debt limit impasse has ended, the CSRDF, Postal Fund, and G Fund will be made whole.

Extraordinary measures have been used when necessary by treasury secretaries over the recent decades. Yellen warned that the use of extraordinary measures only enables the government to meet its obligations for a limited time.

“It is therefore critical that Congress act in a timely manner to increase or suspend the debt limit. Failure to meet the government’s obligations would cause irreparable harm to the U.S. economy, the livelihoods of all Americans, and global financial stability. Indeed, in the past, even threats that the U.S. government might fail to meet its obligations have caused real harms, including the only credit rating downgrade in the history of our nation in 2011,” she wrote.

Standoff

The Biden administration has been firm in expressing that the debt ceiling should be raised without any additional conditions or stipulations attached.

House Speaker Kevin McCarthy has urged Democrats to participate in discussions with Republicans on a financial plan that includes an increase in the debt limit. However, the White House restated its refusal to engage in such talks and emphasized the potential for a market-disrupting battle over the debt limit later in the year.

“I would like to sit down with all the leaders and especially the president and start having discussions. Who wants to push the nation through some type of threat at the last minute with the debt ceiling? Nobody wants to do that,” McCarthy said on Tuesday.

White House press secretary Karine Jean-Pierre, claimed that the president’s economic plan was indeed working, despite the debt limit being reached, at a press briefing on Jan. 18.

“He will not allow Republicans to take the economy hostage or make … working Americans pay the price for their schemes to benefit the wealthiest Americans and also special interests.”
Heck mark politicians really don't care because they spend it and could care less about the affect

The roughly $400 billion the federal government is projected to spend on net interest payments in FY 2022 is equivalent to roughly $3,055 per household. That's more than the typical household spends annually on major household expenditures, including home furnishings, gasoline, clothing, education, or personal care.
400 billion a year is spent in interest that's a huge sum and going up . And our politicians could care less they make no effort to lower out debt or spend less . every congress and president has added to it and spent like a crack whore with a American express card As you notice Ricky retardo instantly attacked trump but left out the fact that every president from Bush on has added a few trillion to it
He want to make it a republican issue and ignore democrats who did it hes completely political when we should all be complaining about the spending and Wate that goes on . He could care less about it .
Illegals alone cost us up to 200 billion a year . and that's a problem easy solved . Remove them . Just think how much of out debt we could pay off if we removed then cut pork and waste out of our budge and programs that to the same thing 400 to 500 billion I'm sure '

This would be a good thing and republicans and democrats and independents could all prosper from it .
.
 

mark francis

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Joined
Jan 15, 2021
Messages
1,226
The national debt has risen by almost $7.8 trillion during Trump’s time in office

The growth in the annual deficit under Trump ranks as the third-biggest increase, relative to the size of the economy, of any U.S. presidential administration, according to a calculation by a leading Washington budget maven, Eugene Steuerle, co-founder of the Urban-Brookings Tax Policy Center. And unlike George W. Bush and Abraham Lincoln, who oversaw the larger relative increases in deficits, Trump did not launch two foreign conflicts or have to pay for a civil war.

trump must be a "leftist"? lol

you right wing morons, always whining about "leftists" and never taking responsibility for actions by republicans, are so predictable :)
Criticizing Trump will not help bozo lawmakers stop wasteful spending and borrowing that is rushing our nation toward bankruptcy.
 

Boris Norris

Well-Known Member
Joined
Jun 15, 2022
Messages
4,320
Many, if not most politicians agree with democrats that the US must either raise or suspend the debt ceiling. Cutting spending or slashing the size of the bloated government is not an option for leftists. Sadly, raising or suspending the debt ceiling will inevitably lead to national bankruptcy, something leftists refuse to believe.

https://www.theepochtimes.com/mkt_app/us-reaches-debt-ceiling-forcing-treasury-into-extraordinary-measures_4996289.html?utm_source=Morningbrief&src_src=Morningbrief&utm_campaign=mb-2023-01-20&src_cmp=mb-2023-01-20&utm_medium=email&est=Uvt8Gu9iMM9+5LMizbd4GjDq2GL3F8l3vMrkEZ/l9IJ/OBhAd6rQui7o9V0QYb/6cGA=

ECONOMY

US Reaches Debt Ceiling, Forcing Treasury Into ‘Extraordinary Measures’
U.S. Treasury Secretary Janet Yellen speaks during her visit at the Microsoft India Development Center in Noida, India, on Nov. 11, 2022. (Money Sharma /AFP via Getty Images)

By Ingólfur Stefánsson

January 19, 2023Updated: January 19, 2023

The United States has officially reached its statutory debt limit (pdf) of $31.381 trillion on Jan. 19 as was predicted by Treasury Secretary Janet Yellen in a letter to Congress (pdf) on Jan. 13. The Treasury Department will now have to implement extraordinary measures to prevent default on the national debt.

In her letter, Yellen explained that the debt limit is the total amount of money that the United States government is authorized to borrow to meet its existing legal obligations, including Social Security and Medicare benefits, military salaries, interest on the national debt, tax refunds, and other payments.

“Presidents and Treasury Secretaries of both parties have made clear that the government must not default on any obligation of the United States,“ Yellen wrote.

The Treasury Department may use accounting and budgetary measures known as “extraordinary measures” to avoid defaulting on the national debt until Congress takes action to raise the debt limit and allow the government to borrow again. The duration of these measures depends on the government’s spending levels and is not permanent. The Treasury Department will only be using two of the four available extraordinary measures during the initial phase of the debt limit standoff.

Two Extraordinary Measures

The Treasury anticipates implementing these two extraordinary measures this month, January 2023. Firstly, to redeem existing, and suspend new, investments of the Civil Service Retirement and Disability Fund (CSRDF), and the Postal Service Retiree Health Benefits Fund (Postal Fund). Secondly, reinvestments of the Government Securities Investment Fund (G Fund) of the Federal Employees Retirement System Thrift Savings Plan, will be suspended.

Congress has provided the Treasury authority to use these measures that, according to Yellen, will “reduce the amount of outstanding debt subject to the limit and temporarily provide additional capacity for Treasury to continue financing the operations of the federal government.” She explained that after the debt limit impasse has ended, the CSRDF, Postal Fund, and G Fund will be made whole.

Extraordinary measures have been used when necessary by treasury secretaries over the recent decades. Yellen warned that the use of extraordinary measures only enables the government to meet its obligations for a limited time.

“It is therefore critical that Congress act in a timely manner to increase or suspend the debt limit. Failure to meet the government’s obligations would cause irreparable harm to the U.S. economy, the livelihoods of all Americans, and global financial stability. Indeed, in the past, even threats that the U.S. government might fail to meet its obligations have caused real harms, including the only credit rating downgrade in the history of our nation in 2011,” she wrote.

Standoff

The Biden administration has been firm in expressing that the debt ceiling should be raised without any additional conditions or stipulations attached.

House Speaker Kevin McCarthy has urged Democrats to participate in discussions with Republicans on a financial plan that includes an increase in the debt limit. However, the White House restated its refusal to engage in such talks and emphasized the potential for a market-disrupting battle over the debt limit later in the year.

“I would like to sit down with all the leaders and especially the president and start having discussions. Who wants to push the nation through some type of threat at the last minute with the debt ceiling? Nobody wants to do that,” McCarthy said on Tuesday.

White House press secretary Karine Jean-Pierre, claimed that the president’s economic plan was indeed working, despite the debt limit being reached, at a press briefing on Jan. 18.

“He will not allow Republicans to take the economy hostage or make … working Americans pay the price for their schemes to benefit the wealthiest Americans and also special interests.”
Thought you might like to know this. I also note you never disagreed when Trump did it, three times. Isn't that strange?

One major reason the White House is confident in its position is that there have been numerous clean debt ceiling hikes in recent years, including when Donald Trump was president and Republicans controlled Congress.

Congress has voted to increase the debt limit more than a dozen times in the last 25 years — including three times during the Trump administration.
 

mark francis

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Messages
1,226
Thought you might like to know this. I also note you never disagreed when Trump did it, three times. Isn't that strange?

One major reason the White House is confident in its position is that there have been numerous clean debt ceiling hikes in recent years, including when Donald Trump was president and Republicans controlled Congress.

Congress has voted to increase the debt limit more than a dozen times in the last 25 years — including three times during the Trump administration.
Hence my words, "many politicians agree with democrats" about destroying the financial stability of the American economy.
 

pjmret

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Messages
4,215
Criticizing Trump will not help bozo lawmakers stop wasteful spending and borrowing that is rushing our nation toward bankruptcy.

no, i'm just showing how stupid you are, and anti-american.

blaming this situation on democrats alone is stupid. and hateful both parties love debt.
 

pjmret

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Messages
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Hence my words, "many politicians agree with democrats" about destroying the financial stability of the American economy.

and yet you only whine about democrats, not republicans.

because you're a hateful anti-american moron :)
 

mark francis

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Messages
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and yet you only whine about democrats, not republicans.

because you're a hateful anti-american moron :)
Democrats offend me by aborting babies, abusing school children, erecting walls of separation between God and society, and making love to homosexuals.
 

pjmret

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Democrats offend me by aborting babies, abusing school children, erecting walls of separation between God and society, and making love to homosexuals.

lol. you're offended by what consenting adults do in their bedroom which affect no one else?
/
my god you're an amazing snowflake. lol
 

pjmret

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Messages
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Democrats offend me by aborting babies, abusing school children, erecting walls of separation between God and society, and making love to homosexuals.

so you're not offended by republicans who abort babies and abuse school children?

what "walls between god and society"? you are unaware of all the churches everywhere, moron? lol
 

mark francis

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lol. you're offended by what consenting adults do in their bedroom which affect no one else?
/
my god you're an amazing snowflake. lol
Democrats have wickedly opened the doors to girls' restrooms and shower rooms allowing heavy-breathing sex perverts to enter and abuse little girls. Damn the democrats for that wickedness.
 

mark francis

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so you're not offended by republicans who abort babies and abuse school children?

what "walls between god and society"? you are unaware of all the churches everywhere, moron? lol
I am also offended at republicans who fight tooth and nail to keep abortion clinics open.
 
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pjmret

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Apr 7, 2022
Messages
4,215
Democrats have wickedly opened the doors to girls' restrooms and shower rooms allowing heavy-breathing sex perverts to enter and abuse little girls. Damn the democrats for that wickedness.

we didn't have perverts in bathrooms until democrats did something?
uh,no, moron, we've always had perverts.

god you're stupid. lol
 
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