Here’s what will happen to the economy as the debt ceiling drama deepens

[Scott]

 

After the United States hit its debt ceiling on Thursday, the Treasury Department is now undertaking “extraordinary measures” to keep paying the government’s bills.

A default could be catastrophic, causing “irreparable harm to the US economy, the livelihoods of all Americans and global financial stability,” Treasury Secretary Janet Yellen has warned.

Yellen on Friday told CNN’s Christiane Amanpour that the impacts would be felt by every American.

https://www.cnn.com/2023/01/22/economy/debt-ceiling-economic-impact

[thaibeachlovers]

Hmmmm, given the people that spent the money knew how much they had and knew what the debt ceiling is, one assumes they knew that spending too much was going to cause a problem.

Perhaps one can be excused for wondering if those guilty on the overspending did so to leave a problem for the incoming majority party.

[Tug]

5 minutes ago, thaibeachlovers said:

Hmmmm, given the people that spent the money knew how much they had and knew what the debt ceiling is, one assumes they knew that spending too much was going to cause a problem.

Perhaps one can be excused for wondering if those guilty on the overspending did so to leave a problem for the incoming majority party.

I don’t think mr trump cares about anything beyond his life span he will try to consume as much as possible till he’s gone after all he’s directly responsible for 25% of the debt in 4 short years not to mention all the other damages he’s done 

[Scott]

A post with a deliberate misuse of a President's name has been reported. 

 

[heybruce]

"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. Congressional leaders in both parties have recognized that this is necessary."  https://home.treasury.gov/policy-issues/financial-markets-financial-institutions-and-fiscal-service/debt-limit

 

The debt ceiling was raised two times and suspended two times under Trump.  https://en.wikipedia.org/wiki/History_of_the_United_States_debt_ceiling

 

Only the Republicans, in 1995, 2011, and now, have used the routing raising of the debt ceiling to score political points without.  Of course they never do it under Republican Presidents, who have run up deficits faster that Democratic Presidents for the last 50 years.  https://www.thebalancemoney.com/us-debt-by-president-by-dollar-and-percent-3306296

[KhunLA]

In current times, 21st Century, the debt ceiling was raised twice.

 

During each of Obama's administrations, in 2011 & 2013,  Elected in the 2008 election, so years after in office.  Hard to blame other people ... IMHO

 

Shortly after re-elected 2012/13, rinse & repeat ????

https://en.wikipedia.org/wiki/History_of_the_United_States_debt_ceiling

[Berkshire]

1 hour ago, KhunLA said:

In current times, 21st Century, the debt ceiling was raised twice.

 

During each of Obama's administrations, in 2011 & 2013,  Elected in the 2008 election, so years after in office.  Hard to blame other people ... IMHO

 

Shortly after re-elected 2012/13, rinse & repeat ????

https://en.wikipedia.org/wiki/History_of_the_United_States_debt_ceiling

[The US government hasn’t run a fiscal surplus since 2001. Under President Trump, the deficit increased every single year and ballooned to more than $3 trillion in 2020 due to the government’s response to the pandemic.]

[Under Trump, the US debt increased by a total of $7 trillion and during his presidency Congress voted to increase the debt ceiling three times.]

 

https://edition.cnn.com/2021/09/24/politics/mccarthy-democrats-debt-ceiling-fact-check/index.html

[placeholder]

 

3 hours ago, KhunLA said:

In current times, 21st Century, the debt ceiling was raised twice.

 

During each of Obama's administrations, in 2011 & 2013,  Elected in the 2008 election, so years after in office.  Hard to blame other people ... IMHO

 

Shortly after re-elected 2012/13, rinse & repeat ????

https://en.wikipedia.org/wiki/History_of_the_United_States_debt_ceiling

Actually, the Republicans made the 2013 raising of the debt limit conditional on reauthorizing the Bush tax cuts!

"Following the increase in the debt ceiling to $16.394 trillion in 2011,[19] the United States again reached the debt ceiling on December 31, 2012 and the Treasury began taking extraordinary measures."

https://en.wikipedia.org/wiki/History_of_the_United_States_debt_ceiling

 

Clearly, they were very sincere in their concern about budget deficits and the national debt.

[heybruce]

3 hours ago, KhunLA said:

In current times, 21st Century, the debt ceiling was raised twice.

 

During each of Obama's administrations, in 2011 & 2013,  Elected in the 2008 election, so years after in office.  Hard to blame other people ... IMHO

 

Shortly after re-elected 2012/13, rinse & repeat ????

https://en.wikipedia.org/wiki/History_of_the_United_States_debt_ceiling

Either you are badly misinformed or lying.

 

The debt ceiling has been raised or suspended 25 times in the 21st century, including two raises and two suspensions during the Trump years.  Your source shows that.

[OneMoreFarang]

How about: 

Here’s what will happen to the US economy as the debt ceiling drama deepens

[placeholder]

8 hours ago, Berkshire said:

[The US government hasn’t run a fiscal surplus since 2001. Under President Trump, the deficit increased every single year and ballooned to more than $3 trillion in 2020 due to the government’s response to the pandemic.]

[Under Trump, the US debt increased by a total of $7 trillion and during his presidency Congress voted to increase the debt ceiling three times.]

 

https://edition.cnn.com/2021/09/24/politics/mccarthy-democrats-debt-ceiling-fact-check/index.html

It was George Bush's tax cuts, the ones that Republicans would pay for themselves because of the economic stimulus they would provide, that were responsible for being a one-off.