Debt ceiling: Janet Yellen warns US could hit debt ceiling by 1 June

[Social Media]

US Treasury Secretary Janet Yellen has warned that the US may run out of cash by 1 June if Congress fails to raise or suspend the debt ceiling.

Reaching the debt ceiling would mean that the government is unable to borrow any more money.

On Monday, Ms Yellen urged Congress to act "as soon as possible" to address the $31.4tr (£25.12tr) limit.

President Joe Biden has called a meeting of congressional leaders on the issue on 9 May.

The debt ceiling has been raised, extended or revised 78 times since 1960.

In this instance, House Republicans have demanded drastic spending cuts and a reversal of some aspects of President Biden's agenda - including his student loan forgiveness programme and green energy tax credits - in exchange for votes to raise the debt ceiling. This, in turn, has prompted objections from Democrats in the Senate and from President Biden, who said last week that the issue is "not negotiable".

 

The president, however, is coming under increasing pressure from business groups - including the US Chamber of Congress - to discuss Republican proposals.

[Tug]

I hope they stop playing the partisan games this needs to be delt with 

[Chomper Higgot]

How about raising taxes on the hyper wealthy?

[Jotnar]

7 minutes ago, Chomper Higgot said:

How about raising taxes on the hyper wealthy?

How about a fair flat tax that everyone pays.

15, 20, or 30% across the board tax for all, and eliminate all the silly deductions.

 

Stop going in debt, to give it away to other countries, especially if they don't need it.

 

Cut the defense budget, simply be bringing all the military back to USA soil and waters.  Stop being the world's police force and corporate security.

 

Spend USA tax dollars an US citizens only.  Probably have a balance budget and pay the deficit off in a decade or so.

 

That makes way too much sense.

[heybruce]

3 hours ago, Jotnar said:

How about a fair flat tax that everyone pays.

15, 20, or 30% across the board tax for all, and eliminate all the silly deductions.

 

Stop going in debt, to give it away to other countries, especially if they don't need it.

 

Cut the defense budget, simply be bringing all the military back to USA soil and waters.  Stop being the world's police force and corporate security.

 

Spend USA tax dollars an US citizens only.  Probably have a balance budget and pay the deficit off in a decade or so.

 

That makes way too much sense.

That's approximately what the government did leading up to and in the Great Depression.  It took US involvement in World War II to end it.

[JonnyF]

The chickens are coming home to roost for Biden and his financial mis-management. 

 

If you want to have stupid policies like writing off student debt to buy votes you have to pay for it. So they either have to abolish these stupid policies or raise the debt ceiling. Biden needs votes, so I suspect it will be the latter. Sad times for the USA.

[Eric Loh]

45 minutes ago, JonnyF said:

The chickens are coming home to roost for Biden and his financial mis-management. 

 

If you want to have stupid policies like writing off student debt to buy votes you have to pay for it. So they either have to abolish these stupid policies or raise the debt ceiling. Biden needs votes, so I suspect it will be the latter. Sad times for the USA.

Talking about stupid policies regarding national debts, you have to look at the past 3 Republican Presidents. Reagan, Bush and Trump were responsible for the current massive debts with their tax cuts and costly wars. Biden on the other hand reduced 1.7 trillion of the debts in just 2 years in office. He don’t even need extra votes to beat any Republican candidate in 2024. Republican has self destruct; thanks to Trump. 

[nauseus]

1 minute ago, Eric Loh said:

Talking about stupid policies regarding national debts, you have to look at the past 3 Republican Presidents. Reagan, Bush and Trump were responsible for the current massive debts with their tax cuts and costly wars. Biden on the other hand reduced 1.7 trillion of the debts in just 2 years in office. He don’t even need extra votes to beat any Republican candidate in 2024. Republican has self destruct; thanks to Trump. 

Rubbish.

[vandeventer]

Life goes on even if they shut down the Government as only 17% gets shut down. It would be better than letting the Dems. going on a norther spending spree, as the country is going broke.

[Chomper Higgot]

6 hours ago, Jotnar said:

How about a fair flat tax that everyone pays.

15, 20, or 30% across the board tax for all, and eliminate all the silly deductions.

 

Stop going in debt, to give it away to other countries, especially if they don't need it.

 

Cut the defense budget, simply be bringing all the military back to USA soil and waters.  Stop being the world's police force and corporate security.

 

Spend USA tax dollars an US citizens only.  Probably have a balance budget and pay the deficit off in a decade or so.

 

That makes way too much sense.

Your isolationism idea, it was tried before remember.

[Tug]

4 hours ago, JonnyF said:

The chickens are coming home to roost for Biden and his financial mis-management. 

 

If you want to have stupid policies like writing off student debt to buy votes you have to pay for it. So they either have to abolish these stupid policies or raise the debt ceiling. Biden needs votes, so I suspect it will be the latter. Sad times for the USA.

And just whom raised the debt 25% in 4 years just to benefit the hyper wealthy?what the Biden administration is trying to do would benefit the American people it’s kinda what government is supposed to do you know for the people by the people……..keeping in mind that this issue is NOT about new spending just the maintenance of the debt already amassed( both bushes and trump)  it’s a no brainer one must pay their bills.personally I’m deeply worried that the republicans would ruin the economy just to try to give the Biden administration a black eye they have allready proven the vast majority of them have no bottom and don’t care about the American people or the country,only power not good 

[billd766]

4 hours ago, nauseus said:

Rubbish.

Can you explain why is it rubbish? 

[ozimoron]

8 hours ago, Jotnar said:

How about a fair flat tax that everyone pays.

15, 20, or 30% across the board tax for all, and eliminate all the silly deductions.

 

Stop going in debt, to give it away to other countries, especially if they don't need it.

 

Cut the defense budget, simply be bringing all the military back to USA soil and waters.  Stop being the world's police force and corporate security.

 

Spend USA tax dollars an US citizens only.  Probably have a balance budget and pay the deficit off in a decade or so.

 

That makes way too much sense.

It makes no sense. Musk would not notice 30% of his income whereas a pauper definitely would.

[ozimoron]

4 hours ago, nauseus said:

Rubbish.

 

16 minutes ago, billd766 said:

Can you explain why is it rubbish? 

O f course not otherwise he would have. Surely?

[Social Media]

 

[still kicking]

3 hours ago, billd766 said:

Can you explain why is it rubbish? 

Trump supporters don't have to explain anything 

[heybruce]

9 hours ago, vandeventer said:

Life goes on even if they shut down the Government as only 17% gets shut down. It would be better than letting the Dems. going on a norther spending spree, as the country is going broke.

Right.  It's not like anyone needs air traffic controllers, highway maintenance, visas, passports, national parks, government pensions, military pensions, social security,....

 

And so what if the US defaults on its debts?  Countries like Argentina do it.  We'll just look for an INF loan. 

 

The important thing is to remember that huge deficit increases under Republican Presidents are good, while they are bad under Democratic Presidents, because of, you know, reasons and stuff.

[heybruce]

3 hours ago, still kicking said:

Trump supporters don't have to explain anything 

More like they can't explain anything.  At least not coherently.

[SunnyinBangrak]

I repeatedly read here that Biden is "paying down the deficit". Now why on earth would the US be about to hit the debt ceiling if the biden regime was in fact -as the fans claim - to be paying down the deficit? 

[SunnyinBangrak]

13 hours ago, Eric Loh said:

Talking about stupid policies regarding national debts, you have to look at the past 3 Republican Presidents. Reagan, Bush and Trump were responsible for the current massive debts with their tax cuts and costly wars. Biden on the other hand reduced 1.7 trillion of the debts in just 2 years in office. He don’t even need extra votes to beat any Republican candidate in 2024. Republican has self destruct; thanks to Trump. 

quote "past 3 Republican Presidents. Reagan, Bush and Trump were responsible for the current massive debts with their tax cuts and costly wars. "

 

so biden's Ukaraine war is not costly too?

[ozimoron]

6 minutes ago, SunnyinBangrak said:

quote "past 3 Republican Presidents. Reagan, Bush and Trump were responsible for the current massive debts with their tax cuts and costly wars. "

 

so biden's Ukaraine war is not costly too?

Firstly, lets be grateful that somebody has stood with NATO and stood up to Putin. On your own admission, Trump wasn't going to do it. Secondly, do you think the war has been more extensive than Trump's 2.3 T gift to the rich?

 

The reason the debt ceiling has risen is interest rates and the war. Under Trump, the US borrowed that money with cheap interest rates and now paying it back at more expensive rates.

[SunnyinBangrak]

1 minute ago, ozimoron said:

Firstly, lets be grateful that somebody has stood with NATO and stood up to Putin. On your own admission, Trump wasn't going to do it.

A bald lie. Please do not make inflammatory false accusations - which you know to be false. I'm sure there are rules about such disgraceful behavior?

 

 

 

[ozimoron]

2 minutes ago, SunnyinBangrak said:

A bald lie. Please do not make inflammatory false accusations - which you know to be false. I'm sure there are rules about such disgraceful behavior?

You called it Biden's war, therefore abrogating the issue of responsibility for anything to do with the war on Trump. We know that Trump attempted to decapitate NATO at exactly the perfect moment for Putin who didn't figure on Trump blowing his second term.

[SunnyinBangrak]

9 minutes ago, ozimoron said:

You called it Biden's war, therefore abrogating the issue of responsibility for anything to do with the war on Trump. We know that Trump attempted to decapitate NATO at exactly the perfect moment for Putin who didn't figure on Trump blowing his second term.

You grossly mischaracterize Trump's frustration with many member countries not paying their dues. 

 

DOes his wanting to expand NATO to include the ME sound like "decapitation"? No, of course not.

 

https://www.reuters.com/article/us-usa-trump-nato-idUSKBN1Z82D4

 

[onthedarkside]

troll post removed

[Eric Loh]

3 hours ago, SunnyinBangrak said:

You grossly mischaracterize Trump's frustration with many member countries not paying their dues. 

 

DOes his wanting to expand NATO to include the ME sound like "decapitation"? No, of course not.

 

https://www.reuters.com/article/us-usa-trump-nato-idUSKBN1Z82D4

 

That PR stunt before leaving office in 2020 was an attempt to salvage his image. He has threatened to withdraw from Nato numerous times. You fell for his insincerity making that statement. 

[billd766]

7 hours ago, SunnyinBangrak said:

quote "past 3 Republican Presidents. Reagan, Bush and Trump were responsible for the current massive debts with their tax cuts and costly wars. "

 

so biden's Ukaraine war is not costly too?

Just another one of your anti President Biden lies once again?

 

Yes, it is expensive, but so is freedom, which you would know,if you ever fought for it.

 

When did President Biden declare war in the Ukraine?

Russia actually invaded the Ukraine in February 2022.

President Biden and the USA, along with the 30 NATO countries declared support for the Ukraine.

Now unless you have been reading and watching Fox News again, President Biden has NOT declared war on Russia and neither has NATO.

 

T

7 hours ago, SunnyinBangrak said:

A bald lie. Please do not make inflammatory false accusations - which you know to be false. I'm sure there are rules about such disgraceful behavior?

 

 

 

The inflammatory false accusations is yours and not his.

Edited May 3, 2023 by billd766
corrected some bad spelling

[candide]

8 hours ago, SunnyinBangrak said:

I repeatedly read here that Biden is "paying down the deficit". Now why on earth would the US be about to hit the debt ceiling if the biden regime was in fact -as the fans claim - to be paying down the deficit? 

The debt level, in absolute value has indeed increased.

 

I think they were referring to the debt to GDP ratio, or maybe the budget deficit, which have both started to decrease.

[nauseus]

On 5/2/2023 at 8:00 PM, ozimoron said:

 

O f course not otherwise he would have. Surely?

 

On 5/3/2023 at 5:25 AM, ozimoron said:

Firstly, lets be grateful that somebody has stood with NATO and stood up to Putin. On your own admission, Trump wasn't going to do it. Secondly, do you think the war has been more extensive than Trump's 2.3 T gift to the rich?

 

The reason the debt ceiling has risen is interest rates and the war. Under Trump, the US borrowed that money with cheap interest rates and now paying it back at more expensive rates.

More rubbish. If I need links... so do you.