US debt ceiling: Will there be enough time to get a deal through?

[Social Media]

US President Joe Biden and Republican leader Kevin McCarthy have called their latest talks on the debt ceiling productive but no deal has yet been reached.

Any agreement will have to pass through Congress. With just nine full days till the estimated debt-limit deadline of 1 June, hitting that date is looking increasingly difficult.

The US Senate is currently out of session and the House of Representatives has a planned recess this weekend for the Memorial Day holiday on Monday 29 May.

Congressional leaders could call the chambers back, but simply getting enough legislators in town to vote will be a logistical challenge.

Of the nine days left, only six are working days. House Speaker Mr McCarthy estimated that it would take about a week for Congress to raise the debt limit smoothly.

[Social Media]

 

[Jingthing]

There will probably be a scheme to extend the deadline.

[Caldera]

It's more or less just theater.

[Jingthing]

1 hour ago, Caldera said:

It's more or less just theater.

Until it isn't! Look at the damage a near miss did in the past.

The republican financial terrorists are playing with fire.

[Tug]

I think the republicans are going to tank the economy in deference (terror) of trump and his base the fringe elements are calling the shots in the house with keven McCarthy being the weakest speaker in history he’s powerless to to stop them.the trump malignantcy continues fester in our body politic 

[ThailandRyan]

1 minute ago, Tug said:

I think the republicans are going to tank the economy in deference (terror) of trump and his base the fringe elements are calling the shots in the house with keven McCarthy being the weakest speaker in history he’s powerless to to stop them.the trump malignantcy continues fester in our body politic 

It will definitely be a hard hit to the US Economy, paychecks for SS recipients, the folks on welfare, and then the global impact will reverberate around the globe should the US Default.

 

https://www.nbcnews.com/business/consumer/how-us-debt-default-impacts-me-economy-social-security-rcna82525

 

Wells Fargo economists said in a note to clients last week that even if a payment prioritization plan were implemented, such a plan "would be entirely experimental and would still come with a litany of legal, technical, economic and political challenges."

"The economic impact of a default is highly uncertain since that has never happened previously, but economic modeling suggests the fallout could be quite severe," they wrote.

[nauseus]

1 hour ago, Tug said:

I think the republicans are going to tank the economy in deference (terror) of trump and his base the fringe elements are calling the shots in the house with keven McCarthy being the weakest speaker in history he’s powerless to to stop them.the trump malignantcy continues fester in our body politic 

The Fed says interest rates are up to try to curb inflation. Higher interest rates are also making the debt harder and more expensive to pay off.

 

The Republicans want a compromise and less spending to help lower inflation. Biden wants to spend trillions more, which will push inflation even higher and cannot be good at this time.

 

They will compromise and have time to get some kind of deal. Biden can't win the WH again with a default round his neck.

 

 

 

 

[billd766]

3 minutes ago, nauseus said:

The Fed says interest rates are up to try to curb inflation. Higher interest rates are also making the debt harder and more expensive to pay off.

 

The Republicans want a compromise and less spending to help lower inflation. Biden wants to spend trillions more, which will push inflation even higher and cannot be good at this time.

 

They will compromise and have time to get some kind of deal. Biden can't win the WH again with a default round his neck.

 

 

 

 

And neither can Trump or the GOP.

 

US citizens have long memories and they will KNOW who caused the problem.

[placeholder]

4 minutes ago, nauseus said:

The Fed says interest rates are up to try to curb inflation. Higher interest rates are also making the debt harder and more expensive to pay off.

 

The Republicans want a compromise and less spending to help lower inflation. Biden wants to spend trillions more, which will push inflation even higher and cannot be good at this time.

 

They will compromise and have time to get some kind of deal. Biden can't win the WH again with a default round his neck.

Because people aren't going to blame the Republicans? You seem to believe that budget deficits rank high as a major concern of the American electorate. This so-called "crisis" is entirely a manufactured one.

[nauseus]

13 minutes ago, billd766 said:

And neither can Trump or the GOP.

 

US citizens have long memories and they will KNOW who caused the problem.

And who is that then???

 

[nauseus]

12 minutes ago, placeholder said:

Because people aren't going to blame the Republicans? You seem to believe that budget deficits rank high as a major concern of the American electorate. This so-called "crisis" is entirely a manufactured one.

Manufactured by successive administrations. You seem to think that the Democrats are free from blame, even as they try to inflate the already grossly inflated. I do think that this is a major concern for the American electorate - it certainly should be. 

[placeholder]

B.S. More spurious bothsideism. The Reagan administration, the Bush administration, and the Trump administration all made big tax cuts each time accompanied by the promise that the cuts would stimulate the economy and pay for themselves. I'll give you 3 guesses how that worked out.

[billd766]

51 minutes ago, nauseus said:

And who is that then???

 

You have to ask?

 

Which former POTUS cost the USA the most in the last few years?

 

I will give you a clue but you won't believe me or the truth on so many websites.

 

It was the one directly before President Biden who is in deep do do and blames everybody but himself for the position he is in.

 

If you do crosswords it is a 5 letter name starting with T, 3 spaces and ending with p.

[nauseus]

33 minutes ago, placeholder said:

B.S. More spurious bothsideism. The Reagan administration, the Bush administration, and the Trump administration all made big tax cuts each time accompanied by the promise that the cuts would stimulate the economy and pay for themselves. I'll give you 3 guesses how that worked out.

You conveniently omit the complete story as well as the costliest pandemic ever.

[nauseus]

27 minutes ago, billd766 said:

You have to ask?

 

Which former POTUS cost the USA the most in the last few years?

 

I will give you a clue but you won't believe me or the truth on so many websites.

 

It was the one directly before President Biden who is in deep do do and blames everybody but himself for the position he is in.

 

If you do crosswords it is a 5 letter name starting with T, 3 spaces and ending with p.

See above. And if Biden is allowed free rein now inflation will go back up again. 

Edited May 24, 2023 by nauseus

[billd766]

12 minutes ago, nauseus said:

See above. And if Biden is allowed free rein now inflation will go back up again. 

Simple cure.

 

Reverse the tax cuts and tax the rich until their pips squeak.

 

https://idioms.thefreedictionary.com/until+the+pips+squeak

 

This expression alludes to a speech made in 1918 by the British politician Sir Eric Geddes on the subject of Germany's payment of indemnities after World War I: ‘The Germans…are going to pay every penny; they are going to be squeezed as a lemon is squeezed—until the pips squeak’. More recently, in the 1970s, the Labour Chancellor Denis Healey declared his intention to squeeze the rich until the pips squeaked.

 

[placeholder]

28 minutes ago, nauseus said:

You conveniently omit the complete story as well as the costliest pandemic ever.

Please, share with me what I'm omitting.  As for the pandemic, think how much much less debt there would have been, had all those tax cuts not taken place.

[nauseus]

13 minutes ago, billd766 said:

Simple cure.

 

Reverse the tax cuts and tax the rich until their pips squeak.

 

https://idioms.thefreedictionary.com/until+the+pips+squeak

 

This expression alludes to a speech made in 1918 by the British politician Sir Eric Geddes on the subject of Germany's payment of indemnities after World War I: ‘The Germans…are going to pay every penny; they are going to be squeezed as a lemon is squeezed—until the pips squeak’. More recently, in the 1970s, the Labour Chancellor Denis Healey declared his intention to squeeze the rich until the pips squeaked.

 

There is no simple cure this time.

[nauseus]

3 minutes ago, placeholder said:

Please, share with me what I'm omitting.  As for the pandemic, think how much much less debt there would have been, had all those tax cuts not taken place.

Very little less, actually. 

[placeholder]

 

15 minutes ago, nauseus said:

Very little less, actually. 

Really? I'm sure you've got plenty of evidence to contradict mine.

For the 12 years of the Reagan-Bush era the national debt to gdp ratio doubled from 31% to 62%. Bill Clinton raised taxes with a Democratic Congress t(with Republicans claiming it would lead to economic doom)  and by the time his second term was over the deficit had decreased from 62% to 55%. After Bush's tax cuts the ratio climbed back up to 64%. Bush also deregulated the stock market and the banks and then came the worst financial crisis since the Great Depression. Before covid hit the the ration only increased by about 3 percent.  So without the occurrence of any financial disasters or pandemics , the Republicans added about 44% to the debt to gdp ratio.

https://fred.stlouisfed.org/series/GFDEGDQ188S

[BenStark]

What I don't understand is that, although the default is now almost a certain thing, the $ increases in value every day it comes closer.

 

I would have expected the opposite

[placeholder]

1 hour ago, nauseus said:

See above. And if Biden is allowed free rein now inflation will go back up again. 

Wrong. If Biden had been allowed free rein he would have raised taxes more.

[placeholder]

16 hours ago, nauseus said:

The Fed says interest rates are up to try to curb inflation. Higher interest rates are also making the debt harder and more expensive to pay off.

 

The Republicans want a compromise and less spending to help lower inflation. Biden wants to spend trillions more, which will push inflation even higher and cannot be good at this time.

 

They will compromise and have time to get some kind of deal. Biden can't win the WH again with a default round his neck.

Fox News Poll: 71% choose funding Social Security, Medicare over budget cuts

As Congress considers ways to avoid defaulting on the nation’s debt, the latest Fox News survey finds most voters see the national debt situation as a major problem, if not a crisis...

Majorities, including Democrats, Republicans, and independents, oppose reducing Social Security benefits for some future retirees (82% oppose), increasing income tax rates for all Americans (80%), and raising the age for Medicare from 65 to 67 (66%).

On the other hand, majorities favor offering private retirement account options for younger Americans (70% favor) and increasing taxes on incomes over $400,000 a year (68%) and businesses and corporations (63%).

https://www.foxnews.com/official-polls/fox-news-poll-71-choose-funding-social-security-medicare-over-budget-cuts

 

 

[dingdongrb]

The puppet Biden is at it again. He's more interested with allowing student loan forgiveness than working on the debt ceiling issue. What a complete moron we have as president. 

[Jingthing]

1 hour ago, dingdongrb said:

The puppet Biden is at it again. He's more interested with allowing student loan forgiveness than working on the debt ceiling issue. What a complete moron we have as president. 

Puppet to who?

[Jingthing]

2 hours ago, BenStark said:

What I don't understand is that, although the default is now almost a certain thing, the $ increases in value every day it comes closer.

 

I would have expected the opposite

The market is assuming that default won't happen because it has never happened in American history.

[Tug]

5 hours ago, nauseus said:

The Fed says interest rates are up to try to curb inflation. Higher interest rates are also making the debt harder and more expensive to pay off.

 

The Republicans want a compromise and less spending to help lower inflation. Biden wants to spend trillions more, which will push inflation even higher and cannot be good at this time.

 

They will compromise and have time to get some kind of deal. Biden can't win the WH again with a default round his neck.

 

 

 

 

Ahhhh and just whom sired said debt humm???in case you haven’t been paying attention who returned from the g7 meeting early???who has been negotiating all this time???furthermore the time for negotiations on the budget is when it’s submitted this is on republican sired debt that we as a country have been left holding because of regan both bushes and trump.a rational person knows who is responsible here’s a clue it ain’t the democrats 

[billd766]

12 hours ago, nauseus said:

There is no simple cure this time.

But there is a painful cure for the rich, IF the GOP are willing to do it.

[Pink Mist]

A reported personal attack has been removed.