Biden touts bipartisan debt ceiling agreement, but says neither side got everything it wanted

[onthedarkside]

 

President Joe Biden on Sunday hailed the bipartisan deal he struck with House Speaker Kevin McCarthy on the debt ceiling, saying it’s ready to move forward for congressional approval, but he also pushed back against criticism that he made too many concessions in the process.

 

Speaking from the White House Roosevelt Room, Biden acknowledged that neither side got everything it wanted out of the deal, but he insisted “I did not negotiate on the debt ceiling” with Republicans.

 

“You want to try to make it look like I made some compromise on the debt ceiling — I didn’t. I made a compromise on the budget,” he told reporters.

 

https://www.politico.com/news/2023/05/28/biden-bipartisan-debt-ceiling-agreement-00099133

 

[onthedarkside]

Off topic Robert F. Kennedy, Jr facebook video being interviewed by a pastor discussing several conspiracy theories on covid CIA etc removed

[Hanaguma]

If people on both sides are irritated, it is probably a reasonable outcome. 

[bamnutsak]

Thank goodness for the President, who is obviously quite experienced with past republican efforts to shutdown/defund the government, being able to forge a solution.

 

And kudos to McCarthy for working with the President.

 

I wasn't worried as I was confident that Biden would guide us through this idiocy forced on the entire country by the rightwingnutjobs.

 

But, phew anyway.

 

 

 

 

 

 

Edited May 29, 2023 by bamnutsak

[EVENKEEL]

Sure seems like it's all theatrics from both sides. If I had run my personal finances the same way the gov runs theirs I'd be a homeless bum in my retirement years.

[placeholder]

2 minutes ago, EVENKEEL said:

Sure seems like it's all theatrics from both sides. If I had run my personal finances the same way the gov runs theirs I'd be a homeless bum in my retirement years.

Why the federal budget is not like a household budget

https://theconversation.com/why-the-federal-budget-is-not-like-a-household-budget-35498

 

Why comparing government and household spending doesn’t quite work

https://www.marketplace.org/2023/02/16/why-comparing-government-and-household-spending-doesnt-quite-work/

[placeholder]

One item that shows how deeply dishonest the Republicans are is that they succeeded in getting some clawback of funding for the IRS. In other words, deficits are bad and so is increasing revenue. If anything shows how the rich exert undue influence in government it's actions like this.

[EVENKEEL]

2 minutes ago, placeholder said:

Why the federal budget is not like a household budget

https://theconversation.com/why-the-federal-budget-is-not-like-a-household-budget-35498

 

Why comparing government and household spending doesn’t quite work

https://www.marketplace.org/2023/02/16/why-comparing-government-and-household-spending-doesnt-quite-work/

The fed gov doesn't know about budgeting. I worked for the DOD for years, the level of unnecessary spending was laughable. 100's of guys sitting around waiting for job assignment, sometimes for months while being given hotel rooms and per diem plus salary. At the same time the guys waiting for relief were sometimes months overdue and being paid overdue money. This is just one tiny example of waste, now multipy that times 1000's of other examples.

[EVENKEEL]

5 minutes ago, placeholder said:

One item that shows how deeply dishonest the Republicans are is that they succeeded in getting some clawback of funding for the IRS. In other words, deficits are bad and so is increasing revenue. If anything shows how the rich exert undue influence in government it's actions like this.

https://www.foxnews.com/politics/bidens-irs-plans-crack-down-waiters-tips

 

Anyone who thinks the IRS are only after the ultra rich are sadly naive.

[placeholder]

2 minutes ago, EVENKEEL said:

https://www.foxnews.com/politics/bidens-irs-plans-crack-down-waiters-tips

 

Anyone who thinks the IRS are only after the ultra rich are sadly naive.

Please. This is a proposal that's been in the works for years and compliance is voluntary. What's more, it's still in the comments state. And you know that statement by Willie Sutton when asked why he robs banks? "Because that's were the money is."

[Hanaguma]

24 minutes ago, placeholder said:

One item that shows how deeply dishonest the Republicans are is that they succeeded in getting some clawback of funding for the IRS. In other words, deficits are bad and so is increasing revenue. If anything shows how the rich exert undue influence in government it's actions like this.

Both can be true.

Pre covid government spending was $5 trillion per year. Now that covid is over, it still sits at $6.5 trillion. Understandable that spending went up during the pandemic, but it is over now. How about returning to even the inflated levels of 2019?

[placeholder]

26 minutes ago, Hanaguma said:

Both can be true.

Pre covid government spending was $5 trillion per year. Now that covid is over, it still sits at $6.5 trillion. Understandable that spending went up during the pandemic, but it is over now. How about returning to even the inflated levels of 2019?

"Both can be true"? What "both" is that?

[Hanaguma]

10 minutes ago, placeholder said:

"Both can be true"? What "both" is that?

Both "deficits are bad" and so is trying to "increase revenue". 

[placeholder]

7 minutes ago, Hanaguma said:

Both "deficits are bad" and so is trying to "increase revenue". 

Trying to increase revenue is bad? Because clawing back from all the tax breaks that the rich has been given over the years by various Republican administrations would be a bad thing? Why?

[Hanaguma]

2 minutes ago, placeholder said:

Trying to increase revenue is bad? Because clawing back from all the tax breaks that the rich has been given over the years by various Republican administrations would be a bad thing? Why?

Yes it is. Because by a certain point, the effort is not worth the cost.  

 

Any idea why spending increased by 30% in just a few years, and why it is now necessary to keep at that level? The federal government collected around $5 billion in 2022- that would have more or less paid for spending if the level had stayed even close to pre pandemic levels. 

 

Even compared to last year, federal spending has increased by $226 BILLION this year. Why is that?

[ozimoron]

Removing 87,000 agents from the IRS to protect tax cheating by the rich is the most pernicious public policy initiative I've ever heard of. This money now has to be paid by the poor or the poor will go without. The narcissism gap is enormous.

[placeholder]

54 minutes ago, Hanaguma said:

Yes it is. Because by a certain point, the effort is not worth the cost.  

 

Any idea why spending increased by 30% in just a few years, and why it is now necessary to keep at that level? The federal government collected around $5 billion in 2022- that would have more or less paid for spending if the level had stayed even close to pre pandemic levels. 

 

Even compared to last year, federal spending has increased by $226 BILLION this year. Why is that?

What do you mean the effort isn't worth the cost? What does that even mean? It's not worth it to fund programs fully or at least at a constant level? This is just B.S.

I don''t know why the budget has risen. I do know that Biden did manage to raise taxes enough to pay for the heightened financial support for Obamacare.

[Hanaguma]

37 minutes ago, placeholder said:

What do you mean the effort isn't worth the cost? What does that even mean? It's not worth it to fund programs fully or at least at a constant level? This is just B.S.

I don''t know why the budget has risen. I do know that Biden did manage to raise taxes enough to pay for the heightened financial support for Obamacare.

I mean that it isnt worth the effort needed to try and gain some small revenue.  Lean on the rich too hard and they simply find ways to avoid paying. Look what happened in France for example. They tried a wealth tax and it was a dismal failure. 

 

Better to limit the size of government and spending instead. 

[Chomper Higgot]

4 hours ago, EVENKEEL said:

https://www.foxnews.com/politics/bidens-irs-plans-crack-down-waiters-tips

 

Anyone who thinks the IRS are only after the ultra rich are sadly naive.

I think we most of us understand the IRS have one hand tied behind their back do they don’t go after the ultra rich.

 

 

[Celsius]

4 hours ago, bamnutsak said:

Thank goodness for the President, who is obviously quite experienced with past republican efforts to shutdown/defund the government, being able to forge a solution.

 

And kudos to McCarthy for working with the President.

 

I wasn't worried as I was confident that Biden would guide us through this idiocy forced on the entire country by the rightwingnutjobs.

 

But, phew anyway.

 

 

 

 

 

 

 

Why not just remove debt ceiling?

[Chomper Higgot]

1 hour ago, Hanaguma said:

I mean that it isnt worth the effort needed to try and gain some small revenue.  Lean on the rich too hard and they simply find ways to avoid paying. Look what happened in France for example. They tried a wealth tax and it was a dismal failure. 

 

Better to limit the size of government and spending instead. 

Better to have a progressive tax code.

 

America's hyper wealthy aren’t going anywhere and they don’t need tax breaks,

[Hanaguma]

11 minutes ago, Chomper Higgot said:

Better to have a progressive tax code.

 

America's hyper wealthy aren’t going anywhere and they don’t need tax breaks,

Biden has already added 3 times the debt that was lost in the Trump tax cuts.  Plus, any time the government DOES manage to increase revenue, they wind up spending even more.  It is a vicious circle.  

 

No, the onlu solution is cutting spending. Actually cutting, not merely slowing the rate of increase.  Using 2019 as a baseline would be a good start IMHO.  There is no reason the federal government needs 30% MORE money this year than in 2019. 

 

You could confiscate every single dollar of wealth of every billionaire in  America, and it would barely pay off 1/10 of the national debt.  

[Chomper Higgot]

9 minutes ago, Hanaguma said:

Biden has already added 3 times the debt that was lost in the Trump tax cuts.  Plus, any time the government DOES manage to increase revenue, they wind up spending even more.  It is a vicious circle.  

 

No, the onlu solution is cutting spending. Actually cutting, not merely slowing the rate of increase.  Using 2019 as a baseline would be a good start IMHO.  There is no reason the federal government needs 30% MORE money this year than in 2019. 

 

You could confiscate every single dollar of wealth of every billionaire in  America, and it would barely pay off 1/10 of the national debt.  

Biden has spent the money on ‘Build Back Better’ 

 

Americans across the nation are benefiting from this investment in America.

Building back better is a very good reason for an increase in Federal spending, it’s called ‘investment’.

And of course, Republicans want a bit of this hugely popular program:

 

https://amp.cnn.com/cnn/2022/09/09/politics/biden-republicans-infrastructure-law/index.html

[Hanaguma]

5 minutes ago, Chomper Higgot said:

Biden has spent the money on ‘Build Back Better’ 

 

Americans across the nation are benefiting from this investment in America.

Building back better is a very good reason for an increase in Federal spending, it’s called ‘investment’.

And of course, Republicans want a bit of this hugely popular program:

 

https://amp.cnn.com/cnn/2022/09/09/politics/biden-republicans-infrastructure-law/index.html

"Build Back Batter".... wow, haven't heard that phrase for a long time.   thanks for the nostalgia.  It also doesnt account for the huge bump in spending. As I recall it got trimmed down a lot before passing.

 

And it is NOT called "investment". It is called "spending".  "Investment" is when you put your money into something that will generate a return.  IE a bond or stock or something like that.  Government spending is generally inefficient and wasteful. See the great California high speed raid project for an example.

[Chomper Higgot]

2 minutes ago, Hanaguma said:

"Build Back Batter".... wow, haven't heard that phrase for a long time.   thanks for the nostalgia.  It also doesnt account for the huge bump in spending. As I recall it got trimmed down a lot before passing.

 

And it is NOT called "investment". It is called "spending".  "Investment" is when you put your money into something that will generate a return.  IE a bond or stock or something like that.  Government spending is generally inefficient and wasteful. See the great California high speed raid project for an example.

Investing in infrastructure and people produces a return.

 

No American business makes any profit without reliance on Federal and State Investment in infrastructure and people.

[Pink Mist]

A reported series of trolling meme's have been removed.  Continue and you will be given a posting holiday.

[HappyExpat57]

6 hours ago, EVENKEEL said:

The fed gov doesn't know about budgeting. I worked for the DOD for years, the level of unnecessary spending was laughable. 100's of guys sitting around waiting for job assignment, sometimes for months while being given hotel rooms and per diem plus salary. At the same time the guys waiting for relief were sometimes months overdue and being paid overdue money. This is just one tiny example of waste, now multipy that times 1000's of other examples.

ESPECIALLY at the end of the fiscal year! I was the IT purchasing guy for a few years, and the unnecessary spending we did so our budget wouldn't get cut the following year was disgusting.

[EVENKEEL]

18 minutes ago, HappyExpat57 said:

ESPECIALLY at the end of the fiscal year! I was the IT purchasing guy for a few years, and the unnecessary spending we did so our budget wouldn't get cut the following year was disgusting.

Absolutely, they had an iron fist over the OT until the end of the fiscal and they were throwing the OT at guys, unlimited sometimes.

[Tug]

9 hours ago, EVENKEEL said:

https://www.foxnews.com/politics/bidens-irs-plans-crack-down-waiters-tips

 

Anyone who thinks the IRS are only after the ultra rich are sadly naive.

It’s much easier to pick the low hanging fruit going after wealthy criminals is expensive just look at individual 1

[Hanaguma]

45 minutes ago, Tug said:

It’s much easier to pick the low hanging fruit going after wealthy criminals is expensive just look at individual 1

The IRS won't go after the ultra rich because the ultra rich are smart. That is why they are rich! They also have legions of accountants and attorneys to allow them to use every last legal means to pay only what they owe.