House passes the bill to suspend the nation's debt limit through January 1, 2025

[Social Media]

The House of Representatives voted on Wednesday to pass a bill to suspend the nation’s debt limit through January 1, 2025, as lawmakers race to prevent a catastrophic default.

The bill will next need to be passed by the Senate before it can be sent to President Joe Biden to be signed into law. In the Senate, any one lawmaker can delay a swift vote and it is not yet clear when a final vote will take place.

The timeframe to pass the bill through Congress is extremely tight and there is little room for error, putting enormous pressure on leadership in both parties.

[Tug]

Good!it isent perfect but it’s on to the senate donald must be mad cause he wanted to tank the economy im not a macarthy fan but I’m glad he put country before trump wew!

[vinci]

its all for show to get last minute deal, ofocurse they will pass or else their donor will hang them

[Eric Loh]

39 minutes ago, Tug said:

Good!it isent perfect but it’s on to the senate donald must be mad cause he wanted to tank the economy im not a macarthy fan but I’m glad he put country before trump wew!

He will go bananas now that the bill suspend the debt limit well pass the 2024 election. Waiting for his vitriol attack of Kevin McCarthy on Truth Central. 

[JonnyF]

Good news. 

 

This should ensure Biden only ruins the US economy as opposed to sending shockwaves though the entire world's economy with a US default.

[Jingthing]

Let's stop playing this stupid game!

[Tug]

29 minutes ago, Eric Loh said:

He will go bananas now that the bill suspend the debt limit well pass the 2024 election. Waiting for his vitriol attack of Kevin McCarthy on Truth Central. 

Oh there’s a tantrum a brewing!

[SunnyinBangrak]

Voting McCarthy was a mistake of epic proportions. A proper conservativr speaker would never have cosied up to the biden regime like this.

 I have to admit that I thought biden's "paying down the defecit" would look different to this !

[Eric Loh]

23 minutes ago, SunnyinBangrak said:

Voting McCarthy was a mistake of epic proportions. A proper conservativr speaker would never have cosied up to the biden regime like this.

 I have to admit that I thought biden's "paying down the defecit" would look different to this !

McCarthy finally realized that GOP centrists actually is the majority and did what's acceptable to the rank and file in the house. Meanwhile the rather small Maga hardliners voices has been drowned by the majority moderate wing. Refreshing. 

[placeholder]

2 hours ago, JonnyF said:

Good news. 

 

This should ensure Biden only ruins the US economy as opposed to sending shockwaves though the entire world's economy with a US default.

The U.S has the lowest unemployment level in over 50 years. And its GDP under Biden has grown a lot faster than the UK's.

[JonnyF]

53 minutes ago, placeholder said:

The U.S has the lowest unemployment level in over 50 years. And its GDP under Biden has grown a lot faster than the UK's.

I wasn't aware the thread was about the UK or GDP. I thought it was about debt growing under Biden.

 

So back on topic we go...

 

https://nypost.com/2023/02/23/when-it-comes-to-debt-joe-biden-is-the-six-trillion-dollar-man/

 

 

[placeholder]

19 minutes ago, JonnyF said:

I wasn't aware the thread was about the UK or GDP. I thought it was about debt growing under Biden.

 

So back on topic we go...

 

https://nypost.com/2023/02/23/when-it-comes-to-debt-joe-biden-is-the-six-trillion-dollar-man/

 

 

Well, you made a comment about Biden destroying the economy. Just wanted to compare that to another economy that some claim is doing fine.

As for deficts, yours is a typical amnesiac comment. What happened in 2020 that led to these large budget deficits?

 

[ozimoron]

3 hours ago, JonnyF said:

Good news. 

 

This should ensure Biden only ruins the US economy as opposed to sending shockwaves though the entire world's economy with a US default.

The republicans lost this battle big time. They got trashed last time they tried it and didn't have the wherewithal to try again. No debt ceiling until after the election? They may as well have just abolished the debt ceiling altogether for all the difference it makes now. There's no positive spin you can put on this. Your weak tea shows that you realize this as well.

[Purdey]

I don't understand. The debt is so huge that it can't be repaid, so they raised the ceiling so it will get even higher and they haven't said how it will be reduced? Is that right?

[candide]

48 minutes ago, placeholder said:

Well, you made a comment about Biden destroying the economy. Just wanted to compare that to another economy that some claim is doing fine.

As for deficts, yours is a typical amnesiac comment. What happened in 2020 that led to these large budget deficits?

 

The contrast is illuminating indeed! A Q1 growth rate which is 11 times higher than UK is considered as low in Biden's USA, while 0.1% is considered as a remarkable achievement in Brexited UK.. That says it all!

 

"In the first quarter of 2023 US real GDP expanded at an annualised rate of 1.1%, according to the initial estimate from the Bureau of Economic Analysis—down significantly from 2.6% growth in the fourth quarter of 2022."

https://www.eiu.com/n/us-gdp-growth-slows-sharply-in-the-first-quarter/

[candide]

1 hour ago, JonnyF said:

I wasn't aware the thread was about the UK or GDP. I thought it was about debt growing under Biden.

 

So back on topic we go...

 

https://nypost.com/2023/02/23/when-it-comes-to-debt-joe-biden-is-the-six-trillion-dollar-man/

 

 

The US debt ratio on GDP is not very good, as it is around twice the debt/GDP ratio of Germany, but is at the same level as UK. Moreover, Biden's USA is still trusted by financial markets as it is rated AAA, (while UK is rated AA-). Practically, it means USA is paying lower interest rates for its debt than most other countries.

[ozimoron]

13 minutes ago, Purdey said:

I don't understand. The debt is so huge that it can't be repaid, so they raised the ceiling so it will get even higher and they haven't said how it will be reduced? Is that right?

That assessment is made when the funds are committed. The debt ceiling isn't related to the question of solvency.

[nauseus]

5 hours ago, Eric Loh said:

He will go bananas now that the bill suspend the debt limit well pass the 2024 election. Waiting for his vitriol attack of Kevin McCarthy on Truth Central. 

Go to Trump. Do not pass go but do collect $200, whatever the story. Off topic and pathetic.

[nauseus]

44 minutes ago, candide said:

The US debt ratio on GDP is not very good, as it is around twice the debt/GDP ratio of Germany, but is at the same level as UK. Moreover, Biden's USA is still trusted by financial markets as it is rated AAA, (while UK is rated AA-). Practically, it means USA is paying lower interest rates for its debt than most other countries.

Not fair.

[Kwaibill]

2 hours ago, JonnyF said:

I wasn't aware the thread was about the UK or GDP. I thought it was about debt growing under Biden.

 

So back on topic we go...

 

https://nypost.com/2023/02/23/when-it-comes-to-debt-joe-biden-is-the-six-trillion-dollar-man/

 

 

Wrong. The subject is about resolution of the debt crisis. The actual debt has decreased under Biden by some 1.3 trillion in his first year.

[Kwaibill]

2 hours ago, ozimoron said:

The republicans lost this battle big time. They got trashed last time they tried it and didn't have the wherewithal to try again. No debt ceiling until after the election? They may as well have just abolished the debt ceiling altogether for all the difference it makes now. There's no positive spin you can put on this. Your weak tea shows that you realize this as well.

In my opinion the so called debt ceiling is in direct opposition to the US 14th amendment, anyway. It served the purpose in, what, 1913?, and probably should  be rescinded.

[JonnyF]

23 minutes ago, Kwaibill said:

Wrong. The subject is about resolution of the debt crisis. The actual debt has decreased under Biden by some 1.3 trillion in his first year.

No links? Tut tut.

 

Actually I am correct. Debt has not decreased. I have links.

 

https://www.statista.com/statistics/273294/public-debt-of-the-united-states-by-month/

 

He took office in Jan 21 which I've highlighted with the blue dot below. So no, it hasn't decreased.

 

[Hanaguma]

43 minutes ago, Kwaibill said:

Wrong. The subject is about resolution of the debt crisis. The actual debt has decreased under Biden by some 1.3 trillion in his first year.

I think you may be confusing the deficit (yearly shortfall in revenue) and the debt (the accumulated shortfalls over time). Biden lowered the deficit largely because COVID spending programs ran out- not much of an accomplishment. Still, the govt is spending 30% more than in pre-pandemic days. 

[ozimoron]

7 minutes ago, Hanaguma said:

I think you may be confusing the deficit (yearly shortfall in revenue) and the debt (the accumulated shortfalls over time). Biden lowered the deficit largely because COVID spending programs ran out- not much of an accomplishment. Still, the govt is spending 30% more than in pre-pandemic days. 

Ukraine. And interest on money borrowed to fund Trump's tax giveaway to the rich.

[Pink Mist]

A comment regarding the OP article has been removed

[Tug]

8 hours ago, ozimoron said:

The republicans lost this battle big time. They got trashed last time they tried it and didn't have the wherewithal to try again. No debt ceiling until after the election? They may as well have just abolished the debt ceiling altogether for all the difference it makes now. There's no positive spin you can put on this. Your weak tea shows that you realize this as well.

The difference this time is the republicans were up against a master negotiator this time .not a cartoon pretend (NFT)negotiator lol they got outmaneuvered drawn in then snap!Im telling you you gotta hand it to the old duffer he and (our) team got it done!

[SunnyinBangrak]

16 hours ago, JonnyF said:

I wasn't aware the thread was about the UK or GDP. I thought it was about debt growing under Biden.

 

So back on topic we go...

 

https://nypost.com/2023/02/23/when-it-comes-to-debt-joe-biden-is-the-six-trillion-dollar-man/

 

 

so they were all lies when the left keep saying here that he's "paying down the deficit" then? You don't increase debt when you pay it off.

[placeholder]

3 minutes ago, SunnyinBangrak said:

so they were all lies when the left keep saying here that he's "paying down the deficit" then? You don't increase debt when you pay it off.

When was this collective "left" saying Biden is paying down the deficit? In fact "paying down the deficit" makes no sense since the deficit is a yearly phenomenon. Biden has claimed that his policies have made the growth of the national debt less, but it's a dubiious claim. On the other hand, Biden did succeed in getting passed a minimum corporate tax of 15% which takes effect in 2023.

[Mickeymaus]

"House passes the bill to suspend the nation's debt limit through January 1, 2025" 

 

And guess what will happen then... 

[placeholder]

14 hours ago, Hanaguma said:

I think you may be confusing the deficit (yearly shortfall in revenue) and the debt (the accumulated shortfalls over time). Biden lowered the deficit largely because COVID spending programs ran out- not much of an accomplishment. Still, the govt is spending 30% more than in pre-pandemic days. 

As has been pointed out to you previously, cumulative inflation from Jan 1, 2020 to Jan 1,, 2023 amounted to 16%. That puts quite a dent in your claim of a 30% increase in spending.