Debt Ceiling

[pxmcc]

ppso now Biden is negotiating, but McCarthy and co. are using brinkmanship: financial terrorism.

https://www.washingtonpost.com/busin...g-gop-demands/

Here's what Biden should do now. have his Press Secretary hold a press conference, and when the issue of the debt ceiling comes up, she should say the following:

1. Biden might consider a compromise similar to the 2011 agreement under Obama; (that should actually be Biden's red line.)

2. White House attorneys are studying the Constitutional option under the 14th Amendment, section 4, in case no agreement is reached before June 1; and

3. White House attorneys are studying the statutory option of minting a 1 trillion dollar coin so Treasury can continue to pay its bills, if no compromise is reached before June 1.

the only way to negotiate with crazies is to be one level crazier.

it's hilarious how Publicans only care about the debt when a Dem is in the White House. they have zero moral high ground to stand on. Biden should reject anything less than more revenue and cuts, if any, across the board. no exceptions.

[Michael8219]

Pxmcc, I appreciate your polite discourse but disagree for the most part.

“hunter, just stay in a spot with low profile for about 5 yrs. ok, please??!!” - let’s hope somewhere between 5 months and late October, 2024.

[pxmcc]

if Biden gets outplayed by McCarthy and co. over the debt ceiling Republican fuckery-i.e., giving in to the terrorists' demands-he should step aside in 2024. we don't need weaklings and pushovers running this country. to be honest, i'd prefer AOC sitting across from McCarthy over Joe, but i'm willing to give Biden the chance to sit Pubs down in the corner and give the financial terrorists the good bull whipping they have coming to them. otherwise, Biden should just hang up his spurs and call it a day. his legacy will still be pretty bad ass. a Dem getting legislation passed with McConnell's support? that's some pretty impressive shit right there. but a loss to sorry ass Trump toady, sycophant and scatophage McCarthy would be way beyond the pale.

[blowpop]

So many paragraphs. It's pretty simple:

1. Republicans voted for a multi trillion dollar tax cut for the wealthy and for corporations when Trump was President.

2. Now they don't want to pay the bill, because the economic fallout will hurt Biden.

3. The collateral damage to millions of Americans is less important to Republicans than staying in power.

Have I missed anything?

[MisterMeat]

Originally Posted by blowpop

So many paragraphs. It's pretty simple:

1. Republicans voted for a multi trillion dollar tax cut for the wealthy and for corporations when Trump was President.

2. Now they don't want to pay the bill, because the economic fallout will hurt Biden.

3. The collateral damage to millions of Americans is less important to Republicans than staying in power.

Have I missed anything?

Not a thing. It's a fabricated crisis. Republicans had no problem raising the debt ceiling while Don the Con was in the White House.

[Michael8219]

November, 2021: Infrastructure Investment and Jobs Act, $1.2 Trillion. Dumbocrat congress and occupant of the WH.

December, 2022: Biden signed a $1.7 trillion federal spending bill that includes a number of administration priorities and officially avoids a government shutdown, ending what he called a “year of historic inflation.”

And these are just the two easiest screw the people legislation on the net. But wait, there’s more. If you act right now, shoemer and sleepy creepy Joe will authorize more spending and inflation.

[pxmcc]

]November, 2021: Infrastructure Investment and Jobs Act, $1.2 Trillion. Dumbocrat congress and occupant of the WH.
px: key difference is trump's budget-busting tax cuts for zillionaires was enacted during economic boom times handed to him by obama, same as bush's budget-busting tax cuts in 2001 during economic boom times handed to him by Clinton. see a pattern here?
any business or household with an iota of common sense knows that in the good times, you pay off your debt. you don't do elective shit that worsens your balance sheets, as bush and trump did.
in catastrophes, keynesian economics has been proven the correct step to take, as fdr did during the GD, obama did in 2008 during the subprime meltdown, and as biden did during covid 2020-2021, which trump had bungled something awful, claiming it be like the flu and doing zero prep..
December, 2022: Biden signed a $1.7 trillion federal spending bill that includes a number of administration priorities and officially avoids a government shutdown, ending what he called a “year of historic inflation.”
px: mostly that's the Fed's job. well respected economists assumed that the supply chain disrupted demand pull inflation was transitory; turns out they were wrong. unlike the supply siders who are always wrong and never admit it, the fed and the transitory folk admitted they got it wrong and the fed, correctly, raised the prime.
as far as Biden's initiatives, addressing anthropogenic
climate change, which is currently the gravest existential threat to humanity, and cutting off China from the highest tech microchips and reshoring those manufacturing jobs is exactly what needed to be done. now we need to reshore our entire manufacturing industrial base that made us a juggernaut in WWII and thereafter. right now China has a better industrial base for Wwwiii than we do, and we have to change that.

And these are just the two easiest screw the people legislation on the net. But wait, there’s more. If you act right now, shoemer and sleepy creepy Joe will authorize more spending and inflation.[/QUpx: all spending is not created equal. consumption spending is money poorly spent while wise investment spending is money well spent. china knows this, and biden got the memo.
helping out single moms with a bunch of kids and an absent dad is not the driver of our debt/deficit woes. what is is mostly medicare, but that's a whole nother topic we'll have to save for a different thread.

[pxmcc]

i think biden did pretty well on this debt ceiling stuff. gave mccarthy some red meat that he can crow about and call it a win, and now if the far right Freedom Caucus says nope not good enough-we're still gonna blow the whole thing up-biden can invoke the 14th and save the world from global economic meltdown and be a superhero as well as President and leader of the free world, you know. so, yup, old joe never ceases to surprise me. he's still got it..

[majorjones]

https://www.nationalreview.com/2022/07/whos-in-charge/


A year old but exactly nothing has changed, except of course his mental faculties. Could have been written yesterday.

[Unique_Carpenter]

Biden fell into the trap.
No debt limit for a year and a half, the Gov will spend $ regardless and inflation will crawl up just in time to hack everyone off by mid fall 24.
What's the big political thing late fall 24?

I do know professional economists and they're very busy trying to protect their clients.

[MisterMeat]

Originally Posted by Unique_Carpenter

Biden fell into the trap.
No debt limit for a year and a half, the Gov will spend $ regardless and inflation will crawl up just in time to hack everyone off by mid fall 24.
What's the big political thing late fall 24?

I do know professional economists and they're very busy trying to protect their clients.

Don’t know where you get your news, but the bill that was approved by the House last night extends the debt limit to January 2025, which is after “the big political thing late fall 24”.

I’m no fan of this bill or the political grandstanding that went along with it, but one thing I love about it is that it pisses off both the hard left flank of the Democrats and the hard right flank of the Republicans. Those of us in the middle would love to see more legislation that generates a reaction like that.

[Michael8219]

There was a late fall at the USAFA graduation today

[majorjones]

Originally Posted by Michael8219

There was a late fall at the USAFA graduation today

Yea and tonight he's going to mumble his way through a speech to the nation.

[pxmcc]

Originally Posted by Michael8219

There was a late fall at the USAFA graduation today

the dude tripped on a poorly-placed sandbag when he was focused on shaking hands with peeps. you make it sound like he fell and broke his hip for the 4th time and he'll be laid up in the hospital for 6 months..

https://abcnews.go.com/amp/Politics/...ry?id=99766520

[Michael8219]

Well I am glad they raised the vette ceiling. I was losing sleep!

Leading up to the senate vote on the bill, freshman PA democratic senator who voted no told us that he campaigned on being Democrats’ 51st vote and said if passage had depended on him, he would have supported the bill. It was always known that the dems will switch their votes to pander to their own whims or enrichment of their career but the one time senator from the keystone state wanted to make sure you know his vote can and will change as needed.

Mr B said in his speech that he will sign the legislation on Saturday when they wake him up, pump him full of OJ and Red Bull, and after the meds kick in.

In other news a “crazy” man attempted to clear the fence at 1600 Pennsylvania Ave. to make a citizens arrest on Ron K, Steve R, Mike D, and Doctor J for elder abuse of an 80 year old white man. The individual was apprehended and put in a cell with Vince F and some guy named Epsteeeen. The unnamed man is currently on suicide watch pending notification to his next of kin - wait, free phone call. He’s taken a lickin’ but keeps on tickin’ so far, but wait until the more experienced guards come in to work (him over) on Monday.

http://nypost.com/2020/08/17/jill-bi...joe-biden/amp/