Posted on 03/09/2017 8:08:40 PM PST by Angels27
Treasury Secretary Steven Mnuchin has called on Congress to raise the United States debt limit "at the first opportunity." In a letter to congressional leaders dated Wednesday, Mnuchin said the Treasury will stop issuing certain state and local securities on March 15, when the most recent suspension of the debt limit expires. Mnuchin said the Treasury will likely start taking "extraordinary measures" the next day, when the U.S. will be at its statutory limit, to prevent default.
"As I said in my confirmation hearing, honoring the full faith and credit of our outstanding debt is a critical commitment. I encourage Congress to raise the debt limit at the first opportunity so that we can proceed with our joint priorities," Mnuchin wrote.
(Excerpt) Read more at cnbc.com ...
This was unacceptable in the 0bama-Boehner era. It's even more unacceptable in the Trump-Ryan era.
This nonsense HAS to stop.
Between his liberal healthcare stand and this, Trump is rapidly losing my support.
This gives me grave concern.This should be done with explanation of massive spending cuts to follow. I am going to be patient.I will fight for Trump for now. PURGE THE DEEP STATE DONALD!!! NOW!@!
You have got to be kidding
This mess was deliberately left to a new president to deal with
Congress simply gave obama carte blanche his last 2 years in office
The debt ceiling needs to be increased to allow the government to operate and pay its debts
Once a limit has been re-established then Trump can continue on his budget proposals and debt reduction
One of the biggest oversights of the Founders (after not abolitioning slavery outright and abortion) was not including a law that the budget must be balanced every year.
One of the biggest oversights of the Founders (after not abolitioning slavery outright and abortion) was not including a law that the budget must be balanced every year.
Nah, leave it where it is, or better yet, reduce it.
What is needed right now is time and that is running out.
February added 298,000 jobs. Up about 85,000 over the last 2 February's. We need to be able to have momentum and keep it going. Adding big numbers to the employment ranks means more tax revenues.
Trump wants tax reform by August, and then we still need time to have those tax reforms have affect.
Trump is trying to cut spending, but at the same time still has to spend.
Here is an administration that inherits a deficit budget, with a debt limit that hits 4-5 months after he takes office.
That isn't enough time to get things moving.
Trump is a business man. A builder.
Builders need a line of credit to build things.
Trump needs a line of credit right now just for daily operations.
Then when the economy starts moving, then we can start reversing the trend.
We need that super-duper tax cut and tax simplification NOW, more than ever.
Mconnell says no, we’ll just have to wait.
Jury’s still out, hopefully.
This, in addition to the automatic baseline budget increase.
As if he has to twist the arms of Ryan and McConnell?
It's music to their ears.
I agree. It’s just that people aren’t used to someone keeping promises so naturally are skeptics.
Oh cut the crap. Obama left him with this mess. How the hell are they supposed to fix this in 8 weeks? I forgot, Hillary would have been better /s. Cut your constant moaning on here that Trump isn’t conservative enough. He’s plenty conservative.
It will take years to get spending under control. Besides most of the spending is interest, social security, Medicaid, etc. None of that can be cut.
What a snowflake you are.
Thanks.
Related?
http://www.kitcosilver.com/charts.html
Been going down now, for the last week.
Wonder if the 15th is important?
I doubt you really supported Trump in the first place. I remember you from the primary threads, and the doom and gloom in the general election.
Oh, and how you so eagerly swallowed CNN’s fake news about the (false) backstab on immigration.
Sorry, I don’t believe you.
The question will be what Trump is willing to bargain away in order to get a higher debt ceiling. And I’d say: Not much. It may just be very much in his interest to leave the debt ceiling in place, which would give him what amounts to line-item veto power when the government’s cash runs out in about June.
David Stockman has an analysis of this dynamic just before the 13-min mark here: https://youtu.be/7xgNncFHAng
We’re screwed. The national debt will NEVER be repaid, just extended and expanded over time as the currency depreciates. That game will be continued until for some reason it cannot continue any longer. Our official debt and our off-balance sheet unfunded liaibilities will continue to explode at an increasing rate. Savers will continue to be the unwitting patsies at the table being robbed blind.
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