Posted on 01/11/2023 5:34:05 AM PST by blueplum
WASHINGTON (AP) — The federal government is on track to max out on its $31.4 trillion borrowing authority as soon as this month, starting the clock on an expected standoff between President Joe Biden and the new House Republican majority that will test both parties’ ability to navigate a divided Washington, with the fragile global economy at stake.
Once the government bumps up against the cap — it could happen any time in the next few weeks or longer — the Treasury Department will be unable to issue new debt without congressional action. The department plans to deploy what are known as “extraordinary measures” to keep the government operating. But once those measures run out, probably mid-summer, the government could be at risk of defaulting ....
(Excerpt) Read more at apnews.com ...
As Bannon has explained on his show, don’t let them worry you with all their “we can’t let this happen because it will destroy the full faith and credit of the US monetary system” BS.
There’s still plenty of money left to pay those obligations, without raising the debt, as the debt always paid FIRST. There is NO chance of default. And they all know it.
If you catch anyone, whoever it is, making that claim, immediately strike them from your trustworthy list, if they happened to be there somehow.
Notice the ones always pushing this don't actually produce anything except hot air and BS?
1) Wild inflation on food - Check
2) Gasoline STILL higher than when President Trump left office - Check
3) WalMart and Amazon cancelling billions of dollars of orders - Check
4) Nancy Pelosi and Chuck Schumer spend ANOTHER $1.7 trillion dollars - Check
5) National Debt over $31 Trillion dollars - Probably $33 Trillion dollars - Check
6) Unfunded Liabilities - more than $173 Trillion dollars - Check
7) Jobs report wasn’t really what jobs report was supposed to be - Check
8) Paul Krugman says everything is fine - Check
9) California Democrats ban 70,000 diesel trucks used for shipping - Now in effect after legislation from 15 years ago - Check
10) Illegals invading America at the Southern Border - Check
What could possibly go wrong?
“the government could be at risk of defaulting”
_____________________________
How many times have we heard this? Oh no..... They better raise the debt ceiling. They didn’t realize this was coming when they just passed the omnibus bill which they didn’t read?
The bill 18 Republicans (who didn’t read it either) signed on to.
Why do we let them get away with this stuff?
Sounds like we are going to find out, pretty soon, whether are not the new republicans in the house are up to the task.
“The validity of the public debt...shall not be questioned.”
After a default, courts will almost certainly require on time debt payouts and the Treasury will require all Treasury payout decisions to be consistent with timely debt payment.
This is the time to fight. There’s nearly two years to the next Congress.
As long as Uncle Sam pays more than Woke Corporation, Uncle Sam will be able to borrow, eventually at a lower rate than any other US entity.
Because we don't have the balls to pick up the pitchforks and torches!!
There’s ZERO chance of default. It’s just an obvious scare tactic. Debt payments are always paid first. Debt ceiling increases are always made to pay the last junk they just added.
One idea I’ve heard is the House may just approve a flat dollar figure for what’s approved for 2023, that matches what was spent in 2022, and send that to the Senate saying “that’s all you’re getting, so send us back how you will distribute things to make it fit and we’ll vote on that.”
Don’t forget:
China real estate bubble
US real estate bubble
Credit Suisse and Deutsche Bank health
TSMC cut chip production by 50%
Neocons perpetual war footing
Etc.
Lots of bills
Reform A, $100 billion increase
Reform B, $200 billion increase
Reform C, citizenship renunciation after 9 instead of ten years, $500 billion
....
Reform P, PPACA part-time threshold 30 to 31 hours, $500 billion
Let’s give the Democrats lots of choices.
The US Treasury rakes in approximately +/- $11B a day. Day in, day out. They got money. OUR MONEY.
In order to avoid default all Deep State has to do is continue paying interest on our debt.
That can easily be done with incoming revenue.
This article is as big a load of bushwa as the government shutdown scaremongering articles are.
Social Security checks
Welfare checks
Food Stamps and WIC
Aid for Ukrainian War
PAY CHECKS AND RAISES FOR GOVERNMENT WORKERS
There is no risk of default.
Fedzilla NEVER shuts down.
Deep State is trying to snooker us.
Again.
They have appropriated more money than there is revenue (taxes & tariffs). Appropriating is not spending. It is the authorization for spending. Who authorizes the spending? Congress does. If they can authorize it, they can unauthorize it. The debt limit need not be raised. Spending simply needs to be lowered.
It’s not all spending that needs to be cut. The delta between authorized spending and current revenues needs to be cut. I’m sure these fiscally irresponsible politicians will lie and say that can be done. That’s bull crap. Anyone of Free Republic can make a list of government agencies and programs to cut that will far exceed solving the debt limit problem. In fact, it will improve the economy by cutting regulators and concurrently increase freedom and liberty. It’s not a crisis. It’s an huge opportunity.
Yes, a partial government shutdown will probably be required since it will take them forever to agree to cuts. That’s okay, a shutdown achieves the same goals. I don’t give a damn about lazy ass government employees being laid off. They cause our economic problems. They are the enemy.
I have a feeling that it will be raised.(over and over again)
During a so-called shutdown anything Deep State wants to keep running gets deemed essential and continues running.
If something is closed it’s because Deep State is trying to stick it to us.
When did we become such a nation of fricking pantywaists?!
Crypto-currency failings (I’ve lost count - we need a perpetual thread to track them all)
Digital Currency now becoming a thing in jolly old England too
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.