Posted on 01/11/2023 1:37:08 PM PST by ChicagoConservative27
The federal government is closing in on the $31.4 trillion borrowing limit, meaning a high-stakes fight over raising the debt ceiling is fast approaching.
An estimate from the Peter G. Peterson Foundation places the nation’s debt at $31.39 trillion and counting on Wednesday, just a hair below the limit set more than a year ago.
That doesn’t mean the debt ceiling will have to be lifted this week — or even this month. The Treasury Department can generally use what are known as extraordinary measures to put off an actual debt crisis.
But it’s clear the fight is edging closer, putting the White House on a collision course with a new House majority demanding deep discretionary spending cuts in exchange for any increase to the debt ceiling.
“I think this is going to be the defining moment of the year,” Maya MacGuineas, president of the Committee for a Responsible Federal Budget (CRFB) said, adding it’s “certainly possible that we’ll hit that limit this month, or next month.”
(Excerpt) Read more at thehill.com ...
Pass a Balanced Budget Amendment. Freeze the debt limit. Never raise it again.
Any debt limit fight must include repealing $87B to IRS, Border wall construction and deportation processing to save social welfare spending on illegals, elimination of UN and other funding for anything related to bogus “Climate Change”, elimination of EV and solar panel tax credits, and much much more.
The next “economic stimulus” when it occurs after next recession / bubble collapse, is going to be $8-$10 Trillion
Fed.gov debt is in geometric growth territory.
I am SO happy the nation has a spending limit which forces our politicians to act responsibly and be good stewards of our tax payments and the nation’s fiscal health. Can you imagine how bad it would be if we didn’t have a spending limit?
Could the US just default already?
> Pass a Balanced Budget Amendment. Freeze the debt limit. Never raise it again. <
Unfortunately, it’s more likely that things will go in the other direction. There has been some talk in DC of getting rid of the debt limit altogether. Just spend as you please. No restrictions.
https://en.wikipedia.org/wiki/United_States_debt_ceiling#Debate_on_debt_ceiling
Take THAT Putin!
They’ll cave and the say it’s the last time until the next time.
Two items.
1) DemocRATS will now announce that they do not want irresponsible spending.
2) Republicans with a spine should not be afraid of stopping any increases.
As Rush used to stress, there was always a 10% increase in spending across the board for each new budget discussion. They gave it another Orwellian title - Baseline Budgeting. ANY increase LESS THAN the 10% brought out the Drive-By Media ‘women and children will die’ mantra.
Now that the Government-Media Complex no longer controls the entire narrative, Republicans can use the Committee and Sub-Committee process as one of many ways to communicate with the public. Another reason the Speaker of the House negotiation was so important. When Pelousy first became Speaker, she brought a few ‘special’ people into her office to construct large and small legislation. No Committee, Sub-Committee. Any democRAT who wanted to continue in their office had to vote for whatever monstrosity emerged from Pelousy smoke-filled office. Your next election (every 2 years in the House) would not be funded if you dared not follow Pelousy. Yes, Pelousy did use some Committees when it was to her advantage, but with the immense spending, no.
DemocRATS have for many years adopted the insane ‘government can’t afford’ notion. Perhaps soon some conservatives can stand up for us and state ‘the American people cannot afford.’
The gop never cared about spending. But, all the anger is at the dems. People still go out and vote for both parties, and nothing changes. There is no going back. There will never be fixes with these parties.
Now we are about to be treated to a flurry of stories about how it is illegal for the republicans to not raise the debt ceiling because of that “debt shall not be questioned” clause in the Civil War amendment.
Me too! Who would have guessed?
Spine time.
“We musssh raixe the debt limit to keep the guberment operating at full efishenssy” - “Team Mitch..”
All the GOP majority in the House has to do is say, “NO!” and that will be a de-facto balanced budget amendment. I doubt they will have the guts to do it. While the GOP-E wonders why people “love” Trump so much. If the damn GOP would do their job, Trump wouldn’t even have run.
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