Posted on 12/30/2024 8:23:46 PM PST by SeekAndFind
GOP leaders are staring down two bad options to solve President-elect Donald Trump's debt-limit problem, after failing to execute his demand to lift the federal borrowing cap in the last government funding bill.
One path requires full buy-in from Republican lawmakers to address the issue via budget reconciliation — a huge challenge thanks to the party’s fierce fiscal hawks. The other entails winning over Democrats, who for the most part rejected Trump’s initial debt-limit gambit this month.
“Whoever advised the president that it was even possible needs to better understand how this place works,” Sen. Thom Tillis (R-N.C.) said about Trump’s latest push to raise debt limit.
It's going to be an urgent issue for Trump as soon as he takes office. The federal government will resume the cap on its borrowing authority on Jan. 1, as the U.S. sits on a national debt of more than $36 trillion, though Treasury Department can buy time for a number of months with so-called extraordinary measures.
The fiscal time bomb illustrates the struggle Trump and Republican leaders face heading into 2025, as they consider whether to court Democrats who will want concessions or their own conservatives who are known for rigidly sticking to their demands to cut funding.
“I've told my caucus, if they try to do it under reconciliation, they'll lose my vote,” Sen. Rand Paul (R-Ky.) said. "I told them: You want to kill reconciliation, put something on that we don't like."
It’s going to be a huge challenge for Republicans to raise the debt ceiling on their own. In exchange for increasing it by $1.5 trillion, House GOP leaders have told conservatives they'll look for $2.5 trillion in cuts to mandatory spending — the bucket of money that controls things like SNAP nutrition assistance, Social Security, Medicaid and Medicare
(Excerpt) Read more at yahoo.com ...
Maybe Joe will forgive the debt, on the way out the door.
It will get worse, because the money pot is nearly empty.
Let’s not give him any ideas now!
Unlike...how far back are you going?? 10 or 20 years?
It’s insanity.
they’ll look for $2.5 trillion in cuts
But, hey, ya know? We just can’t find any...gosh darn it!
How many times will they play this game...vote yes now and we’ll jack you off down the road...
You can save billions from the programs mentioned by deleting benefits to illegals...
The US needs to roll over $7T in debt next year. That debt is going to go from <2% to about 4.3%.
That statistic alone should terrify people.
Whatever. There is no solution to the root cause of our decline. The care and feeding of America’s black population.
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