Posted on 06/05/2023 6:42:37 AM PDT by SeekAndFind
A CNN poll revealed that 60 percent of Americans wanted meaningful cuts before a debt limit rise. Another 15 percent wanted the United States to default. Only 25% wanted the debt ceiling raised unconditionally.
The concern was that the United States would default on its debt. This was a fearmongering falsehood. Treasury Secretary Janet Yellen never produced actual numbers, and she changed the default date several times. The truth of the matter is that the federal revenue cash flow easily would easily have covered all debt payments while temporarily delaying some contact payments.
Nonetheless in an overwhelming bipartisan vote (the House -- 314 to 117, and Senate -- 63 to 36), Congress voted to give President Biden unlimited spending for the remainder of his term.
Even the New York Times declared that the new debt limit bill will not save a penny or cut a dime from government spending. Over the next two years Biden will have access to $14 trillion of new spending, $4 trillion that will not be covered by tax and revenue income. The Congressional Budget Office estimates the bill will save $2.1 trillion over six years, but since there are no statutory caps in place, the 2.1 trillion is a fiction. In fact, supplemental requests for natural disasters and the Ukraine war will add to the $14 trillion.
Everyone, including those in Congress and the White House, knows what additional spending will mean in the near term. Inflation will rise and the Federal Reserve will have to raise interest rates significantly. People will spend less, tax revenue will drop and personal investment managed by the likes of Blackstone and Sequoia Capital will continue to feed the Chinese economy while U.S. small businesses will be denied access to capital.
(Excerpt) Read more at americanthinker.com ...
Well, that's too bad. They should have thought about that before they cast their votes for Congress in 2022, 2020, 2018, etc.
Our government is destroying our economy and no one in Washington, D. C., is trying to stop it. Or even objecting to it.
The Republican party does not know how to say NO!
How many times are we going to let these fools screw America?
Sick of slick McCarthy and his lies.
The real tragedy is that Congress actually thinks in terms of trillion dollar budgets instead of budgets in the hundreds of millions. They accept the concept of raising and spending multi-trillions and never ever accept the idea of actually cutting the federal behemoth significantly because there is so much in fedzilla that we absolutely do not need.
How many times are we going to let these fools screw America?
************
Not going to change. The Republican base is gullible and easy to fool.
Indeed the slow witted never catch on to a scam it’s why they love three card Monte and lottery tickets so much.
What are they complaining about, they don’t have to worry about Mean Tweets anymore.
Many of us did think about it, but we got these damned Jr Democrats.
Thank McCarthy (Corrupt) and grifters Massie and MTG for this atrocity. America is done.
Americans are basically allowed to vote for 2 evil parties, effectively one uni-party. Even Massie & MTG are now unmasked.
“The Republican party does not know how to say NO!”
That’s because cutting entitlements costs votes, and as a principle inflation is bad but voters aren’t jolted by it since it degrades the value of pay and dollar-denominated wealth gradually.
Sure they do, they say "No" to conservatives.
Hmmm.... So now Biden doesn’t have to go through Congress to get money? He can just go to Jill?
That is a crap headline, for sure.
Congress sent Americans a message and advice:
Do not live within your means.
Spend lavishly and have your children and grandchildren pay the money back and the carrying costs.
Borrow as much as you can and if you exceed your limit ask for more.
Max out all your credit cards and ask for a higher limit.
Do not pay back any debt.
Didn’t the House GOP caucus make McCarthy’s speakership conditional on just one Republican being able to force a no-confidence vote? Why has that not happened yet?
And a bag of sh## will be left for the incoming republican president
No to mention all of the “green” policies this whopper funds...new ways to rob the plebs.
Thanks, Kevin.
Stop trying to sell us your $#at sandwich.
In a few years or less, the federal debt will reach $40 trillion, and annual interest will be twice the level of defense spending. There’s no way around that, and no one’s paying any attention to it. Party on, Garth !
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