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President Joe Biden has been seemingly unable to catch a break as he and the White House scramble to show competence and strength amid debt ceiling negotiations with House Speaker Kevin McCarthy (R-CA) who has outmaneuvered Democrats at what seems to be every turn. This week, amid contradictory and increasingly desperate White House press briefings, more bad news for Biden emerged in the form of a new poll showing more Americans would blame Biden for a default than they would McCarthy or congressional Republicans. The survey, conducted and released by Fox News with direction from Beacon Research and Shaw and...

What happened to Biden? He used to be a “reasonable” Senator (reasonable for a racist Democrat, that is), willing to negotiate with the opposition on budgetary issues and the debt ceiling. Now we have “Progressive Joe” who is acting like crazy Progressive Congresswoman Pramila Jayapal from Seattle. {Aka, Seattle’s Worst!} But his newly found Progressive identiy is leading down a terrible path. Rating agencies are putting the US of credit watch because of Biden’s newly found Progressive back bone. (Progressive means progressing towards full blown Communism). Ratings company warns on worsening political partisanship US AAA ratings on review with negative...

I have gotten a flood of emails and text messages asking about what happens if Biden defaults on the US debt. In short, Biden has made a career out of spending money, as has Speaker McCarthy. They both have an incentive to raise the debt ceiling, but whether it is cuts to Biden’s insane budget (higher than Covid-era spending) and wants to raise taxes on the middle class to pay for it. McCarthy wants a trimmed budget (aka, back to pre-Covid spending levels) and NOT raises taxes. They will eventually agree somewhere in the middle (US Congress member Pramila Jayapal...

House Speaker Kevin McCarthy (R-CA) said Thursday that President Joe Biden would be responsible for “any default” on the nation’s $31.3 trillion debt after he “ignored this debt crisis for more than 100 days.” There are 9 days left for Democrats to meet the deadline, but since President Biden ignored this debt crisis for more than 100 days—make no mistake—any default would be the Biden Default. https://t.co/P5YOjE5PbC — Kevin McCarthy (@SpeakerMcCarthy) May 23, 2023 “There are 9 days left for Democrats to meet the deadline, but since President Biden ignored this debt crisis for more than 100 days—make no mistake—any...

Senate Minority Leader Mitch McConnell (R-Ky.) tried to calm fears of a possible debt default Tuesday, pleading with everyone to “relax” as talks continue between the White House and House GOP negotiators ahead of the likely June 1 deadline. “I think everybody needs to relax,” McConnell told reporters in his home state, again reiterating that the nation will not default on its payments, a declaration he’s repeated throughout the negotiation process. “The last 10 times we raised the debt ceiling, there were things attached to it. This is not that unusual. It is almost entirely required when you have divided...

It sounds like President Joe Biden and House Speaker Kevin McCarthy have resolved one crucial point on the debt negotiations. They’ve reached the most important agreement — they will avoid a default and take that option off the table.They came together to list their points of agreement:JUST IN: Pres. Biden outlines agreements and pain points in ongoing debt ceiling negotiations with House Speaker McCarthy: "We both agree default's not really on the table. We've got to get something done here." https://t.co/9q3mCFLnXe pic.twitter.com/cCVsPE3WSy— ABC News (@ABC) May 22, 2023That’s going to flip out the left who seemed set on driving us...

If the debt crisis roiling Washington were eventually to send the United States crashing into recession, America’s economy would hardly sink alone. The repercussions of a first-ever default on the federal debt would quickly reverberate around the world. Orders for Chinese factories that sell electronics to the United States could dry up. Swiss investors who own U.S. Treasurys would suffer losses. Sri Lankan companies could no longer deploy dollars as an alternative to their own dodgy currency.

You hear it everywhere. "The U.S. has never defaulted on its debt." Yes, but: It’s not true. By the most basic definition of default — not making agreed-upon payments to those you owe — the U.S. has defaulted, arguably on multiple occasions. Why it matters: The talking point on the pristine U.S. credit record is a key bit of rhetoric for those arguing that not raising the debt ceiling — which would ultimately mean missing payments the government owes — represents an unprecedented economic risk. But in reality, the U.S. has failed to meet obligations in the past. What they're...

Like the famous novel “All Quiet on the Western Front,” its “All Quiet on the Default Front” as China Joe and Speaker McCarthy are set to meet again. In short, Biden wants to raise taxs on middle class and McCarthy wants to return Federal spending to pre-Covid levels. Sure, Biden throws around the Bernie Sanders’s tax on millionaires and billionaires line, but they know that M&Bs have professional accounts and lawyers to protect them while the middle class has Turbo Tax and H&R Block. In any case, markets are calm (the calm before the storm?) although I think Biden WANTS...

Its May 21st and Biden still refuses to budge on paring back his massively bloated budget of green energy payoffs. Yet Biden laughingly stated it isn’t his fault if the US defaults on its debt. It is absolutely 100% Biden’s fault and he should be impeached if he fails to meet Republicans half way. (Bloomberg) Treasury Secretary Janet Yellen said the US is unlikely to reach mid-June and still be able to pay its bills, underscoring the urgency of the White House reaching a deal with Republicans to raise the debt limit. “Well, there’s always uncertainty about tax receipts and...

Sen. Chris Coons (D-Del.) on Saturday said default would confirm Chinese President Xi Jinping’s assessment of a broken U.S. political system, as the White House and Congress negotiate over the debt ceiling amid the possibility of default. “The single worst thing we could do is default. It would confirm Xi Jinping’s assessment that we have a flawed and broken political system, that we can’t solve our most basic challenges, and it would weaken us in the eyes of the rest of the world,” Coons said on MSNBC’s “Velshi.”

Joe Biden is the worst public speaker of any President in history. Here is “Babbling Biden” lying about the great reduction in Federal budget deficit. First, Biden didn’t “balance the budget” liked he claimed at Hiroshima. In fact, the Federal budget deficit, while improving, is still worse than it was before the 2020 Covid economic shutdown. Biden, Schumer and Yellen are ignoring the $187 TRILLION in UNFUNDED entitlements promised America, even though Biden keeps threatening to halt Social Security payments if Biden and Yellen default on the debt. No discussion of the runaway train of entitlemennts. I love this Bloomberg...

This is truly the new version of “Girls Gone Wild!” except this time it is elderly politicians in Washington DC acting like demented children. Biden will not budge on spending cuts with the debt limit soooo close to the point of no return. But Biden may not budge since he has the corporate media spewing hate against Republicans nonstop. And on top of Biden’s outrageous budget, largely payoffs to progressive groups, Missouri Representative Cori Bush (D-of course) is demanding $14 TRILLION in slave reparations. Or what?? More BLM riots? Even California Governor Gavin “Gruesome” Newsom isn’t stupid enough to approve...

President Biden said at the Group of Seven (G7) summit on Saturday that he believes the United States will avoid a default as the deadline for lawmakers to reach a deal approaches. Biden said at a press conference in Hiroshima, Japan, that he is “not at all” worried about the ongoing negotiations to raise the debt ceiling before the limit is reached. He said the process goes in stages, and one meeting might not make progress, but subsequent ones do.

Yes, the clock is ticking on a possible debt default and Biden is off in Hiroshima Japan instead of negotiating with House Speaker McCarthy. The treasury cash balance is only $18 billion away from Yellen’s minimum balance redline of $50 billion. That’s one day of spending in crazy spending Washington DC.

The Conference Board’s Leading Economic Indicators (LEI) continued its decline in April, dropping 0.6% MoM (in line with the 0.6% decline expected). The biggest positive contributor to the leading index was stock prices at 0.16 The biggest negative contributor was average consumer expectations at -0.26 This is the 13th straight monthly decline in the LEI (and 14th month of 16) – the longest streak of declines since ‘Lehman’ (22 straight months of declines from June 2007 to April 2008). Let’s go Brandon! He needs to finish the job! Or destroying the US economy and making the US a vassal state...

Is the thrill gone from Dogecoin? In the crazy world of Cryptocurrencies, two “coins” stand out: the venerable Bitcoin and Billy Markus and Jackson Palmer’s Dogecoin (aka Dog Coin based on a Shiba Inu dog. After a jolt of popularity, likely related to Elon Musk’s tweets, dogecoin has dropped -46.5% since November 1, 2022 while Bitcoin has gained 34% over the same period. In the highly volatile world of cryptos, XRP is today’s leader at +4.81%. Today’s biggest loser is Polygon at -2.31%. Dogecoin is down almost -1% while Bitcoin is up slightly. With Washington DC completely out of control...

Treasury Department Secretary Janet Yellen warned Tuesday that “time is running out” for Congress to lift the debt ceiling and avert a default on the nation’s debt, which the secretary says would be catastrophic for the economy. “Time is running out. Every single day that Congress does not act, we are experiencing increased economic costs that could slow down the U.S. economy,” Yellen said in remarks to the Independent Community Bankers of America. Yellen’s department has warned that its ability to stave off a default through the use of extraordinary measures could run out by June 1 unless Congress takes...

I used to think that The Kabuki Theater surrounding the raising of the US debt limit and passing a Federal budget would be over by now. But since Biden is being controlled by the hard left “Progressives” in Washington DC, he may be reckless enough to let the US default just so he can blame Republicans. And with our useless and deeply-biased main street media (MSM) just repeating Democrat talking points blaming Republicans, we may actually see a US debt default. So while Yellen is warning that time is running out, notice she never encourage Blaming Biden to negotiate his...

Right now, the Fed’s gold certificate values gold at $42.22 an ounce. That’s obviously not anywhere near the market price of gold, which, again, is about $2,042 an ounce. Now, the Treasury could issue the Fed a new gold certificate valuing the 8,000 tons of Treasury gold at $2,042 an ounce. They could take today’s market price of $2,042, subtract the official $42.22 price and multiply the difference by 8,000 tons.