The American Debt Ceiling crisis…
- Thread starter poker
- Start date
Republicans only care about deficits and debt and the debt ceiling when a Dem is in the WH.
Neither side seems to understand while they were in the WH
spending less than what you take in would have avoided the debt
ceiling quagmire. It is bewildering people not just in the U.S. are
generally supportive of excessive government spending.
spending less than what you take in would have avoided the debt
ceiling quagmire. It is bewildering people not just in the U.S. are
generally supportive of excessive government spending.
What's to stop Biden from ignoring the debt ceiling and continuing to pay the nation's bills?
I believe he's constitutionally obligated to do so.
And there's at least one precedent for the executive branch doing whatever it takes to avoid default.
Guess who set it? Ronald Reagan...
During a 1985 budget dispute, Reagan's treasury secretary James Baker borrowed from Social Security and then threatened to raid military retirement funds and sell off U.S. gold reserves to keep the nation’s bills paid.
The comptroller general of the United States later found the Reagan admin’s raid on Social Security technically illegal but concluded nonetheless that the administration “did not act unreasonably” under the circumstances.
Will the Biden administration have to resort to such measures? We will see.
I recount this history to give you some perspective on the current debt-ceiling crisis, and what I believe should be Biden’s next move.
The lesson here is there are not “X-dates” when the Treasury runs dry — just ever more extreme government bookkeeping measures to keep paying our bills.
Again, a failure to do so would be catastrophic.
If MAGA Republicans don’t like this, and want to force the U.S. into default — wrecking the economy and putting millions of Americans out of work — let them take Biden to court.
Let them demand publicly that he should not honor the full faith and credit of the United States.
Let McCarthy and House Republicans seek to enforce their dangerous nonsense about the debt ceiling — so Americans can see clearly what they’re up to.
This is their manufactured crisis. Let them own it.
What do you think?
- Robert Reich
I believe he's constitutionally obligated to do so.
And there's at least one precedent for the executive branch doing whatever it takes to avoid default.
Guess who set it? Ronald Reagan...
During a 1985 budget dispute, Reagan's treasury secretary James Baker borrowed from Social Security and then threatened to raid military retirement funds and sell off U.S. gold reserves to keep the nation’s bills paid.
The comptroller general of the United States later found the Reagan admin’s raid on Social Security technically illegal but concluded nonetheless that the administration “did not act unreasonably” under the circumstances.
Will the Biden administration have to resort to such measures? We will see.
I recount this history to give you some perspective on the current debt-ceiling crisis, and what I believe should be Biden’s next move.
The lesson here is there are not “X-dates” when the Treasury runs dry — just ever more extreme government bookkeeping measures to keep paying our bills.
Again, a failure to do so would be catastrophic.
If MAGA Republicans don’t like this, and want to force the U.S. into default — wrecking the economy and putting millions of Americans out of work — let them take Biden to court.
Let them demand publicly that he should not honor the full faith and credit of the United States.
Let McCarthy and House Republicans seek to enforce their dangerous nonsense about the debt ceiling — so Americans can see clearly what they’re up to.
This is their manufactured crisis. Let them own it.
What do you think?
- Robert Reich
The debt ceiling is an artificial thing, and lord knows, it makes no sense. They're not bitching about paying a bill for money already spent? Shouldn't this happen during the budget approval stage. It is ridiculous that Biden would have to bend the knee to a group of far right whackos who could care less if they drive the global economy over the edge...
If America would just skip giving billions to the military and their contractors for a year or two, these ridiculous debt-ceiling "crises" can be avoided for a good long time.....
That's what these wackos want. To bring trouble and blame it on democrats. Remember these fuckers want to own the libs and crush them. Nothing else matter. They do not give a fuck about americans who just want to watch their football peacefully.
Imagine if Biden could withhold all money to the Pentagon until the ceiling is lifted.....
Repealing the rump tax cuts would also have avoided the problem. Are you in favor?
It is ludcous and the US is the only western country that has such a thing. (there may be 1 other). The negotiate and pass a budget which authorize spending and then fight about paying for it. Ludicrous.
This is a dog whistle by democrats to their domestic terrorist group antifa.
