Really Important (I know there's lots of going on) but on the debt ceiling

[LymphocyteLover]

https://talkingpointsmemo.com/edblog/five-alarm-fire

"The DC insider sheets are already buzzing about the exciting news: House Republicans plan a new round of debt limit hostage taking next year. Of course, this is all treated as somehow totally normal, as opposed to an unconstitutional form of legislative terrorism. This piece in Axios walks through the ins and outs of it, noting the following ….
...

Only Republicans do this. It only happens with Democratic Presidents. Perhaps understandably, the head of the pro-business Chamber – which is, paradoxically, somewhat reviled now in the Trumpite GOP – can’t say this directly. But journalists don’t have to repeat their nonsense. The leading contender for the key committee chairmanship that would call the shots on this is already being clear on what Republicans will do. Tell the President that he has to repeal his 2021-22 legislation or the country has to declare national bankruptcy.

For various reasons I think it is more likely than not that the US will default on its debt. Remember that we came pretty close to default in 2011. That was with a far less crazy House GOP caucus and a much stronger House leader. Kevin McCarthy, as we noted on Tuesday, is a characterologically weak man with a penchant for toadyism. They will drive the country into debt default. At the same time, there is no appetite among Democrats for rolling back the president’s climate and fiscal agenda to appease this kind of terrorism.

...

But there is an out. During the lame duck session of Congress after the election, Democrats can simply raise the debt limit on their own or if possible just get rid of the debt limit altogether. It’s a completely inane thing. Only a handful of other countries in the world have something like it. It creates a two tiered system: a decision to use your credit card to buy something and a separate decision on whether to pay your credit card bill. In the real world it doesn’t work that way. I’m not sure you can get rid of the limit system without running into the filibuster. But you can definitely raise the limit through reconciliation."

[Groundhawg]

1. Do you really want there to be no debt ceiling? My kids deserve one.

[maxsolomon]

3. I want there to be no debt ceiling.

Do your kids deserve to have the GQP to pull this bullshit every time they control Congress when a Dem is in the White House? Mine don't.

And they always raise it in the end, regardless. It's childish gamesmanship, like their crocodile tears about the debt and the deficit. They never hesitate to inflate either with a tax cut for the rich.

[Elessar Zappa]

4. Damn right there should be no debt ceiling.

Last edited Thu Sep 29, 2022, 09:17 PM - Edit history (1)

[karynnj]

5. No debt ceiling is needed. Consider that it is a strange thing that theoretically

Could prevent more spending when reached EVEN THOUGH ALL SPENDING IS FOR THINGS THAT THEMSELVES WERE APPROVED. Worse, in many cases the payment is due for things already done.

[LymphocyteLover]

6. The debt ceiling is meaningless at this point, mostly because Republicans keep cutting taxes

that drives up the debt. So what does it do? We can't default on it.

[I_UndergroundPanther]

2. Only a debt ceiling for republican spending

Since they run up so much debt everytime they get control.

Just a thought.