We have to pay our Bills Marjorie

1. 82

   peoplepower73posted 16 months ago

   MTG and her MAGA buddies want to hold the country hostage and not pay our bills that were incurred last year.  It's like charging on a credit card for a year and then there is a moment of truth were the bills have to be paid. 
   
   But they think they can hold the country hostage like spoiled brat children until they get their way. They want to cut what they call big government spending while they take over class rooms and tell pregnant women what to do in their private lives. They are already holding Kevin McCarthy hostage.
   
   https://www.usatoday.com/story/opinion/ … 177113007/

   replyreport
   1. 96

      wildernessposted 16 months agoin reply to this

      Small difference of opinion here.  It seems obvious that Biden is the spoiled brat; he spent the money and refuses to reign in his spending habit.  The offer is made to increase the debt ceiling in order to pay bills...but only if Biden pulls the reigns.  He refuses to play ball, demanding an open pocketbook plus the ability to borrow more at will.

      replyreport
   2. 79

      Credence2posted 16 months agoin reply to this

      Power to the people, PeoplePower
      
      I insist that Joe and the Democrats do not give an inch. The Republicans did not bother with this issue while Trump was spending like a drunken sailor on liberty.
      
      So, why all of this "concern" now? The Republicans will rightfully receive the blame for failure to pay our bills and Joe should use the 14th Amendment if necessary and possible to keep the nation from default.
      
      As the late Tom Petty sang, "stand your ground and I won't back down", I certainly won't, they are to get absolutely nothing....

      replyreport
   3. 82

      GA Andersonposted 16 months agoin reply to this

      The opinion of your link read pretty much like a 'talking point' rant to me.
      
      Here's another perspective. Consider that MTG and her buddies are fully aware that the 'debt' of the debt ceiling is for money already spent. Also, they're fully aware of the catastrophic national (and global) consequences of default.
      
      The point being, they are not idiots of ignorance on this issue. It may be argued they are idiots for their actions, but not for the dumb 'pay your bills' mantra of the Left.
      
      Now, consider past debt-ceiling crises, I recall that they too (at least since I became interested enough to pay attention) used the same two claims. It's like a loop in the system, the sides change but the same loop repeats.
      
      To tie that together: Nothing changes and the deficit spending continues. Another perspective would be that forcing future spending cuts is the only way to derail the loop.
      
      Folks that like that loop (because the money keeps flowing) think opponents are too dumb to understand the concept of paying your bills, ie. don't even understand the concept of credit cards. And "they" are so extreme that they are willing to destroy the economy.
      
      Folks that want to derail the loop think that debt-ceiling supporters are irresponsible teenagers that need to have their credit card taken away and replaced with a debit card.
      
      Look at the modern trend of our national debt, and more generally the annual deficit. On this issue, the Republicans look to have the better argument. It also seems to be bolstered (in their minds) by the administration's refusal to discuss any plan.
      
      Can you see any validity to the points of this 'alternate' perspective?
      
      GA

      replyreport
   4. 85

      Sharlee01posted 16 months agoin reply to this

      PeoplePower,
      
      The debt ceiling is the legal limit on the amount of debt that the United States government can accumulate through issuing bonds and other financial instruments. The problem with an open debt ceiling is that it allows the government to continue borrowing money without any limit, which can lead to overspending and an unsustainable level of debt.
      
      WE overspend yearly and have accumulated a huge debt.  Our government spends more money than it takes in through taxes and other revenue sources.  If the government continues to overspend and borrow money to cover our expenses, it can lead to an unsustainable level of debt, which can have serious consequences for the economy and the country's creditworthiness.
      
      On the other hand, failing to pay America's debts can also have severe consequences. Defaulting on the debt can harm the government's ability to borrow money in the future, increase interest rates, and cause a loss of confidence in the government's ability to manage its finances.   It could also lead to economic instability, as investors and financial markets become uncertain about the country's financial future.
      
      In the long run, sustained borrowing without a clear plan for reducing the debt can lead to higher interest rates and more inflation and would result in making it more difficult for the government to borrow money.  That would cause an increase in the cost of living for all Americans. Therefore, it is crucial for the government to manage its finances responsibly and keep its debt at a sustainable level.
      
      McCarthy has offered a budget that is very reasonable, and yes will prevent open spending while drawing back some of the money from Joe's American Rescue Bill, but it will work to pay other bills without the need of taking huge loans.
      
      Biden needs to negotiate and realize at this point that we can't afford to spend but need to try to pull back on spending. Many economists have warned we are on the brink. It may be time to instead of just making the common cry, open debt limit, we need to say limit the debt limit.
      
      Hopefully, you read the budget McCarthy is offering up.

      replyreport
2. 82

   peoplepower73posted 16 months ago

   I am taking it one step at a time.  The first thing is to pay our bills.  If we can't pay our bills, then it doesn't matter about the 2nd step which is ask for more money for the things that we need to buy. 
   
   The interest on the unpaid part of our bills and the interest on what we borrow gets added to the national debt.  Each president inherits the national debt from the previous president.  The only president in our time to balance the budget was Clinton.  That means our revenue matched our expenses, but the national debt continued to grow.
   
   When Trump was president, the GOP didn't hold the country hostage.  They gave him what he wanted.  This is all political with the game the GOP is playing now. If Trump becomes president again, he will inherit Biden's national debt.

   replyreport
   1. 85

      Sharlee01posted 16 months agoin reply to this

      McCarthy's proposed bill aims to reduce borrowing and pay bills sensibly, with $4.5 trillion in spending cuts and a $1.5 trillion increase in the federal debt limit. However, it may impact Biden's green agenda and lead to partisan debates over government borrowing, as Democrats want an open ceiling.
      
      Americans have long held the attitude of prioritizing bill payment, and every president since Clinton has inherited a growing national debt.  While the government collected $4.9 trillion in taxes in 2022, it spent $6.27 trillion, resulting adding to our deficit. It is, therefore, crucial to avoid defaulting on bills, but also necessary to establish a budget that caps spending and cuts future expenditures..
      
      McCarthy's bill may be a step in this direction, but the question remains whether it will be enough to avert a financial crisis. It is alarming that the government runs out of funds every year and requires an open debt ceiling, which raises concerns about the government's ability to manage this issue. Both parties have contributed to this problem, and it is crucial to address it now.
      
      Increasing the debt ceiling may impact the equity market, leading to higher inflation, interest rates, and slower economic growth. Economists are already expressing mixed feelings about the economy's future.
      
      It appears the Democrats or the President will not debate the budget. I guess they are relying on what worked in the past. I wonder, have they thought of what the GOP is made up of at this point?  Will the more progressive part of the GOP House, just walk away, and let the chips fall?  I think the Democrats are not realizing this bunch wants change, and may think ripping it down may be the only way to fix it.

      replyreport
      1. 82

         peoplepower73posted 16 months agoin reply to this

         Let's get the terminology straight first .  We have a national debt and a national budget.
         
         What do you mean by an open debt ceiling and running out of money? Are you talking about the national debt or the national budget?  The budget is what the president wants to pay for the bills that were acquired for last fiscal year and what the estimated expenditures are for the next fiscal year. 
         
         If there is less income than expenditures it is called a budget deficit.  If there is more income than expenditures it is called a budget surplus. If the two are the same, it is called a balanced budget.
         
         The national debt is the difference between income and expenses that gets added to the existing national debt. The feds sell bonds to various countries and entities to help pay for the budget deficit.  That interest is also added to the national debt.
         
         The GOP wants to continue Trump's plan of cutting taxes for the wealthy, therefore, there is less income for the government. Biden's plan is to increase taxes for the wealthy, thus creating more income for the government.  Here is the difference between Biden's plan and Trump's plan.
         
         https://www.americanprogress.org/articl … d%20gains.

         replyreport
         1. 85

            Sharlee01posted 16 months agoin reply to this

            "What do you mean by an open debt ceiling and running out of money?"
            
            An open debt ceiling refers to a government's ability to borrow money up to a certain limit, without any set expiration date or deadline. In other words, there is no fixed ceiling on the amount of debt that can be accumulated, and the limit can be increased or decreased by legislative action.
            
            On the other hand, running out of money refers to a situation where a government's expenditure exceeds its revenue, and it does not have enough funds to meet its obligations. This can happen due to various reasons such as economic downturns, wars, or other unforeseen circumstances.
            
            When a government reaches its debt ceiling and is unable to borrow any more money, it may be forced to default on its debts or cut back on essential services such as healthcare, education, and social welfare. This can have severe consequences for the economy and the people who depend on government services.

            replyreport
            1. 82

               peoplepower73posted 16 months agoin reply to this

               Sharlee: Did you even read the link I supplied that explains the difference between Biden's plan and the GOP's plan(Trump's Plan)?
               
               
               I googled your open debt ceiling terminology and couldn't find what you are talking about. I don't know what your source is for that, but it sounds like a GOP term. 
               
               Here is everything you wanted to know about how the federal government handles its finances for revenue, spending, deficit, and debt. Make sure to click on the tabs at the top of the page to read the details for each category.
               
               https://fiscaldata.treasury.gov/america … borrowing.

               replyreport
               1. 96

                  wildernessposted 16 months agoin reply to this

                  Your link is confusing.  It shows a deficit of 1.38T last year, but the debt increased 2.5T.  Why?  Why did we borrow twice what our shortfall was?

                  replyreport
                  1. 82

                     peoplepower73posted 16 months agoin reply to this

                     I am presenting the concept of what the difference is between the budget deficit and the national debt.  I didn't write this.  If you want answers for your question, you are going to have to do the research, not me.

                     replyreport
                     1. 96

                        wildernessposted 16 months agoin reply to this

                        Peace, PP.  I merely indicated I did not understand it.

                        replyreport
3. 79

   Credence2posted 16 months ago

   "Mind you, Republicans voted for the spending they now blame Biden for. In essence, they want Biden to act like their parent so they won't spend again. But in an attempt to break Biden, they run the risk of breaking the country. Trump, on the other hand, is happy to say he'd welcome a default."
   ----
   Odd that, a dirty trick to undermine Biden and the Democrat agenda? If they want to win, use the electoral process to gain a majority in both houses and capture the executive branch.

   replyreport