Democrats Your Debt Ceiling Path Will Bring Catastrophic Consequences, Truly!

Democrats with all God's Speed need to use the legislation process called "reconciliation" where only fifty-one votes compared to the ordinary sixty votes in the Senate are needed to pass legislation to raise the nation's "debt ceiling". Democrats are wrong that the Republicans voted for the spending bills necessitating raising the debt ceiling so they should vote to raise it; to a significant degree the Republicans did not vote for legislation that is blowing through the debt ceiling like the country is currently seeing this last pandemic relief bill (called by Democrats the American Rescue Plan) was a $1.9 trillion dollar bill the Republicans wanted a $600 billion dollar bill, this law is causing huge outlays of money by the U.S. Treasury creating the need for the nation to sell more Treasury bonds thereby breaching the debt ceiling. Moreover, the Democrats intentions in the debt ceiling legislation is to raise the debt ceiling until December 2022 what this action will do is to facilitate the Democrats in their spending on the $1.5 to $2 trillion Build Back Better Act because if one reads this 2500 page neutron bomb on the nation bill a lot of the bill's appropriations go into effect immediately upon enactment of the law it doesn't wait for the revenue raising portion of the bill to generate the revenue to cover the law's expenditures if the bill is even set-up that way considering that the terms of the reconciliation authorizing bill allow for a $1.5 trillion dollar deficit in the actual reconciliation bill. Democrats are wrong that it is both political parties responsibility to raise the nation's debt ceiling; it is not a party's responsibility to do such when the other party is going pass legislation which authorizes excessive, wasteful and/or bad stewardship of the nation's finances spending that will significantly increase the national debt.

Democrats in the Congress and the Whitehouse need to stop with the characterization of the events that lead to the most recent raising of the debt ceiling until December of this year as "Senator McConnell blinked" Senator McConnell knew he was wrong and he reversed course; it is terribly wrong to give the nation the false hope that Republicans will come to the aid of the Democrats this December at the eleventh hour and cooperate in raising it! Democrats need to stop with this insane foolishness; Senator McConnell does not blink he is as talented a legislative leader at the national level as they come and in addition he knows it furthermore he is as devoted to the Republican Party and it's brand as essentially a human being can be. Senator McConnell agreed to raise the debt ceiling this October because he feared the pressure on Senator Manchin and Senator Sinema would cause them to lower the sixty vote threshold to end a Senate filibuster to fifty-one votes for the nation's debt ceiling legislation which would in turn ultimately lead to a fifty-one vote threshold for all legislation which would subject the nation to large swings on major legislation as power in the nation's capital swings back and forth between each of the two Parties. If one comprehends only one point from this posting let it be this, Senator McConnell cannot play any part in raising the debt ceiling for any significant period of time because he cannot damage the Republican brand by making the Republican brand culpable in this humongous reckless spending campaign the Democrat Party is pursuing, the Republican Party brand is at stake here and Senator McConnell will not fail it you can bet your house on it even your life on it, it ain't happening Democrats - period! Democrats are wrong to think Republicans will vote to eliminate the debt ceiling and just give the Treasury Secretary the power to issue Treasury bonds as needed to pay the nation's debts, not now not with the spending spree the Democrats are poised to embark on - from a Republican perspective it would be the same thing as agreeing to raise the nation's debt ceiling.

Democrats need to stop with their delusions that everything will be okay if the nation doesn't raise the debt ceiling it needs to stop with the believe that everything will be okay if there is short delays in the nation paying the interest and principle on Treasury bonds when they become due. When this happens at minimum Treasury bonds will permanently lose their sterling credit rating that means many current buyers of the bonds won't be permitted by contractual and legal mandates to buy Treasury bonds which means because there is less U.S. sovereign debt buyers that their will permanently be upward pressure on Treasury bond rates which means that this pressure will be across the board in our nation so that buyers of cars and homes will pay a higher interest rate. When America begins this phase where it doesn't have the money to pay all its bills because the debt ceiling isn't raised so it embarks on this prioritizing bills strategy the financial markets will drop how far is anyone's guess it could be a minor correction or it could be an economic depression collapse; why in God's name risk it. Furthermore, defaulting on America's debt is going to put a spotlight on a problem for America that Congress and the President shouldn't want a spotlight on which is that ever since the 2017 Tax Reform Legislation was passed America's Budget Deficit and National Debt became out of control which means the problem is unfixable the nation's budget deficit is too large now to be eliminated there is no practical Grand Bargain that is entitlement and other spending cuts coupled with taxing to raise revenue to fix America's financial problems - Congresswomen Nancy Pelosi was spot on when she said the Republicans bought Armageddon on America with this bill. The point being that if now the Democrats allow the nation to default on its debt it may cause U.S. sovereign debt holders to recalibrate and consider that the United States has lost control of its finances they Country will just be using their Central Bank to print money there is a complete disconnect between revenue raising and spending in that country it is not sound financially and the problem will only get worse over time; America could see a sovereign debt crisis like Greece had back in 2010 with sky high interest rates and sovereign debt buyers disappearing!

Democrats need to avoid this defaulting on the nation's debt crisis on track to occur this December and release the debt ceiling through reconciliation. Democrat leaders if need be need to command their rank and file to cooperate and release the debt ceiling through the reconciliation process or threaten they will postpone voting on the Build Back Better Act not only until after the 2022 mid-term elections but until after that election's Congress is sworn in come January 2023 which should move Senator McConnell to agree to a series of short term extensions of the debt ceiling to get the nation to the new Congress point and insure Democrat leadership does not renege on that commitment to postpone the Democrat legislative agenda. Democrats listen here you are not going to ruin America and the World's economy with your bullying campaign on the national debt, the cost you will pay for traveling this path will be at an epic level!

 

The current system of global economics is a ****ing joke. It is completely rigged so that a minority of the very powerful control pretty much everything. The whole concept of debt and interest is a scam. Banks loan money that they made up out of thin air called “credit”, then charge interest on the imaginary money they made up. And continue to do it over and over again, with all that made up money funneling into the pockets of a very few while the rest took away their entire lives, awarded only with enough for subsistence, to stay alive so they can continue to funnel energy into the economic machine/scam. Workers are not paid anywhere close to what should be awarded based on the actual energy they put into work. They are paid in subsistence, with the difference going into the pockets of capitalists and bankers as pure profit.

an economy based more closely on actual energy transactions without the artificial concept of interest would be a far more equitable and sustainable system. But, that will likely never happen, because the elites don’t want their scam to be broken up.

 

Fellers this ain't a book club, I agree this is an important topic; but cheese and rice, tldr.

That said, IMHO, Mitch McConnell needs to stop his combat politics. I don't think it is helping get tRumpublicans elected anymore, and it's a major factor in what's hurting the country.

 

lol, mine wasn’t THAT long… I wanted to write more but restrained myself.

 

Shouldn't be too much longer before the "smoke and mirrors" theory of economics crashes and burns worldwide, that it hasn't already is more the grace of God than anything coming out of Congress and the worlds governments....we'll have to go to digital currency, there won't be enough trees on the planet to make enough paper to print it on.

 

As our wealthiest 1% of citizens control more of the nations wealth than our entire middle class does.

 

Really? Pretty much at best 50 sec read... Although it does answer many a question I have had

 

Both together was, well at 8th grade level reading under a minute...

 

Fourteenth Amendment, Section 4:

The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned. But neither the United States nor any State shall assume or pay any debt or obligation incurred in aid of insurrection or rebellion against the United States, or any claim for the loss or emancipation of any slave; but all such debts, obligations and claims shall be held illegal and void.

End. Of. Discussion.

 

This is one of a number of fallacies, in your OP. As you well know, the reason that the price tag of the pandemic relief bill, UNDER THE TRUMP ADMINISTRATION, was raised, was because TRUMP WANTED IT RAISED. And the Republicans controlled the Senate, at the time. So it is utterly false & disingenuous to claim that Republicans did not participate in running up these bills.

If you are referring to the Covid Relief Bill, passed under Biden, most of this is not part of the debt that needs maintenance. Only 3% of our debt covered by this, came under Biden. No one with an ounce of sense is going to take your word that all those citing these statistics are wrong. It is incumbent on you to prove your extraordinary charge. Even you should realize that, to any objective observer, the by far, most likely probability, is that you misunderstand the bill. I assume that you are NOT a tax attorney?

A second, HUGE flaw in your thesis, is that you are only looking at outlays, and IGNORING THE OTHER HALF OF THE EQUATION: Government Receipts. The Trump TAX CUTS, added $2 trillion to the national debt (and over Trump's 4 years in office, our debt went up by 7 or 8 trillion). And we already had about $20 trillion in debt, before Trump arrived. Pretending that Republicans have little connection to this, is too farcical to be taken seriously.

No, you are ignoring reality, misguided in your understanding of how the debt ceiling is ALWAYS treated-- i.e., it addresses OLD COMMITMENTS, not planned, new spending-- and/or, you are merely acting as a partisan shill.

Yeah, that doesn't sound too biased.

Wrong, as I earlier explained, this is not how the accounting works.

If you only take one thing from my reply, let it be this: raising/suspending the debt ceiling is STANDARD OPERATING PROCEDURE, and has been, for a good while. It WAS RAISED 3 or 4 TIMES, UNDER TRUMP! To, all of a sudden, treat the debt, to which both Parties have long contributed, as totally the Democrats' responsibility, is the same sham that Mitch was trying to get away with; only someone fresh off the boat, could swallow such a blatant misrepresentation.

So he is putting a Senate "rule," ahead of what he believes is best for America?
Say it ain't so!

I don't know where you got this idea from. In a post, full of misstatements, this one, I think, takes the cake. Absolutely NO Congressional Democrats have said that it is not a big deal, if we default on our debt obligations! Of course, I cannot prove a negative, in this case. So I challenge you to produce substantiation of your ludicrously false claim.

Taken all together, your OP is, decidedly, a work of fiction.