Current Events > Raising debt ceiling, and defaulting

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orangefire25
09/28/21 7:35:21 PM
#1:


So apparently the federal government may default on our debt, anyone worried about this?

https://vm.tiktok.com/ZMRWEnqP8/

May cause suspension of paying out any and all government programs like SS, Medicare, medicaid, and fuck up many financial markets. We raised the debt ceiling 75 times before, and if we don't do it yet again very soon we may default. Fun stuff.

Oh this could even affect mortgage interest rates.

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#2
Post #2 was unavailable or deleted.
TheRadiant
09/28/21 7:36:18 PM
#3:


The GOP doesn't want to pay debt that it accrued under Trump because now it'll make Biden look bad

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MabusIncarnate
09/28/21 7:36:23 PM
#4:


Isn't that going to halt pay to our military personnel also?

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orangefire25
09/28/21 7:46:44 PM
#5:


MabusIncarnate posted...
Isn't that going to halt pay to our military personnel also?
Yes, any federal employees.

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UnholyMudcrab
09/28/21 7:47:08 PM
#6:


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Garioshi
09/28/21 7:47:36 PM
#7:


My lab isn't happy about it because NIST will shut down

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orangefire25
09/28/21 7:48:07 PM
#8:


metallica846 posted...
Not a good look for the republicans.
This does not matter as the average American will blame dems and Biden because they are "in charge" atm

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PaunchyTurtle53
09/28/21 7:48:16 PM
#9:


But hey don't worry guys, the government doesn't have a spending problem at all. $3.5 trillion dollar bill? Pshhh, no biggie.

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orangefire25
09/28/21 7:51:44 PM
#10:


Do I have this right, dems in the house have introduced infrastructure bills that would need the debt ceiling raised, which is common ish, and the senate isn't allowing it, so passing the bills would then result in a defaulting on our debt? So we can't pass the bill(s) no matter how important they are or aren't.

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orangefire25
09/28/21 8:23:03 PM
#11:


Bump

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Antifar
09/28/21 8:27:30 PM
#12:


orangefire25 posted...
Do I have this right, dems in the house have introduced infrastructure bills that would need the debt ceiling raised
But also our existing spending from bills already passed needs the debt ceiling raised

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Proto_Spark
09/28/21 8:27:43 PM
#13:


PaunchyTurtle53 posted...
But hey don't worry guys, the government doesn't have a spending problem at all. $3.5 trillion dollar bill? Pshhh, no biggie.

The republicans are refusing to raise the debt ceiling and threatening to default on loans as a way to spite Biden, it has nothing to do with Biden's infrastructure bill that was both needed and decades overdue.

orangefire25 posted...
Do I have this right, dems in the house have introduced infrastructure bills that would need the debt ceiling raised, which is common ish, and the senate isn't allowing it, so passing the bills would then result in a defaulting on our debt? So we can't pass the bill(s) no matter how important they are or aren't.

Raising the debt ceiling is a fairly common routine in the federal government (it happened 3 times under Trump) so it isn't really about the infrastructure bill. Its entire Republicans not being happy their guy didn't win, so they are going to ruin our recovery from the last recession (which the republicans were on their way to causing if it wasn't for COVID) and likely take the entire world economy with it, in order to spite the Democrats for not letting them be fascists. And it's probably gonna work.
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ehhwhatever
09/28/21 8:27:44 PM
#14:


Kids are problem solvers. Really?


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orangefire25
09/28/21 8:28:13 PM
#15:


Antifar posted...
But also our existing spending from bills already passed needs the debt ceiling raised
And the senate is refusing.

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Antifar
09/28/21 8:30:15 PM
#16:


orangefire25 posted...
And the senate is refusing.
Half the Senate. The other half(+tiebreaker) is refusing to do away with the filibuster that would allow them to raise it on their own.


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orangefire25
09/28/21 8:33:32 PM
#17:


Got it. This just also sucks because like I said ultimately most people are gonna just blame dems and Biden because they have the office.

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GreadaTreaty
09/28/21 8:34:39 PM
#18:


tbh, we should just tell China to take their debt and shove it.
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PaunchyTurtle53
09/28/21 8:34:45 PM
#19:


orangefire25 posted...
Got it. This just also sucks because like I said ultimately most people are gonna just blame dems and Biden because they have the office.
Good.

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Antifar
09/28/21 8:34:54 PM
#20:


orangefire25 posted...
Got it. This just also sucks because like I said ultimately most people are gonna just blame dems and Biden because they have the office.

Right. Which is why it would be suicidal for Democrats to let the filibuster stand in the way of raising or just plain eliminating the debt ceiling.

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PaunchyTurtle53
09/28/21 8:35:40 PM
#21:


GreadaTreaty posted...
tbh, we should just tell China to take their debt and shove it.

WWIII Speedrun any% glitchless October 2021

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ScazarMeltex
09/28/21 8:35:46 PM
#22:


GreadaTreaty posted...
tbh, we should just tell China to take their debt and shove it.
I'm not sure you understand how this works.

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Proto_Spark
09/28/21 8:35:46 PM
#23:


GreadaTreaty posted...
tbh, we should just tell China to take their debt and shove it.

Honestly, If China calls in its debts, it'll be screwed over about as much as America is. Its economy is basically dependent on the cheap **** it makes to sell to mostly the States.
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Questionmarktarius
09/28/21 8:36:11 PM
#24:


This is why we need a Balanced Budget Amendment.
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orangefire25
09/28/21 8:36:16 PM
#25:


Antifar posted...
Right. Which is why it would be suicidal for Democrats to let the filibuster stand in the way of raising or just plain eliminating the debt ceiling.
So how do they get rid of it?

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ElatedVenusaur
09/28/21 8:37:38 PM
#26:


A shutdown wouldnt be a huge problem: theyre bad, they hurt the economy, but theyve happened before.

A default; however, would be cataclysmic. The global economy is more or less based upon US Treasury T-Bills as a financial reserve and the American dollar as a global medium of exchange. A default could upend the entire global economy.

The problems the Dems face are as follows:

1) The Senate cannot pass anything without 60 votes unless via reconciliation

2) The Dems can use reconciliation once per fiscal year and have slavishly adhered to the whims of the unelected Senate parliamentarian whom they could replace at any time for any reason

3) They used one reconciliation bill for the economic relief passage earlier this year. The second is earmarked for a massive human infrastructure and environmental bill

4) The passage of a modest hard infrastructure bill that moderates want is being hinged upon the reconciliation bill by progressives who have the votes to torpedo the smaller bill unless their preferred bill is also passed

5) The Republicans are fundamentally bad actors who will demand all sorts of odious stuff in exchange for averting default. It is unlikely they will budge, because they would be happy to blame Biden for anything and everything bad that happens, especially if its their fault.

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Antifar
09/28/21 8:38:11 PM
#27:


orangefire25 posted...
So how do they get rid of it?
Just pass a law to repeal it instead of playing chicken with Republicans over defaulting every three years. It'd be that simple.


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TheRadiant
09/28/21 8:49:12 PM
#28:


It's funny how even when not in charge Republicans still get to make all the decisions

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orangefire25
09/28/21 8:49:28 PM
#29:


Antifar posted...
Just pass a law to repeal it instead of playing chicken with Republicans over defaulting every three years. It'd be that simple.
Seems like it wouldn't pass that easy though.

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Teh_Dr_Phil
09/28/21 8:49:56 PM
#30:


metallica846 posted...
Not a good look for the republicans.
lmao you underestimate the mental gymnastics rednecks will pull to pin this on the dems

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CADE FOSTER
09/28/21 8:50:34 PM
#31:


Spineless dems never take the nuclear option and we need to gop is evil as satan they support terrorists and wannabe fascists
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#32
Post #32 was unavailable or deleted.
orangefire25
09/28/21 8:54:44 PM
#33:


ElatedVenusaur posted...
A shutdown wouldnt be a huge problem: theyre bad, they hurt the economy, but theyve happened before.

A default; however, would be cataclysmic. The global economy is more or less based upon US Treasury T-Bills as a financial reserve and the American dollar as a global medium of exchange. A default could upend the entire global economy.

The problems the Dems face are as follows:

1) The Senate cannot pass anything without 60 votes unless via reconciliation

2) The Dems can use reconciliation once per fiscal year and have slavishly adhered to the whims of the unelected Senate parliamentarian whom they could replace at any time for any reason

3) They used one reconciliation bill for the economic relief passage earlier this year. The second is earmarked for a massive human infrastructure and environmental bill

4) The passage of a modest hard infrastructure bill that moderates want is being hinged upon the reconciliation bill by progressives who have the votes to torpedo the smaller bill unless their preferred bill is also passed

5) The Republicans are fundamentally bad actors who will demand all sorts of odious stuff in exchange for averting default. It is unlikely they will budge, because they would be happy to blame Biden for anything and everything bad that happens, especially if its their fault.
Yeah. What I need? For the government to not fucking default. What I want? The infrastructure bills to pass. But I'm literally at a point where I'm more worried about protecting what we have I guess.

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gunplagirl
09/28/21 8:56:20 PM
#34:


Teh_Dr_Phil posted...
lmao you underestimate the mental gymnastics rednecks will pull to pin this on the dems
It's not mental gymnastics if they genuinely don't know. Because most don't.

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DarthAragorn
09/28/21 8:57:48 PM
#35:


TheRadiant posted...
It's funny how even when not in charge Republicans still get to make all the decisions
It's so fucking stupid

Our shitty system of government giving power to land instead of people

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PaunchyTurtle53
09/28/21 9:03:19 PM
#36:


CADE FOSTER posted...
Spineless dems never take the nuclear option and we need to gop is evil as satan they support terrorists and wannabe fascists
Haha.

Hilarious considering how Biden's botched Afghanistan withdrawal led to the Taliban, a known terrorist group, to now have all sorts of top notch military armaments.

Biden sure is building the Taliban back better alright.

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ScazarMeltex
09/28/21 9:03:22 PM
#37:


DarthAragorn posted...
It's so fucking stupid

Our shitty system of government giving power to land instead of people
There is a reason that pretty much every other democracy (inb4 ITs a RePublIC) that came after the US did not use our system. Parliamentary system are far better at forcing cooperation and providing proper representation for it's citizens.

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Tropicalwood
09/28/21 9:06:19 PM
#38:


PaunchyTurtle53 posted...
Haha.

Hilarious considering how Biden's botched Afghanistan withdrawal led to the Taliban, a known terrorist group, to now have all sorts of top notch military armaments.

Biden sure is building the Taliban back better alright.
I can't believe Biden got away with stealing Boris Johnson's platform.

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PaunchyTurtle53
09/28/21 9:08:11 PM
#39:


Tropicalwood posted...
I can't believe Biden got away with stealing Boris Johnson's platform.
Deflect, deflect, deflect.

I forgot Biden is the Messiah who is without fault.

My bad.

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Antifar
09/28/21 9:09:46 PM
#40:


Withdrawing from Afghanistan was the best idea Donald Trump had all presidency, and it's Biden had the courage to stand up to the hawks and actually carry it out.

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hockeybub89
09/28/21 9:11:03 PM
#41:


Any conservative in the house want to explain why we have to stop raising the debt ceiling now, but it was fine 2017-2020?

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tremain07
09/28/21 9:11:27 PM
#42:


If this happens what's the selling point going to be for Dems next year to the public? Vote for us and maybe we won't get fucked by republicans, again? Even if some people know this the media sure as shit isn't gonna let that fly any attempt at pointing at republican obstructionism for failures this year is going to be brushed off as Democrats looking pathetic and disorganized, especially when they play those clips of Pelosi saying we need Republicans.

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CommunismFTW
09/28/21 9:12:17 PM
#43:


metallica846 posted...
Not a good look for this country


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PaunchyTurtle53
09/28/21 9:12:48 PM
#44:


Antifar posted...
Withdrawing from Afghanistan was the best idea Donald Trump had all presidency, and it's Biden had the courage to stand up to the hawks and actually carry it out.
Courage?

There's nothing couragous about that withered, dementia ridden old man. He botched it on a scale many people thought unimaginable.

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UnholyMudcrab
09/28/21 9:13:01 PM
#45:


hockeybub89 posted...
Any conservative in the house want to explain why we have to stop raising the debt ceiling now, but it was fine 2017-2020?

*angry MAGA noises*
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Lunar_Savage
09/28/21 9:14:06 PM
#46:


I'm just laughing my ass off at this entire situation.

And it's even funnier considering there are people that actually want to say it was ever acceptable to keep adding to national debt in the first place.

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Antifar
09/28/21 9:14:35 PM
#47:


hockeybub89 posted...
Any conservative in the house want to explain why we have to stop raising the debt ceiling now, but it was fine 2017-2020?
They don't have to explain it. They'll do it whether you think they're hypocrites or not.

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Tropicalwood
09/28/21 9:14:59 PM
#48:


Antifar posted...
Withdrawing from Afghanistan was the best idea Donald Trump had all presidency, and it's Biden had the courage to stand up to the hawks and actually carry it out.
One hell of an exist considering he ordered the murder of ten people including aid workers and 7 children a month after the exist.

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Irony
09/28/21 9:15:38 PM
#49:


Antifar posted...
Withdrawing from Afghanistan was the best idea Donald Trump had all presidency, and it's Biden had the courage to stand up to the hawks and actually carry it out.
Tbf Trump only wanted to do it because he thought it was the wrong decision

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Antifar
09/28/21 9:17:24 PM
#50:


Tropicalwood posted...
One hell of an exist considering he ordered the murder of ten people including aid workers and 7 children a month after the exist.
The alternative to withdrawal was ten more years of strikes just like that. That's what War in Afghanistan was, and what continuation of it would have meant.

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