T. A. Gardner
Serial Thread Killer
It is you that doesn't understand. The debt limit is the amount of money the US government can borrow. If raised sufficiently, it allows new spending along with servicing current debt.
Voters: pay attention on the debt limit
- Thread starter BartenderElite
- Start date
It is you that doesn't understand. The debt limit is the amount of money the US government can borrow. If raised sufficiently, it allows new spending along with servicing current debt.
That's cause the "Revolution" did it
ExpressLane
Verified User
The GOP want to cancel a bunch of tax breaks that the CBO says would save about $570 billion over 10 years.
Borrow to pay last years bills, lets repeat that, to pay last year's bills, money due, that is why it is called default
And once again, the point you keep ignoring, if you want to curb future spending you do it in the budget, not the debt ceiling
T. A. Gardner
Serial Thread Killer
Bullshit!
The federal debt ceiling is a limit set by Congress on the amount of money that the US Treasury can borrow to fund the government's operations and make interest payments to the people and institutions who own US government-issued bonds.
https://www.fidelity.com/learning-c...stitutions who own US government-issued bonds.
It is exactly what I said it is.
ExpressLane
Verified User
It is obvious that you don't know what you are talking about.
ExpressLane
Verified User
BartenderElite
Verified User
They're advocating for deadbeat politics.
And they don't know what they're doing. If we default, it is an absolute disaster. Literally, no sense of the consequences - it's all about posturing and grandstanding, and a vain hope that they can "blame Biden" when things unravel.
ExpressLane
Verified User
Amazing just how stupid anchovies is maybe he should run for Congress.
ExpressLane
Verified User
You are advocating for unlimited reckless spending.
Not quite, "to fund the government's operations," meaning to pay off debt already incurred, to pay bills due, didn't you ever wonder why if they don't raise the ceiling the country would default? One can't default on what they are going to spend next year
BartenderElite
Verified User
Ha! Link that one up - would love to see it.
Try to be honest, once in awhile. My goodness.
And then you further go and confirm your total lack of understanding of what the debt ceiling is, as I just told your colleague, and I am wasting my time explaining the fact to you, but:
"to fund the government's operations," meaning to pay off debt already incurred, to pay bills due, didn't you ever wonder why if they don't raise the ceiling the country would default? One can't default on what they are going to spend next year
PostmodernProphet
fully immersed in faith..
we'll fulfill our obligations.....but people should watch whether the ones who gave us the debt are willing to pay the bill or if they want the half of the country that pays taxes to pay it........
PostmodernProphet
fully immersed in faith..
the debt ceiling is that thing demmycrats ignore until the time comes for them to ask the rest of us to ignore it......
T. A. Gardner
Serial Thread Killer
The debt ceiling works very much like a credit card.
The US has a line of credit. It can borrow $300 (using small numbers to make this easy). It has borrowed $300. The problem is interest on that debt has gone up due to inflation and higher interest rates. So now the US has a debt of $310. It needs $10 more credit limit it doesn't have. Thus the debt ceiling needs to be raised (the line of credit increased).
What the Republicans are saying is We will raise the ceiling to $310 but you need to cut some spending to keep things there too. The Democrats are saying We want the limit raised to $400 so we can continue to spend what we've been spending and add some new debt on the card. This is usually called "float." It's the difference between what you've already spent and owe and what credit you still have available for new spending.
The US has a line of credit. It can borrow $300 (using small numbers to make this easy). It has borrowed $300. The problem is interest on that debt has gone up due to inflation and higher interest rates. So now the US has a debt of $310. It needs $10 more credit limit it doesn't have. Thus the debt ceiling needs to be raised (the line of credit increased).
What the Republicans are saying is We will raise the ceiling to $310 but you need to cut some spending to keep things there too. The Democrats are saying We want the limit raised to $400 so we can continue to spend what we've been spending and add some new debt on the card. This is usually called "float." It's the difference between what you've already spent and owe and what credit you still have available for new spending.
BartenderElite
Verified User
Both parties gave us debt.
Republicans were never the deficit hawks and spending-cutters that they promised. For decades now.
T. A. Gardner
Serial Thread Killer
That's true enough.