US government is running out of money faster than expected, Mnuchin warns

[Into the Night]

Congress never raised the debt ceiling??

There is no 'debt ceiling'. Congress can raise the 'debt ceiling' anytime they want to.
They can also print it.

Of course, they would never even THINK about actually cutting budgets or anything...

[Into the Night]

Congress has passed dozens of bills, that died on McTurtle's desk. Don't stoop to that level.

Contextomy fallacy. Don't stoop to that level.

The budget for spending goes through September.

Quite true.

If not for trump's idiotic trade policies,

...such as? You would rather let China have a one sided trade war? Do you have ANY idea of the history of trade with China???

and gross theft of taxpayer dollars,

How does the government steal taxpayer dollars??? They're already government money!

the govt. wouldn't be out of money.

Wait...what? You just said the budget went through September! Which is it?

It's not up to Congressional Democrats to jump to attention because Republicans don't have the revenue to fund the idiot in the White House's runaway spending.

What runaway spending?

The tax cuts were supposed to
Pay for themselves
Increase revenue.

They did.

What happened? Are Republicans suddenly in favor of doing away with spending caps?

Nothing happened. As you said, the budget is set to run through September...unless you want to deny that argument? Which is it? You are locked in paradox.

The government just spends too much money.

[Into the Night]

Most recessions occurred during high tax top rates:

1918-19: 77%
1920-21: 73%
1923-24: 43%
1926-27: 25%
1929-33: 25-68%
1937-38: 79%
1945 : 94%
1948-49: 82%
1953-54: 92%
1957-58: 91%
1960-61: 91%
1969-70: 77%
1973-75: 70%
1980 : 70%
1981-82: 69%-50%
1990-91: 28%
2001 : 39%
2007-09: 35%

You just falsified your own argument with the data you presented.

It's obvious that recessions have nothing whatsoever to do with top tax rates.

[Into the Night]

Hello Flash,



Looks like tax rates were really low leading up to the biggest economic crashes...

The Great Depression

The Great Recession

Is this what Trump meant by 'Great?'

Both times, leading up to the event, everybody thought the economy was ,,, (wait for it) ,,, 'GREAT!'

Cherry picking. What about the S&L crash? What about the recession and long gas lines during the Carter years? What about the economic crisis during the Nixon years? Top tax rates were NOT low before those recessions.

Top tax rates have NOTHING to do with recessions.

[Into the Night]

Hello guno,

They got their way, so now the government is totally strapped and about to default.

The government isn't a single person. It is not a person at all. It is made of many people. Stop with the 'us' and 'them' argument.

I've got news for you. The government is already bankrupt. Has been for many decades now. The money you see them spending is all just printed and has no commodity backing.

It's what they wanted.

Who are 'they'? The government isn't a single person.

It doesn't stop the government spending, but they don't care. They got their way. It's all about them. Couldn't care less what happens to the country.

Selfishness + blindness = belly up country.

Some in government do care, some don't.

[Into the Night]

But 11/18 recessions occurred during high top tax rates. I posted this to refute the idea that higher tax rates are better for the economy.

Consider it refuted. Your data shows there is no significant correlation.

I certainly don't think higher or lower taxes are responsible for a recession, especially since revenue as a percent of GDP were lower or about the same during high taxes. But it illustrates higher taxes do not solve any problems, either. It shows the posters' liberal credentials because they doesn't like wealthy people--so they need to be punished.

That you have done.

[Sailor]

What are you talking about? Do you ever know what you are talking about? The Dem house has passed over 100 bills and McConnell passed 6.

STFU and learn something. Getting tired of telling your dumb ass that.

[gfm7175]

Most recessions occurred during high tax top rates:

1918-19: 77%
1920-21: 73%
1923-24: 43%
1926-27: 25%
1929-33: 25-68%
1937-38: 79%
1945 : 94%
1948-49: 82%
1953-54: 92%
1957-58: 91%
1960-61: 91%
1969-70: 77%
1973-75: 70%
1980 : 70%
1981-82: 69%-50%
1990-91: 28%
2001 : 39%
2007-09: 35%

You just falsified your own argument with the data you presented.

It's obvious that recessions have nothing whatsoever to do with top tax rates.

I wonder what Flash considers to be a "high top tax rate"... it's apparently at least 25% and up...

Not that it matters anyway, since as you pointed out, his own data shows that there is no correlation between the two things.

[evince]

Most recessions occurred during high tax top rates:

1918-19: 77%
1920-21: 73%
1923-24: 43%
1926-27: 25%
1929-33: 25-68%
1937-38: 79%
1945 : 94%
1948-49: 82%
1953-54: 92%
1957-58: 91%
1960-61: 91%
1969-70: 77%
1973-75: 70%
1980 : 70%
1981-82: 69%-50%
1990-91: 28%
2001 : 39%
2007-09: 35%

link to where you got those numbers

[evince]

STFU and learn something. Getting tired of telling your dumb ass that.

fuck you lying sack of weasel shit

[Into the Night]

link to where you got those numbers

Irrelevant. His own data breaks his own argument.

[Truth Detector]

(CNN)Treasury Secretary Steven Mnuchin on Friday issued a warning Friday that the US government is at risk of running out of cash sooner than expected.

In a letter to Democratic House Speaker Nancy Pelosi, Mnuchin wrote that the US might default on its obligations as soon as early September, before Congress returns from its summer recess.

"Based on updated projections, there is a scenario in which we run of out cash in early September, before Congress reconvenes," Mnuchin wrote in a letter.

The federal government has not been able to borrow money since March, when congressionally-mandated borrowing limits went back into force. The US Treasury, which is facing a growing deficit thanks in part to President Donald Trump's 2017 tax cuts, had said it had enough cash to last until the fall.

Pelosi and Mnuchin have spoken three times this week in an effort to jumpstart stalled budget and debt ceiling negotiations, and multiple sources say the new default projections have provided an accelerant for those efforts.
Mnuchin and Pelosi are likely to speak again Friday. Pelosi told reporters that she has not yet read Mnuchin's letter to Capitol Hill but she knew it was coming.

In his letter, Mnuchin called on Congress to restore borrowing power by increasing the debt ceiling before Congress departs for its regular August recess.

CNN Donna Borak




Burning through money now?!! Where are those tax cut revenues?!!

Tax revenue is UP you dishonest, lying willful idiot. The problem is Obamacare costs and entitlements are going up faster. I do wish you had a brain.

[Truth Detector]

It's great when you own the Printing Presses.

^^Idiot thinks we can print our way to prosperity. Further evidence of how terribly our leftists educational establishment is failing our children.

[Truth Detector]

Funny how every time an (R) president does the tax cut thing, this stuff happens. Not funny ha-ha, though.

Fascinating how you didn't think there was anything wrong with spending trillions we didn't have when Obama hit the record for deficit spending. Dumb fuck.

[Truth Detector]

Keeping your national money in the hands of Donald Trump's administration is like keeping your chickens in the fox den.

^^Low IQ idiot thinks Trump legislates spending bills.