> "We'll be talking to the secretary of the Treasury about timing, but obviously we will raise the debt ceiling," the Kentucky Republican told reporters.
> Congress needs to reset the limit to about $20 trillion to reflect the nation's current debt.
> "Democrats have always been for saying that we cannot default (on our debts)," Schumer said.
> But House Minority Leader Nancy Pelosi, D-Calif., has said that Democrats will only support a "clean" debt limit increase with nothing else attached to it.
Aiden Bailey
> "We'll cross that bridge when we come to it," he said. "[But] we're going to have to have some of our Republican colleagues step up to the plate on this issue."
Luke Perry
...
Adam Reyes
already a topic made on this
Noah Hall
> Cuts in welfare and other discretionary spending or a possible border tax may lessen the pressures, but cannot offset them.
> But the party’s deficit hawks, especially the Tea Party Caucus from 2010 or the Freedom Caucus since 2014, have taken uncompromising stands against increased deficits. “Although the Tea Party is not a party in the classic sense of the word, research has shown that members of the Tea Party Caucus vote like a third party in Congress.”
-Conservative caucuses continue to resist deficit spending and force mainstream Republicans to cut a deal with at least some Democrats. In the House, 218 votes are needed to pass a debt limit increase, so the 190 Republican members not affiliated with either the Tea Party or the Freedom Caucus may need nearly 30 Democrat votes in the House. - Conservative caucuses and mainstream Republicans agree on some combination of tax cuts and spending increases, with some offsetting cuts, acceptable to Trump. This option suggests reluctance to raise deficits very much. - Conservative caucuses fold, and the US spending spree with tax cuts continues. Deficits rise sharply. - Conservative caucuses hold fast, but the remaining Republicans fail to attract enough Democrat votes to raise the debt ceiling. The country cannot pay for all of its spending, and decisions must be made by Trump, Treasury Secretary Steven Mnuchin and others about who gets paid first.
Thomas Diaz
> The deficit hawks bitterly opposed small incremental spending of high priority by former President Obama without offsets – even $1.8 billion for Zika research and control was defeated. > Money had to be transferred from Ebola budgets to gather a fraction of what was requested to deal with a potentially severe public health problem. > If Republican legislators give the go-ahead for an unproductive southern wall costing billions or needed infrastructure that they opposed when Obama was president or tax cuts favoring upper-income groups that blow up the deficit, they will have some explaining to do to voters although wealthy donors may accept deficits as the price of tax cuts.
> The Republican Party has been a party of opposition, adopting scorched-earth policies against even vital and sensible spending, whether Zika research or repair of crumbling bridges.
Ryan Gomez
I thought they infinitely own US already. Just push on gas pedal even further.
Isaac Williams
Where? All I saw was a vague 'how we can handle it' thread.
Nicholas Wilson
DOX AND KILL IMKAMPHY DOX AND KILL IMKAMPHY DOX AND KILL IMKAMPHY DOX AND KILL IMKAMPHY DOX AND KILL IMKAMPHY DOX AND KILL IMKAMPHY DOX AND KILL IMKAMPHY DOX AND KILL IMKAMPHY DOX AND KILL IMKAMPHY
William Perry
DEFAULT
David Sullivan
Why?
Austin Jones
You can't kill something that can ban you.
Wyatt Nguyen
Just to make sure I'm clear, what exactly has to happen to allow Trump complete control again?
Ayden Sullivan
Not entirely sure lad. Define 'complete control'.
Grayson Fisher
> “We expect Congress to agree to raising the debt ceiling, though this legislative process is likely to take months,” the report said.
Jackson Moore
...
Adam Jones
A holocaust.
Lucas Cruz
I remember reading something where an user explained something had to happen (possibly the vote failing, it's fuzzy) that would allow Trump to do whatever he wanted money wise.
Connor Davis
...
Juan Stewart
Can't help ya there lad.
William Kelly
> What is a US debt default?
> What are the consequences of a US default?
> No one really knows exactly what would happen, but the likelihood is that markets around the world would plunge and global interest rates would rise.
> How does the US government pay its bills anyway?
> Strangely, no one really knows exactly how it works.
> What bills does the US Treasury have coming up?
> Has the US defaulted before?
Nolan Scott
You're gonna love this one…
> Trump risks U.S. default with debt ceiling denier Mulvaney as budget chief
> So far, the defining trait of the incoming Trump administration is its staffing with extremists dedicated to destroying the agencies they are supposed to head. > Friday was no exception, as President-elect Trump made the latest addition to his Kamikaze Cabinet by selecting South Carolina Republican Congressman Mick Mulvaney to direct the Office of Management and Budget (OMB). > Rep. Mulvaney, after all(?), didn't just pledge to vote against any increase in the nation's debt ceiling.
> You don't have to take my word. Just ask the best and brightest of the Republican Party. Oh, this should be good…
> That's why Rep. Paul Ryan warned, "Yes, you can't not raise the debt ceiling. Default is the unworkable solution." > best and brightest
> best and brightest ''"That would be a financial disaster, not only for our country but for the (((worldwide economy))). Remember, the American people on Election Day said, 'we want to cut spending and we want to create jobs.' And you can't create jobs if you default on the federal debt."
Brandon Ortiz
Rep.-elect Mick Mulvaney (R-S.C.), who defeated current House Budget Chairman John Spratt (D-S.C.) in November, said he would vote against any attempt to raise the nation's debt ceiling. "I have heard people say that if we don't do it it will be the end of the world," he said. "I have yet to meet someone who can articulate the negative consequences." Mulvaney said that 2011 spending needs to be reduced to 2008 discretionary levels, and argued that the demise of the omnibus offers that opportunity.
> Mulvaney was simply lying, as the statements of the GOP leadership made clear. > best and brightest
> The IMF sounded the alarm, too, pleading with Congress that "the debt ceiling should be raised as soon as possible to avoid damage to the economy and (((world financial markets)))." > President Obama's Treasury Secretary Tim Geithner [married to a Jewess] ("Failure to increase the limit would be deeply irresponsible") and chief economist, (((Austan Goolsbee))) ("If we get to the point where you've damaged the full faith and credit of the United States, that would be the first default in history caused purely by insanity") issued dire forecasts about the cataclysmic consequences of a U.S. default that August.
> But GOP default deniers like Michele Bachmann dismissed those predictions out of hand. Bachmann accused Secretary Geithner of "outright blatant lies" and "scare tactics." Yesterday, newly-elected Rep. Mick Mulvaney (R-SC) appeared on Fox Business to talk about his own intention to vote against raising the debt ceiling. The host asked Mulvaney if he was willing to "risk the possibility of a default on our debt." Mulvaney responded that he has "no difficulty in" voting against raising the debt limit and that it's worth it to "force a discussion" about spending. The host then followed up by asking, "What do you think would happen if the debt ceiling wasn't raised?" Mulvaney responded, "Well, I don't know. I've asked that question a lot. I've heard Goolsbee on Sunday say it'd be catastrophic, I've heard others say that. I did some research last night from [the Congressional Research Service], they don't know what that means. I think they're guessing."
Jeremiah Williams
> People like Bachmann and Mulvaney could have just talked to (((Ezra Klein))), who called their brand of (((default denialism))) "the scariest thing I've ever heard on television:" (((It makes perfect sense unless you, like me, had spent the previous few days talking to economists, investors and economic policymakers about what could happen if we start playing games with the debt ceiling. Their answers were across-the-board apocalyptic.))) (((If the U.S. government is so incapable of solving its political problems that it can't come to an agreement on the debt ceiling, they said, that's basically the end of the United States as the world's reserve currency.))) (((We won't be considered safe enough to serve as the investment of last resort. We would lose the most important advantage our economy has in the global financial system – and we'd probably lose it forever.))) (((Skyrocketing interest rates would slow our economy and, in real terms, make it even harder to pay back our debt, which would in turn send interest rates going even higher. It's an economic death spiral we associate with third-world countries, not with the United States.)))
> Nevertheless, America paid a price as the GOP's manufactured uncertainty over the economy stifled job creation, drove down consumer confidence and led Standard & Poor's to lower Uncle Sam's credit rating. > It's with good reason the Republican blackmail came to be known as the "Tea Party Downgrade."
> Still, Donald Trump's future OMB pick kept up his assault on (((economic reality))).
Cameron Reyes
> To do so is (((virtually impossible))), requiring as it would a mind-blowing 80 percent cut in federal spending. > That risk is higher still when President Trump's budget brain doesn't believe that increasing the debt ceiling is a necessity or that default is a bad thing. ((("That a country even has such voices, albeit a minority, is something notable. This kind of rhetoric is not common amongst AAA sovereigns."))) Translation: BAD GOYIM! BAD!
Josiah King
I wonder (((who))) could be behind that
Kayden Martin
king nigger and his minions stole 10 fucking TRILLION dollars from the USA. Mr. Trump, please get it back.
Joseph Walker
How many times have we encountered a debt ceiling, again? Fuckin newfags
Brandon Green
If we default on the Debt that means Trump gets complete and total control of the US's spending, right?
Lucas Ortiz
Don't even need to default just run out of funds for mandatory spending.
Luke Jackson
What causes us to default? Does the vote have to pass or fail?
Samuel Baker
Checked. I guess that settles it.
Joseph Thomas
I don't think Rockwell is jewish. I'll admit I'm not positive, but I don't think he is. He is a libertarian, though, and cites a lot of Hayek/von Mises shit.
Aaron Martin
Nobody's defaulting. The debt ceiling would have to fail to be raised/abolished and the treasury would have to run out of money for mandatory spending and Trump would have not be able to cut sufficient spending and congress would have to fail in the midst of this unprecedented crisis to act.
Daniel Jackson
Okay, but are the odds for Trump getting total control of the US's spending good?
Josiah Powell
Seriously doubt it will come to that. Republicucks would have to fuck up badly considering Dems have already said they'd pass a 'clean' bill to raise the ceiling.
Nathan Mitchell
I know what you're talking about but I can't remember exactly either and now it's frustrating me
Ryder Butler
You're thinking of the budget. If Congress can't draft a budget by a certain time the POTUS can take control of budgetary actions and do what he wants with it.
Grayson Evans
Debt ceiling… FAKE NEWS!!!
Lincoln Long
Debt ceiling? What debt ceiling?
It's fake new created by a wire-tapping former president.
Tyler Russell
You're right, pic related!
David Davis
I've seen this pic before, what is the story behind it?
