The Hard Reality of a Debt Ceiling Showdown: Jim Jordan eviscerates Biden for not negotiating with House Republicans

[Zincwarrior]

Yes, let's see their enthusiasm to pass a balanced budget.

 

[Dragonlady]

The Biden administration and House Republicans are heading toward an initial Thursday debt ceiling deadline without even a hint of an endgame, ensuring a months-long standoff that’s poised to rattle financial markets amid worries about a recession this year.

The two sides are effectively shrugging as the Treasury Department warns the country will hit the $31.4 trillion borrowing cap Thursday — though it’s not a hard deadline, as the department can still use extraordinary measures to pay the bills for another few months. But it means the potential economic doomsday clock is officially ticking, with House Republicans still insisting on massive spending cuts before they help raise the debt ceiling and Democrats refusing to engage the idea.

Treasury Secretary Janet Yellen said last week that the U.S. likely won’t run out of cash or exhaust those measures until at least early June. Until then, the department is suspending investments in certain government retirement funds and hoping the House GOP and Democrats can come to an agreement to keep the government from careening into an economic crisis with far-reaching consequences.

But Yellen’s warning to congressional leaders hasn’t spurred any movement toward even the beginning of a deal between Congress and the White House. The biggest legislative battle of the year is just beginning — and threatening to grow even messier than the 15-ballot speakership fight — and there’s no exit strategy in sight.
Even some Republicans viewed as more likely to negotiate with the White House are already taking aim at the administration’s position after White House press secretary Karine Jean-Pierre said last week: “We will not be doing any negotiation.”

The White House is already working behind the scenes to work around Speaker Kevin McCarthy, including dispatching its top advisers to meet with moderate Republicans — particularly those who won in districts President Joe Biden won in 2020 — in hopes Democrats can count on those GOP lawmakers to cross the aisle and lift the debt ceiling.

Concessions over the debt ceiling were a vital part of the deal that McCarthy negotiated with his 20 conservative holdouts to finally attain the speakership. He agreed that the GOP House wouldn’t move to lift the debt ceiling unless Congress slashes at least $130 billion in federal spending next fiscal year or addresses broader fiscal reforms that tackle the ballooning debt, as many Republicans argue it threatens the nation’s economic security and future.

Some GOP members are beginning to float more specific plans as the debt-ceiling fight gets officially underway, like the return of a controversial payment prioritization plan that former Sen. Pat Toomey’s (R-Pa.) proposed during a similar showdown about a decade ago. Such a plan would allow the government to keep paying its bondholders if both parties can’t reach an agreement, while dictating what other financial obligations would lapse.

Meanwhile, the primary concern for financial markets is whether the debt ceiling brawl forces the U.S. to miss a payment owed to Treasury bondholders. Treasuries — usually seen as extremely safe assets — underpin the global financial system and are closely tied to lending products like mortgages. Missing a payment could send the stock market off a cliff, though Wall Street analysts are split about how much of a threat the standoff actually poses to the economy, with some banking on Congress and the White House reaching some sort of deal before the federal government misses any debt payments.

Some of the Republicans pushing the payment prioritization plan, first reported by the Washington Post, include Rep. Chip Roy (R-Texas), one of the 20 holdouts. He told the Post: “We agreed to advance a debt prioritization bill through regular order by the end of the first quarter of 2023 … Now, the contours of that were not specified (there are different versions).”

The hotly debated idea divides Republicans and budget experts alike, and the administration has already swatted it down. White House chief of staff Ron Klain tweeted that it would sow “CHAOS” in the U.S. and “cut off funding” for food safety, FAA operations, border security and drug enforcement.

It’s unclear what capability the Treasury Department has to prioritize payments, with officials declining to comment last week on whether it’s even an option. A top Treasury official stressed in a December speech that debt limit stalemates hurt the department’s cash balance and trigger market volatility. Treasury officials told House Republicans in 2014 that while the government could technically prioritize payments, such a plan would be “entirely experimental and create unacceptable risk to both domestic and global financial markets.”

Payment plan aside, the debt ceiling is a critical political battle for the House GOP. With McCarthy commanding only a narrow majority that can move to topple him at any time, even lawmakers who count him as a friend predict the showdown won’t end well for him. It will "cost Kevin his job" predicted independent senator Kyrsten Sinema.

Jim Jordan has never eviscerated anyone in his entire political career. He’s not smart enough to do anything, but scream and rant, and spew hate.

Being loud and obnoxious doesn’t make him write in anything he says. But it sure fools the mega crowd. They eat it up with a fork and spoon.

So far, Jordan’s House Obstruction of Justice Commiittee has been an abject failure. The only weaponization of government that he’s exposed had been the Trump administration’s attempts to silence its critics on Twitter. Oh yes, and that Republicans are upset that Twitter took the Hunter Biden dick pics down.

The “FBI whistleblowers” turned out to be a bunch of disgruntled ex employees, some of whom were being paid by Republican operatives for their testimony. Jordan has yet to present any real whistleblowers to the American public. That would be current or former employees who file complaints with the whistleblower’s office. People like Col. Vindeman, or Anita Hill. People with actual evidence of wrong doing.

 

[wamose]

If our Democrats were actually trying to destroy our country, they couldn't possibly do a better job than they are doing today.

 

[Flash]

Since we are over $32 trillion in debt we should never extend the debt ceiling. We should only spend money that we have coming in. That would mean reducing or eliminating existing spending for worthless things.

All of the Democrats and too many of the RINOs won't do the right thing and cut back on spending so we are pretty much screwed.

Debt will just increase.

 

[Dragonlady]

That is two different subjects. You're talking about the budget, where the spending level is determined. Think of it like Christmas shopping. The budget is where you decide what presents to put on the credit card, and the debt ceiling is a month after Christmas when the first payment is due. It's too late to spend less at that point. If you refuse to pay what is due, it will trash your credit rating, and cost additional penalties, and fees. (that's what happened in 2011) All you can do is pay the bill, and try to not spend as much next time.

I have to comment that this is the best explanation of the debt ceiling debate that I have ever read.

It’s pointless political theatre that only happens when a Democrat is in the White House. Republicans raise the debt ceiling without a murmur when a Republican is President.

 

[jc456]

The “FBI whistleblowers” turned out to be a bunch of disgruntled ex employees,

I love this shit. This is what separates demofks from the rest of society. What else is a whistleblower if not a disgruntled person? The fact you made such a statement points at obvious flaws in your thought process. Your mental disability is noted. So go take a zantac now.

 

[jc456]

Jim Jordan has never eviscerated anyone in his entire political career. He’s not smart enough to do anything, but scream and rant, and spew hate.

And yet here you are slapping him. The mere fact you wrote this nonsense is indeed fact he has. Too fking funny you fkers, especially canadian one's, don't have a fking clue in society. Jim Jordan gets quite the press in here from you dummasses.

 

[Dragonlady]

Since we are over $32 trillion in debt we should never extend the debt ceiling. We should only spend money that we have coming in. That would mean reducing or eliminating existing spending for worthless things.

All of the Democrats and too many of the RINOs won't do the right thing and cut back on spending so we are pretty much screwed.

Debt will just increase.

Something like 90% of the current federal budget is wages and benefits to members of the military, and the various government departments, as well as contractual obligations for things like rent on government offices. And entitlements.

Discretionary spending - things that can be cut, make up only about 10% of federal spending. So unless you genuinely start reducing the size of your military, or your outsourcing of government services to firms like Haliburton, there’s not much you can cut.

Before you say “entitlements”, you would do well to remember that every American worker has paid into and contributed to those programs, and paid for their future benefits. Every retirement American depends on these programs. It would be both political AND economic suicide to take more money out of the hands of low income Americans.

 

[jc456]

Something like 90% of the current federal budget is wages and benefits to members of the military, and the various government departments, as well as contractual obligations for things like rent on government offices. And entitlements.

Post our spending for us.

 

[Dragonlady]

I love this shit. This is what separates demofks from the rest of society. What else is a whistleblower if not a disgruntled person? The fact you made such a statement points at obvious flaws in your thought process. Your mental disability is noted. So go take a zantac now.

I am well aware of the fact that you revel in your ignorance and stupidity but thank you for that reminder.

A whistleblower isn’t a “disgruntled person”. A whistleblower is a person who believes they’ve witnessed a crime by someone in government.

There is a ”Whistleblower Act” which is supposed to protect those who come forward with evidence of wrong doing, from retaliation by those they accuse. There is also a legal process for them to follow.

After Trump’s “perfect phone call”, Vindeman and Hill told their supervisors. Those supervisors sent them to the “tell the lawyers”, which they did.

None of Jordans witnesses had any specifics about what the FBI was doing, nor did they have any other evidence of this purported wrongdoing. Their main complaint seem to be that they couldn’t go after Democrats and harass them without some complaint or evidence of crimes.

None of Jordan’s witnesses had filed complaints or sought protection under the Whistleblowers Act. So no, they are not whistleblowers at all.

 

[Dragonlady]

Post our spending for us.

Sure.

https://www.whitehouse.gov/wp-content/uploads/2021/05/budget_fy22.pdf

 

[Flash]

Something like 90% of the current federal budget is wages and benefits to members of the military, and the various government departments, as well as contractual obligations for things like rent on government offices. And entitlements.

Discretionary spending - things that can be cut, make up only about 10% of federal spending. So unless you genuinely start reducing the size of your military, or your outsourcing of government services to firms like Haliburton, there’s not much you can cut.

Before you say “entitlements”, you would do well to remember that every American worker has paid into and contributed to those programs, and paid for their future benefits. Every retirement American depends on these programs. It would be both political AND economic suicide to take more money out of the hands of low income Americans.

Bullshit. You are lying again.

The US will spend $12 billion on the total cost of government this year and defense spending is 1/10th that.

For the Federal budget alone it is 1/6th.

Stop your Moon Bat lying.

Government Spending Details in $ billion: Federal State Local for 2023 - Charts>

Table of US Government Spending by function, Federal, State, and Local: Pensions, Healthcare, Education, Defense, Welfare. From US Budget and Census.

usgovernmentspending.com

 

[Dragonlady]

Bullshit. You are lying again.

The US will spend $12 billion on the total cost of government this year and defense spending is 1/10th that.

For the Federal budget alone it is 1/6th.

Stop your Moon Bat lying.

Government Spending Details in $ billion: Federal State Local for 2023 - Charts>

Table of US Government Spending by function, Federal, State, and Local: Pensions, Healthcare, Education, Defense, Welfare. From US Budget and Census.

usgovernmentspending.com

So military spending is 1/10 of the budget. What about the federal court system?????? The Post Office??? There are more postal workers than people in the military. How about the Commerce Department, where you file incorporations, patents and trade marks, and maintain the records for every protected patent protected invention, process, or intellectual copyright in the nation, going back to its founding. That patent office alone employs 10,000 people.

How about the transportation department which oversees trade coming in from the rest of the world, and distribution methods all across the nation, supervising safety at ports, airports, and rail hubs.

There are more than 1.33 million people working directly for the federal government. That doesn't include companies like Haliburton which exist to take on large government outsourcing contracts.

I posted the numbers. Feel free to tell where you want to cut.

 

[Dragonlady]

If our Democrats were actually trying to destroy our country, they couldn't possibly do a better job than they are doing today.

If Democrats were actually trying to destroy your country, they couldn't possibly do a better job than Trump did. They'd just step aside and allow him to stay in the White House.

 

[Dragonlady]

And yet here you are slapping him. The mere fact you wrote this nonsense is indeed fact he has. Too fking funny you fkers, especially canadian one's, don't have a fking clue in society. Jim Jordan gets quite the press in here from you dummasses.

No, I'm slapping YOU for believe his bullshit.

 

[jc456]

No, I'm slapping YOU for believe his bullshit.

you can slap me silly. You won't ever fking change my mind to your nonsense. Bud light thought they could. oops!!!

 

[Dragonlady]

Bullshit. You are lying again.

The US will spend $12 billion on the total cost of government this year and defense spending is 1/10th that.

For the Federal budget alone it is 1/6th.

Stop your Moon Bat lying.

Government Spending Details in $ billion: Federal State Local for 2023 - Charts>

Table of US Government Spending by function, Federal, State, and Local: Pensions, Healthcare, Education, Defense, Welfare. From US Budget and Census.

usgovernmentspending.com

Your link covers all levels of government spending, including state and local governments. The debt ceiling and budget debates only cover the federal budget, and the national debt. They have nothing to do with state and local budgets, and those figures aren't included in federal spending.

 

[Flash]

Your link covers all levels of government spending, including state and local governments. The debt ceiling and budget debates only cover the federal budget, and the national debt. They have nothing to do with state and local budgets, and those figures aren't included in federal spending.

You lied about how much of the Federal budget was spent on Defense.

You stupid Libtards have no shame, do you?

 

[Dragonlady]

you can slap me silly. You won't ever fking change my mind to your nonsense. Bud light thought they could. oops!!!

I'm not trying to "change your mind". You'd have to have one, before you could change it. I'm just pointing out the stupidity and ignorance of your arguments.

 

[Dragonlady]

You lied about how much of the Federal budget was spent on Defense.

You stupid Libtards have no shame, do you?

I didn't quote any figures on anything you fool. I just said that 90% of your budget was non-Discretionary. It's committed for wages and benefits for militiary AND OTHER GOVERNMENT WORKERS, AS WELL AS CONTRACTUAL OBLIGATIONS FOR OUTSOURCING.

Find any post of mine with a number for for any spending in it. I'll wait.