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

[hadit]

Republicans had no problem with Trump's extravagance.

That's like saying it's okay for Quid Pro to take classified documents because somebody didn't care that TRUMP! did.

 

[BULLDOG]

It's a dumb way to do things, run up the bills then insist somebody wants to kill grandma because they don't want to keep enslaving future generations to pay for it all.

So do you just refuse to pay your personal bills when due? How does that work out for you? The debt ceiling has nothing to do with making additional debt. It's only paying for what we already purchased.

 

[Smokin' OP]

It's a dumb way to do things, run up the bills then insist somebody wants to kill grandma because they don't want to keep enslaving future generations to pay for it all.

Even dumber, NOT paying your bills, already incurred.
You make a budget, BEFORE you get a credit card, not refuse to pay, then promise the credit card company, "I won't pay my bill, but I will make a budget".
Let everyone know, how that works for ya'.

 

[hadit]

So do you just refuse to pay your personal bills when due? How does that work out for you? The debt ceiling has nothing to do with making additional debt. It's only paying for what we already purchased.

In our personal lives, raising the debt ceiling is paying your electric bill with a payday loan because you blew your paycheck at the club. Is that a good idea?

 

[jc456]

Even dumber, NOT paying your bills, already incurred.

just as Hadit said.

 

[Blaster]

The debt ceiling shouldn't be a partisan issue. We need to pay our bills.

House Republicans want government to be more accountable.

 

[hadit]

Even dumber, NOT paying your bills, already incurred.
You make a budget, BEFORE you get a credit card, not refuse to pay, then promise the credit card company, "I won't pay my bill, but I will make a budget".
Let everyone know, how that works for ya'.

And now you know how Washington works. Budgets are virtually meaningless, at least until the debt just gets too big to ignore because we have to pay for studying the mating habits of the three toed sloth. I notice that many of the same people now screeching that we absolutely have to raise the ceiling again also screech bloody murder when anyone even dares to say we should reduce the rate of increase in the budget.

 

[Smokin' OP]

That's like saying it's okay for Quid Pro to take classified documents because somebody didn't care that TRUMP! did.

NOT even close.
One person is cooperating, welcoming an investigation.
One person............

August 16 2022
Donald Trump was warned that the records he was holding on to were illegally retained, but the former president refused to give them back because he disagreed with that assertion, a new report claims.

And he wasn’t alone – multiple other aides to the president reportedly told him the same thing. But Mr Trump resisted, telling them “it’s not theirs, it’s mine” on several occaisions, referring to the stash of documents.

September 9 2022
Speaking on Fox News’ “Hannity,” Trump declined to point to specific evidence of that declassification. But, in a pre-recorded interview, he told host Sean Hannity that evidence was not needed.

“There doesn’t have to be a process, as I understand it,” Trump said. “You’re the president of the United States, you can declassify just by saying it’s declassified, even by thinking about it.”

Pressed further, Trump insisted he had declassified the documents in question when he left the White House, again without pointing to proof of such.
“In other words, when I left the White House, they were declassified,” Trump said.

 

[hadit]

NOT even close.
One person is cooperating, welcoming an investigation.
One person............

August 16 2022
Donald Trump was warned that the records he was holding on to were illegally retained, but the former president refused to give them back because he disagreed with that assertion, a new report claims.

And he wasn’t alone – multiple other aides to the president reportedly told him the same thing. But Mr Trump resisted, telling them “it’s not theirs, it’s mine” on several occaisions, referring to the stash of documents.

September 9 2022
Speaking on Fox News’ “Hannity,” Trump declined to point to specific evidence of that declassification. But, in a pre-recorded interview, he told host Sean Hannity that evidence was not needed.

“There doesn’t have to be a process, as I understand it,” Trump said. “You’re the president of the United States, you can declassify just by saying it’s declassified, even by thinking about it.”

Pressed further, Trump insisted he had declassified the documents in question when he left the White House, again without pointing to proof of such.
“In other words, when I left the White House, they were declassified,” Trump said.

Which doesn't even address what I said. You know, it's usually best to actually read what someone else says before reacting, instead of assuming you know what they're saying by the first three words.

 

[Dragonlady]

why? If Warren Buffett says he doesn't pay as much as his secretary, how can you increase his tax? He's already in a 37% tax bracket the secretary isn't in.

No he isn't. Buffett's income doesn't come from a salary, like his secretary. His income is based on his investments, and that income is taxed at a much lower rate than wages or salary.

"The Net Investment Income Tax is imposed by section 1411 of the Internal Revenue Code. The NIIT applies at a rate of 3.8% to certain net investment income of individuals, estates and trusts that have income above the statutory threshold amounts."

2022-2023 Capital Gains Tax Rates & Calculator - NerdWallet

Long-term capital gains tax and short-term capital gains tax, capital gains tax triggers, how each is calculated & how to cut your tax bill.

www.nerdwallet.com

That's 3 point 8 percent. Nearly 1/10 the amount his secretary pays.

 

[Smokin' OP]

And now you know how Washington works. Budgets are virtually meaningless, at least until the debt just gets too big to ignore because we have to pay for studying the mating habits of the three toed sloth. I notice that many of the same people now screeching that we absolutely have to raise the ceiling again also screech bloody murder when anyone even dares to say we should reduce the rate of increase in the budget.

After Trump raised the debt by $7.5 trillion?
Republican's didn't say a word, when they raised the debt ceiling..........3 times.
As soon as a democrat gets in office, they whine.

 

[Smokin' OP]

Which doesn't even address what I said. You know, it's usually best to actually read what someone else says before reacting, instead of assuming you know what they're saying by the first three words.

"No problem, let's just make future generations pay for our extravagance. Ultimately, we'll lose our credit rating and then we won't be able to pay for much of anything, but hey, let somebody else worry about it".

ME: "Republicans had no problem with Trump's extravagance".

"That's like saying it's okay for Quid Pro to take classified documents because somebody didn't care that TRUMP! did".

Who stated they didn't care that Biden had classified documents?
It's the reaction of a person, and their supporters, after they were discovered.

 

[iamwhatiseem]

The debt ceiling shouldn't be a partisan issue. We need to pay our bills.

Yet - you say nothing about reigning in out of control spending.... telling

 

[basquebromance]

 

[basquebromance]

 

[easyt65]

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.

It's hard to blame Republicans when the fact is Democrats would not work with or allow Republicans to participate in the creation and execution of policies...

...yet they, and snowflakes, stil try to do so.

 

[BULLDOG]

Yet - you say nothing about reigning in out of control spending.... telling

The debt ceiling isn't about spending. It's about what was already spent.

 

[Smokin' OP]

just as Hadit said.

It's a little late for the 2023 budget, let the republicans fight over the 2024 budget.

 

[iamwhatiseem]

The debt ceiling isn't about spending. It's about what was already spent.

Uh... no
It is about continuing to ADD to the debt.

 

[struth]

Clearly the Xiden admin doesn't care about the Full Faith and Credit of the United States. They obviously don't care about the economy (we've seen that over the past two years)....so why not just blow it all up?

The Xiden Admin is a clear and present danger to the United States