House GOP unveils plan to raise debt limit by $4 trillion

[Zincwarrior]

Republicans continue to move forward with a plan to raise the Debt by $4Tr. Whats the difference between the parties again?

https://thehill.com/business/budget/5296087-house-gop-debt-limit-increase/

House Republicans are moving forward with plans to raise the nation’s debt ceiling by $4 trillion as part of a larger plan to advance President Trump’s tax agenda.

The proposal, which was included in legislative text unveiled by the House Ways and Means Committee on Monday, is in line with House instructions outlined in a blueprint adopted by congressional Republicans last month that kicked off the process by which the party is using to enact Trump’s tax priorities.


Including the debt ceiling in the broader bill will allow Republicans to avoid Democratic demands for concessions in exchange for their votes to raise the debt limit. But tacking debt limit action onto the same vehicle they’re using for Trump’s tax plans could also put a tight time crunch on Republicans to pass the sweeping tax bill.

Treasury Department Secretary Scott Bessent is already calling on Congress to raise or suspend the debt ceiling by July to keep the federal government from defaulting on its more than $36 trillion debt.

In a letter to Speaker Mike Johnson (R-La.) on Friday, Bessent said there is “reasonable probability” the government’s “cash and extraordinary measures will be exhausted in August while Congress is scheduled to be in recess.”

 

[1srelluc]

Blah, the debt ceiling has always been a canard, no matter the party in charge.

Reprioritizing the debt away from the grifty dems is the trick.

 

[C_Clayton_Jones]

Republicans continue to move forward with a plan to raise the Debt by $4Tr. Whats the difference between the parties again?

https://thehill.com/business/budget/5296087-house-gop-debt-limit-increase/

House Republicans are moving forward with plans to raise the nation’s debt ceiling by $4 trillion as part of a larger plan to advance President Trump’s tax agenda.

The proposal, which was included in legislative text unveiled by the House Ways and Means Committee on Monday, is in line with House instructions outlined in a blueprint adopted by congressional Republicans last month that kicked off the process by which the party is using to enact Trump’s tax priorities.


Including the debt ceiling in the broader bill will allow Republicans to avoid Democratic demands for concessions in exchange for their votes to raise the debt limit. But tacking debt limit action onto the same vehicle they’re using for Trump’s tax plans could also put a tight time crunch on Republicans to pass the sweeping tax bill.

Treasury Department Secretary Scott Bessent is already calling on Congress to raise or suspend the debt ceiling by July to keep the federal government from defaulting on its more than $36 trillion debt.

In a letter to Speaker Mike Johnson (R-La.) on Friday, Bessent said there is “reasonable probability” the government’s “cash and extraordinary measures will be exhausted in August while Congress is scheduled to be in recess.”

The difference is that raising the debt limit is an issue for Republicans only when a Democratic president is in the WH.

 

[John Edgar Slow Horses]

The deficit does not matter for GOP, right?

 

[initforme]

Blah, the debt ceiling has always been a canard, no matter the party in charge.

Reprioritizing the debt away from the grifty dems is the trick.

The debt issue is way overblown. If it hasn't been an issue until now then I simply don't believe it's an issue now.

 

[Cellblock2429]

The difference is that raising the debt limit is an issue for Republicans only when a Democratic president is in the WH.

/----/ And vice versa.

 

[initforme]

Tell me when I should be concerned with the debt.

 

[Cellblock2429]

Tell me when I should be concerned with the debt.

/-------/ The time to be concerned is now. US debt-to-GDP ratio: In 2024, the US debt-to-GDP ratio was around 98% for debt held by the public.

Meanwhile, the lowest in the world:
Brunei has the lowest debt-to-GDP ratio at 1.90%, according to data from Wisevoter. This means that Brunei's total debt is a very small fraction of its Gross Domestic Product, a measure of the total value of goods and services produced in a country. Brunei is the only sovereign state entirely on Borneo; the remainder of the island is divided between its multi-landmass neighbours of Malaysia and Indonesia.

 

[initforme]

/-------/ The time to be concerned is now. US debt-to-GDP ratio: In 2024, the US debt-to-GDP ratio was around 98% for debt held by the public.

Meanwhile, the lowest in the world:
Brunei has the lowest debt-to-GDP ratio at 1.90%, according to data from Wisevoter. This means that Brunei's total debt is a very small fraction of its Gross Domestic Product, a measure of the total value of goods and services produced in a country. Brunei is the only sovereign state entirely on Borneo; the remainder of the island is divided between its multi-landmass neighbours of Malaysia and Indonesia.
View attachment 1111102

Fake news.

 

[TNHarley]

Not surprising. He loves to spend us into oblivion.

 

[Cellblock2429]

Fake news.

/----/ Then call the Bureau of the Fiscal Service and straighten them out.
As of September 30, 2024, the $28.3 trillion in debt held by the public, excluding accrued interest, equates to 98 percent of GDP. Feb 25, 2025

Financial Report of the United States Government​

Bureau of the Fiscal Service (.gov)
https://www.fiscal.treasury.gov › financial-report › gov...

 

[Zincwarrior]

/-------/ The time to be concerned is now. US debt-to-GDP ratio: In 2024, the US debt-to-GDP ratio was around 98% for debt held by the public.

Meanwhile, the lowest in the world:
Brunei has the lowest debt-to-GDP ratio at 1.90%, according to data from Wisevoter. This means that Brunei's total debt is a very small fraction of its Gross Domestic Product, a measure of the total value of goods and services produced in a country. Brunei is the only sovereign state entirely on Borneo; the remainder of the island is divided between its multi-landmass neighbours of Malaysia and Indonesia.
View attachment 1111102

Brunei is basically a small island floating on a sea of oil.

 

[Moonglow]

Brunei is basically a small island floating on a sea of oil.

I bet they do not have 13 aircraft carriers.

 

[Oddball]

Blah, the debt ceiling has always been a canard, no matter the party in charge.

Reprioritizing the debt away from the grifty dems is the trick.

Steering it in the direction of the grifty repubs is no bargain.

 

[John Edgar Slow Horses]

The debt issue is way overblown. If it hasn't been an issue until now then I simply don't believe it's an issue now.

I think you are right. Both sides use it as a club.

 

[task0778]

Steering it in the direction of the grifty repubs is no bargain.

I am quite certain the grifty repubs are a lot less grifty than the dems are. I don't like what both parties are doing vis-a-vis the debt and deficits, and the public doesn't seem to care either. But I have never seen the time when the democrats wanted to spend less than the repubs did. OTOH, the GOP is supposed to be the conservative party, but when it comes to spending they ain't.

 

[Captain Caveman]

In all countries, if politicians were paid, hired and fired based on performance, we all wouldn't have national debt.

 

[initforme]

I am quite certain the grifty repubs are a lot less grifty than the dems are. I don't like what both parties are doing vis-a-vis the debt and deficits, and the public doesn't seem to care either. But I have never seen the time when the democrats wanted to spend less than the repubs did. OTOH, the GOP is supposed to be the conservative party, but when it comes to spending they ain't.

Why should the public care?

 

[Zincwarrior]

Why should the public care?

 

[task0778]

View attachment 1114130

My understanding for those top 3 red policies is essentially less tax revenue coming in if they are enacted. But what would the result be if NOT enacted? Higher taxes paid by primarily by a lot more people in the bottom half of the income ladder. You realize that we ain't talking about new tax cuts on top of what we have now, this is just to extend the 2017 Trump tax cuts. So, what will happen if this bill fails and those tax cuts expire?

Higher taxes => less consumer spending => less economic growth. Throw in the Trump tariffs (essentially a higher tax) and the spectre of a recession or even a depression is not out of the question. If this bill doesn't pass in some form then we aren't talking about tax cuts but instead a tax hike. Tax rates will go back to what they used to be in 2016.