The Facts About the Debt Ceiling

[Contumacious]

The Facts About the Debt Ceiling

Separating economic myths from economic truths

Myth 1: If a deal is not reached by August 2, the U.S. will default on its debt.

Fact 1: The Treasury Department can prioritize payments in order to avoid a default.

.

 

[Mad Scientist]

If I can't raise my debt ceiling, Congress shouldn't be able to either.

 

[Contumacious]

If I can't raise my debt ceiling, Congress shouldn't be able to either.

We are being governed by a Continuing Criminal Enterprise so of course they can.

.

 

[jillian]

Why is it always the people who understand nothing about a subject are the ones who profess to give you the "facts"?

*shrug*

 

[Contumacious]

Why is it always the people who understand nothing about a subject are the ones who profess to give you the "facts"?

*shrug*

Why is it always the people who understand nothing about a subject are the ones who profess to dispute the "facts"?


Editor’s Note: Reason columnist and Mercatus Center economist Veronique de Rugy appears weekly on Bloomberg TV to separate economic fact from economic myth.

.

 

[boedicca]

Why is it always the people who understand nothing about a subject are the ones who profess to give you the "facts"?

*shrug*

Well, that certainly Splains You.

The government's monthly receipts can cover interest on the debt, SS, Medicare, active military, veterans' pensions, with several billion left over for discretionary spending.

If these are not paid, it's a political decision made by Obama.

And, whatever happened to the Legendary & Sacred Social Security Trust Fund Lock Box?

 

[Contumacious]

Why is it always the people who understand nothing about a subject are the ones who profess to give you the "facts"?

*shrug*

Well, that certainly Splains You.

The government's monthly receipts can cover interest on the debt, SS, Medicare, active military, veterans' pensions, with several billion left over for discretionary spending.

If these are not paid, it's a political decision made by Obama.

And, whatever happened to the Legendary & Sacred Social Security Trust Fund Lock Box?

The Experts say that YOU are correct:


"The Treasury Department is due to pay off $30 billion in maturing short-term debt. But we also know that the Treasury has the ability to prioritize its payments and pay that particular $30 billion out of the $172 billion it collects in tax revenue. As the Bipartisan Policy Center has calculated, after paying $30 billion in interest payments in August, Treasury could, if it ceased all other functions (see page 13 of this document), also pay for Social Security, Medicare, unemployment benefits, and payments to defense contractors. Technically speaking, there is no need to default in the absence of a debt ceiling agreement."

Reason columnist and Mercatus Center economist Veronique de Rugy appears weekly on Bloomberg TV to separate economic fact from economic myth.

.

 

[Soggy in NOLA]

Why is it always the people who understand nothing about a subject are the ones who profess to give you the "facts"?

*shrug*

Shrug away Jilly... you're wrong on most every pointless point you attempt.

The U.S will NOT default unless the U.S. decides to default. There is enough money without raising the debt ceiling to make the needed debt payments. Go educate yourself.

 

[Wry Catcher]

The Facts About the Debt Ceiling

Separating economic myths from economic truths

Myth 1: If a deal is not reached by August 2, the U.S. will default on its debt.

Fact 1: The Treasury Department can prioritize payments in order to avoid a default.

.

Great, thanks for sharing. Oh, and if your wrong?

 

[Contumacious]

Why is it always the people who understand nothing about a subject are the ones who profess to give you the "facts"?

*shrug*

Shrug away Jilly... you're wrong on most every pointless point you attempt.

The U.S will NOT default unless the U.S. decides to default. There is enough money without raising the debt ceiling to make the needed debt payments. Go educate yourself.

Your statement has been confirmed by the Bipartisan Policy Center.

http://www.bipartisanpolicy.org/sites/default/files/Debt Ceiling Analysis FINAL_0.pdf

.

 

[Claudette]

Why is it always the people who understand nothing about a subject are the ones who profess to give you the "facts"?

*shrug*

Shrug away Jilly... you're wrong on most every pointless point you attempt.

The U.S will NOT default unless the U.S. decides to default. There is enough money without raising the debt ceiling to make the needed debt payments. Go educate yourself.

You got that right.

Obama and his Treasury Secretary will decide what gets payed and what doesn't and 200 Billion will cover a load of bills.

And Aug 2nd isn't a date set in stone.

Most people do not know this and are buying into Barry's scare tactics.

If anybody thinks Barry and his T-Sec are gonna let the US default or not pay the military, SS or Medicare then they are the dumbest folks on the plantet. Or the most uninformed.

 

[driveby]

Why is it always the people who understand nothing about a subject are the ones who profess to give you the "facts"?

*shrug*

Shrug away Jilly... you're wrong on most every pointless point you attempt.

The U.S will NOT default unless the U.S. decides to default. There is enough money without raising the debt ceiling to make the needed debt payments. Go educate yourself.

You got that right.

Obama and his Treasury Secretary will decide what gets payed and what doesn't and 200 Billion will cover a load of bills.

And Aug 2nd isn't a date set in stone.

Most people do not know this and are buying into Barry's scare tactics.

If anybody thinks Barry and his T-Sec are gonna let the US default or not pay the military, SS or Medicare then they are the dumbest folks on the plantet. Or the most uninformed.

They would absolutely not pay out SS, medicare or the military on purpose if they could successfully blame it on the Republicans.....

 

[Urkie]

Sure, lets just go ahead and gamble guys.

The fact is that if the debt ceiling isn't raised then all the obligations the federal government is supposed to pay won't be able to be paid for. Lots of people will lose jobs and the economy will suffer. Nobody knows how much it will suffer but it's certainly not a chance I'm willing to take nor should you. It's better to cut programs now and continue to cut more later on.

I'm tired of people saying that oh..."if I can't raise my debt ceiling then why should the government." Well they are the government and they don't always run surpluses. I'll agree they should reign in the spending a little bit but don't be a fool.

 

[Two Thumbs]

So when the dems say it's the end of America if we don't.

It's all lies and fear mongering.

Color me shocked.




What they hell happened to the party that was against raising the debt ceiling for 8 years? Why is it majically ok now.

 

[Soggy in NOLA]

Sure, lets just go ahead and gamble guys.

The fact is that if the debt ceiling isn't raised then all the obligations the federal government is supposed to pay won't be able to be paid for. Lots of people will lose jobs and the economy will suffer. Nobody knows how much it will suffer but it's certainly not a chance I'm willing to take nor should you. It's better to cut programs now and continue to cut more later on.

I'm tired of people saying that oh..."if I can't raise my debt ceiling then why should the government." Well they are the government and they don't always run surpluses. I'll agree they should reign in the spending a little bit but don't be a fool.

Fuck it... roll the dice. It will force them to do something they've shrugged off for decades.. it's called hard choices and prioritization.

We do it every day.. it's called REALITY.

 

[8537]

Why is it always the people who understand nothing about a subject are the ones who profess to give you the "facts"?

*shrug*

Well, that certainly Splains You.

The government's monthly receipts can cover interest on the debt, SS, Medicare, active military, veterans' pensions, with several billion left over for discretionary spending.

If these are not paid, it's a political decision made by Obama.

And, whatever happened to the Legendary & Sacred Social Security Trust Fund Lock Box?

The Experts say that YOU are correct:


"The Treasury Department is due to pay off $30 billion in maturing short-term debt. But we also know that the Treasury has the ability to prioritize its payments and pay that particular $30 billion out of the $172 billion it collects in tax revenue. As the Bipartisan Policy Center has calculated, after paying $30 billion in interest payments in August, Treasury could, if it ceased all other functions (see page 13 of this document), also pay for Social Security, Medicare, unemployment benefits, and payments to defense contractors. Technically speaking, there is no need to default in the absence of a debt ceiling agreement."

Reason columnist and Mercatus Center economist Veronique de Rugy appears weekly on Bloomberg TV to separate economic fact from economic myth.

.

Those poor fuckers on the Space Station will just have to fend for themselves. And Homeland Security will finally get a day off! Plus, it'll be a nice break for all those people getting nasty calls from the IRS.

But hey, some Republicans just aren't interested in paying the bills that their own House of Representatives approved. Color me surprised.

 

[Urkie]

Fuck it... roll the dice. It will force them to do something they've shrugged off for decades.. it's called hard choices and prioritization.

We do it every day.. it's called REALITY.

The government was never meant to run a surplus every single year. If you believe that they are then you have no clue how government works.

What I'm saying is that these cuts can be done over time. It doesn't need to be done all at once.

 

[Soggy in NOLA]

Well, that certainly Splains You.

The government's monthly receipts can cover interest on the debt, SS, Medicare, active military, veterans' pensions, with several billion left over for discretionary spending.

If these are not paid, it's a political decision made by Obama.

And, whatever happened to the Legendary & Sacred Social Security Trust Fund Lock Box?

The Experts say that YOU are correct:


"The Treasury Department is due to pay off $30 billion in maturing short-term debt. But we also know that the Treasury has the ability to prioritize its payments and pay that particular $30 billion out of the $172 billion it collects in tax revenue. As the Bipartisan Policy Center has calculated, after paying $30 billion in interest payments in August, Treasury could, if it ceased all other functions (see page 13 of this document), also pay for Social Security, Medicare, unemployment benefits, and payments to defense contractors. Technically speaking, there is no need to default in the absence of a debt ceiling agreement."

Reason columnist and Mercatus Center economist Veronique de Rugy appears weekly on Bloomberg TV to separate economic fact from economic myth.

.

Those poor fuckers on the Space Station will just have to fend for themselves. And Homeland Security will finally get a day off! Plus, it'll be a nice break for all those people getting nasty calls from the IRS.

But hey, some Republicans just aren't interested in paying the bills that their own House of Representatives approved. Color me surprised.

Nice try, but we don't all accept the notion that we must borrow into oblivion to provide free housing, free cell phones, studies of shrimp on treadmills, studies on gay men's penis size, massive layers of bureaucracy to regulate everything from what I eat to what light bulb I use, Obamacare, mortgage subsidies, food subsidies, farm subsidies, etc.

Note to self: Evry Goddamn thing in the federal budget is NOT a necessity.

 

[Soggy in NOLA]

Fuck it... roll the dice. It will force them to do something they've shrugged off for decades.. it's called hard choices and prioritization.

We do it every day.. it's called REALITY.

The government was never meant to run a surplus every single year. If you believe that they are then you have no clue how government works.

What I'm saying is that these cuts can be done over time. It doesn't need to be done all at once.

I'm ok with that. I'm NOT ok with borrowing to meet debt payments, especially when it is not necessary. These fuckers are TOTALLY OUT OF CONTROL.

 

[8537]

The Experts say that YOU are correct:


"The Treasury Department is due to pay off $30 billion in maturing short-term debt. But we also know that the Treasury has the ability to prioritize its payments and pay that particular $30 billion out of the $172 billion it collects in tax revenue. As the Bipartisan Policy Center has calculated, after paying $30 billion in interest payments in August, Treasury could, if it ceased all other functions (see page 13 of this document), also pay for Social Security, Medicare, unemployment benefits, and payments to defense contractors. Technically speaking, there is no need to default in the absence of a debt ceiling agreement."

Reason columnist and Mercatus Center economist Veronique de Rugy appears weekly on Bloomberg TV to separate economic fact from economic myth.

.

Those poor fuckers on the Space Station will just have to fend for themselves. And Homeland Security will finally get a day off! Plus, it'll be a nice break for all those people getting nasty calls from the IRS.

But hey, some Republicans just aren't interested in paying the bills that their own House of Representatives approved. Color me surprised.

Nice try, but we don't all accept the notion that we must borrow into oblivion to provide free housing, free cell phones, studies of shrimp on treadmills, studies on gay men's penis size, massive layers of bureaucracy to regulate everything from what I eat to what light bulb I use, Obamacare, mortgage subsidies, food subsidies, farm subsidies, etc.

Note to self: Evry Goddamn thing in the federal budget is NOT a necessity.

The person to whom I responded told us what offices could be funded based on current revenues. I pointed to a few that would thus be unfunded....

and you responded with a completely unrelated rant. OK then.