We would have defaulted no thanks to Biden

[Sixties Fan]

If we had a fair and unbiased media, we could have possibly passed a sensible debt limit package. But as long as the media is in lockstep with Democrats, you can count on this insane spending to continue and for the media dickheads to do everything they can to blame Republicans.

Both sides gave up something.

The debt ceiling is to pay for what has already been spent.

Some Republicans wanted to totally default which would have caused a lot of chaos for who knows how long, not only in the US, but abroad.

AND the US rating ranking would have gone down, making the interest to pay higher, just as it happened in 2011.

Some Republicans never learn.

 

[wamose]

The debt ceiling is to pay for what has already been spent.

Raising the debt ceiling doesn't pay for anything. It just allows our irresponsible government to barrow more money. I pity the younger folks in spite of their ignorance. There's a real good chance they'll get what they're voting for and I'll guarantee they won't like it.

 

[rightwinger]

Friday of last month we were told the debt could default on June 1.

They came up with a deal that day. They printed it the next. The house had to have 72 hours to look at it. The house voted in one day. The senate voted in one day, without sending it back to the house. It takes at least one day to get it to the president.

So we would have defaulted if the deadline hadn't been pushed until June 5.

No thank you Brandon.

Great work by our President who saved our country from the Republicans

 

[bendog]

Going into default is a kin to bankruptcy... when people file for bankruptcy that is when they begin to put their life back on track and pay their debts after reorganizing payments and interest rates...
That would be the best thing that could happen to the government and our nation.... the only bad thing about it is not bad at all... it would mean the end of all political careers of the people responsible for the ever increasing debt.... and that's a plus....
The media spun this default like it would hurts us all... that's BS....

And a recession, but hey, that could be good .....

 

[Rambunctious]

And a recession, but hey, that could be good .....

We are ALREADY IN A RECESSION....

 

[Mac1958]

Friday of last month we were told the debt could default on June 1.

They came up with a deal that day. They printed it the next. The house had to have 72 hours to look at it. The house voted in one day. The senate voted in one day, without sending it back to the house. It takes at least one day to get it to the president.

So we would have defaulted if the deadline hadn't been pushed until June 5.

No thank you Brandon.

The GQP could have just agreed to increasing the debt ceiling up front, as they obediently did for their orange buffoon.

That's on them, not Biden. This "crisis" was about them, not Biden.

 

[bendog]

I think "the deal" mainly benefited the centrists, and both McCarthy and Biden must have wanted that. But I'm not wasting time is this failed abortion of a thread. LOL

 

[Rambunctious]

Mac1958

Bank Failures, Like Earlier Shocks, Raise Odds of Recession

Troubles at Silicon Valley Bank and other lenders will test banking, business and consumer confidence.

www.wsj.com

Survey: Recession Likely After Bank Failures | Bankrate

The financial system has a 64 percent chance of contracting by the end of 2023, according to experts’ average forecast.

www.bankrate.com

Banking Turmoil May Precede Long-Awaited Recession | Fannie Mae

Uncertainty regarding our latest macroeconomic forecast, which we finalized on March 13, has risen in the wake of the recent turbulence in the banking sector, following the failures of Silicon Valley Bank and Signature Bank, as well as troubles with Credit Suisse.

www.fanniemae.com

Banks Are Going to Cause a Recession Again

For the second time in the 21st century, mistakes in the financial sector could topple the economy.

time.com

 

[Sixties Fan]

Raising the debt ceiling doesn't pay for anything. It just allows our irresponsible government to barrow more money. I pity the younger folks in spite of their ignorance. There's a real good chance they'll get what they're voting for and I'll guarantee they won't like it.

It is to pay what already has been bought. Like a credit card purchase one needs to pay at a certain date.

 

[wamose]

It is to pay what already has been bought. Like a credit card purchase one needs to pay at a certain date.

Dude, it pays for nothing. It's an increase to our countries credit line. We need it because we have a lot of irresponsible assholes that don't know how to budget. Tell me what bank would increase the credit line of a slacker 90+ times.

 

[Dekster]

Default will happen one day... better to have it take place now then down the road as it will get worse....

Default has happened a few times. We are just too young to remember it.

 

[Sixties Fan]

Dude, it pays for nothing. It's an increase to our countries credit line. We need it because we have a lot of irresponsible assholes that don't know how to budget. Tell me what bank would increase the credit line of a slacker 90+ times.

• Although the debt ceiling debate often elicits calls by lawmakers to cut back on government spending, lifting the debt limit does not authorize any new spending and in fact simply allows the United States to finance existing obligations. In other words, it allows the government to pay the bills it has already incurred.

The U.S. Hit the Debt Ceiling. What Does That Mean and What Happens Now? (Published 2023)

If Congress fails to increase the government’s borrowing limit in time, the result would be a shock to the economy and financial markets.

www.nytimes.com

 

[Winston]

Going into default is a kin to bankruptcy... when people file for bankruptcy that is when they begin to put their life back on track and pay their debts after reorganizing payments and interest rates...
That would be the best thing that could happen to the government and our nation.... the only bad thing about it is not bad at all... it would mean the end of all political careers of the people responsible for the ever increasing debt.... and that's a plus....
The media spun this default like it would hurts us all... that's BS....

Are you flippin kidding me? You must have the same economic and finance background as those dumbass Republican nutjobs. First, default is not "akin" to bankruptcy. More like missing a credit card payment. But, if the US did default it would mean a downgrade and that leads to higher interest expenses in the future. And to be blunt, even though we avoided a default we still might have our debt downgraded. The result will be billions of dollars in additional expense to service our debt and all because a bunch of jackwhipes thought it would be cool to hold our debt responsibilities hostage.

See, in the world of finance there is a critical factor, the "risk-free" rate of interest. It factors into everything, from capital growth models to evaluate stock prices to pricing models seeking to maximize return. Traditionally, that risk free rate of return was equivalent to the 10 year Treasury rate. But now, well it ain't "risk-free" anymore. A dysfunctional Congress, populated by some really big dumbasses, just might think like you do.

And that is the other thing. If we were to default who do you think will get paid first? Social Security checks? Salaries of the military? No, the bond holders get paid first. Exactly how bankruptcy works. So Grandmaw, living on her Social Security, has to eat cat food while China gets paid. Those optics work for you?

 

[Winston]

Default has happened a few times. We are just too young to remember it.

Really, going to need some documentation on that hoss.

 

[Rambunctious]

Are you flippin kidding me? You must have the same economic and finance background as those dumbass Republican nutjobs. First, default is not "akin" to bankruptcy. More like missing a credit card payment. But, if the US did default it would mean a downgrade and that leads to higher interest expenses in the future. And to be blunt, even though we avoided a default we still might have our debt downgraded. The result will be billions of dollars in additional expense to service our debt and all because a bunch of jackwhipes thought it would be cool to hold our debt responsibilities hostage.

See, in the world of finance there is a critical factor, the "risk-free" rate of interest. It factors into everything, from capital growth models to evaluate stock prices to pricing models seeking to maximize return. Traditionally, that risk free rate of return was equivalent to the 10 year Treasury rate. But now, well it ain't "risk-free" anymore. A dysfunctional Congress, populated by some really big dumbasses, just might think like you do.

And that is the other thing. If we were to default who do you think will get paid first? Social Security checks? Salaries of the military? No, the bond holders get paid first. Exactly how bankruptcy works. So Grandmaw, living on her Social Security, has to eat cat food while China gets paid. Those optics work for you?

So the media did their song and dance on you?... and it worked?.... what are we going to do when the debt is double what it is today and its time to raise the limit again?.... you aren't thinking ahead at all....
There is literally nothing in this deal that curtails spending...

 

[Winston]

/

• Although the debt ceiling debate often elicits calls by lawmakers to cut back on government spending, lifting the debt limit does not authorize any new spending and in fact simply allows the United States to finance existing obligations. In other words, it allows the government to pay the bills it has already incurred.

The U.S. Hit the Debt Ceiling. What Does That Mean and What Happens Now? (Published 2023)

If Congress fails to increase the government’s borrowing limit in time, the result would be a shock to the economy and financial markets.

www.nytimes.com

And why is always about spending? What about revenue? I mean I got to tell you, if my debt grows to the point that I have to worry about it, before I cut spending, I am going to look at ways to increase my income. I mean this shit is starting to get like a broken record. Republicans storm into the executive branch, hand out taxcuts to the corporations and the wealthiest Americans, throw a token bullshit tax cut to the middle class, and damn, often times, actually increase the taxes on the poorest Americans. Then they spend like drunken sailors on stupid shit, run up the debt, and lo and behold, a Democrat takes the executive branch and suddenly, well they are all about spending cuts. Fawk them and the horse they rode in on

Like I said, a broken damn record. Bush v. Gore--Gore wanted to take the surplus we had and invest it in America, Bush promised to give it back, the rainy day fund. Yep, tax cuts to his buddies, and then, well that rainy day showed up on 9/11. Trump does the same thing, come in, cuts taxes, and then Covid shows up and he all but drops money from helicopters to prop himself up. I mean are we all not tired of this bullshit?

Lift the cap on Social Security taxes. Increase the corporate tax rate to at least what it used to be. Implement a billionaire tax because God knows, they have made out better than anyone. And if those billionaires don't like paying those taxes, they can get the fawk out. Who flippin cares. The city with the most billionaires in the world is London, so let's at least get their taxes equivalent to what they pay there.

 

[Toro]

Friday of last month we were told the debt could default on June 1.

They came up with a deal that day. They printed it the next. The house had to have 72 hours to look at it. The house voted in one day. The senate voted in one day, without sending it back to the house. It takes at least one day to get it to the president.

So we would have defaulted if the deadline hadn't been pushed until June 5.

No thank you Brandon.

Why do you hate America so much?

 

[Winston]

So the media did their song and dance on you?... and it worked?.... what are we going to do when the debt is double what it is today and its time to raise the limit again?.... you aren't thinking ahead at all....
There is literally nothing in this deal that curtails spending...

Yep, your right, nothing in this deal to cut spending, the CBO has said as much. The work requirement for those on public assistance, it costs money. Axing those IRS agents, it costs money. Damn, most of the provisions Republican's supported INCREASE the damn deficit. So you are the one letting Republican dumbshits blow smoke up your ass.

 

[Rambunctious]

And why is always about spending? What about revenue? I mean I got to tell you, if my debt grows to the point that I have to worry about it, before I cut spending, I am going to look at ways to increase my income. I mean this shit is starting to get like a broken record. Republicans storm into the executive branch, hand out taxcuts to the corporations and the wealthiest Americans, throw a token bullshit tax cut to the middle class, and damn, often times, actually increase the taxes on the poorest Americans. Then they spend like drunken sailors on stupid shit, run up the debt, and lo and behold, a Democrat takes the executive branch and suddenly, well they are all about spending cuts. Fawk them and the horse they rode in on

Like I said, a broken damn record. Bush v. Gore--Gore wanted to take the surplus we had and invest it in America, Bush promised to give it back, the rainy day fund. Yep, tax cuts to his buddies, and then, well that rainy day showed up on 9/11. Trump does the same thing, come in, cuts taxes, and then Covid shows up and he all but drops money from helicopters to prop himself up. I mean are we all not tired of this bullshit?

Lift the cap on Social Security taxes. Increase the corporate tax rate to at least what it used to be. Implement a billionaire tax because God knows, they have made out better than anyone. And if those billionaires don't like paying those taxes, they can get the fawk out. Who flippin cares. The city with the most billionaires in the world is London, so let's at least get their taxes equivalent to what they pay there.

You are so full of crap its unreal... what a spectacular ass you are....
Trump dropped money to prop himself up?... that's foolish beyond explanation..... lift the cap on SSI taxes??? are you insane?....

 

[Toro]

You are so full of crap its unreal... what a spectacular ass you are....
Trump dropped money to prop himself up?... that's foolish beyond explanation..... lift the cap on SSI taxes??? are you insane?....

Trump has made many billions off you losers.

But keep sending because ka-ching!