It's time to spend spend spend and raise the debt ceiling again

Here we go again. In order to counter the growing threat from China and Russia which are equipping their militaries with advanced military hardware like J-20 jets and PAK FA jets and new ships and new subs and new tanks, while burdened with taking care of an increasingly weakened population on medicare and medicaid which already enroll a third of New York state and expanding rapidly in most states, it's time for the US federal government to once again borrow borrow borrow and raise the debt ceiling. Rinse and repeat.

Treasury Secretary Steve Mnuchin informed Congress on Friday that action would be needed on the debt ceiling by September 29th.

The Treasury Department estimates it will run out of funds to pay its debts and interest on that date and financial markets will be watching loosely for action. If Congress fails to act, the U.S. would default.

The date falls on a Friday and coincides with the last weekday of fiscal 2017.

If a deal is not reached to fund the government, either through new appropriations or a continuing resolution, the government would also shut down on that date.

thehill.com...

a reply to: allsee4eye

I say shut it down !!

Why keep paying interest to book more inflation.

originally posted by: allsee4eye

The Treasury Department estimates it will run out of funds to pay its debts and interest on that date and financial markets will be watching loosely for action. If Congress fails to act, the U.S. would default.

That's how you'd run your check book / credit card???

a reply to: IgnoranceIsntBlisss

That's how I would run your checkbook and credit cards.

Isn't life more fun spending other people money?????

Well at least we finally found one thing everyone in Congress can agree to support.

The debt is basically meaningless aside from political point scoring and doom mongering anyway.

Yup. Let's throw 75 to 115 billion at insurance companies. As if those leeches haven't sucked enough blood from the masses.

Let's just add to the debt. Type some numbers on the keyboard. Easy pasy.

Reed, the Republican co-chair of the bipartisan Problem Solvers Caucus, said the group will soon unveil a proposal that includes a plan for a permanent fix for those insurance market subsidies. The centrist group of about 40 lawmakers will propose a $75 billion to $115 billion stabilization fund, from which states can draw money for other efforts to prop up their individual insurance markets

buffalonews.com...

I thought that was Obama's job. Trump was supposed to be fixing that, but evidently we are so far in debt that nobody can fix it.

a reply to: rickymouse

Who cares about debt. Just type 100 trillion dollars and give every person 1 million dollars and be like Venezuela. What can go wrong?

a reply to: rickymouse

O kicked this can down the road last year. This has been coming for awhile now.

a reply to: allsee4eye

Thanks McCain!

Someday, his name ought to be listed right beside Benedict Arnold.

originally posted by: JinMI
a reply to: rickymouse

O kicked this can down the road last year. This has been coming for awhile now.

Anyone in charge will choose to kick it down the road. The only other option destroys the country- and many others.

There are ways out of it, but they all mean the banks and higher corporations have to willingly close their doors first.
Won't happen in this country.

a reply to: lordcomac

Destroy monetarily, sure. It's going to happen eventually, rip that )#($ bandaid.

You're also right that it won't happen. Venezuela anyone?

a reply to: lordcomac

I wouldn't be too sure about that.

California and Illinois are looking none too healthy financially. It wouldn't take much for them to topple, and once the states start to go down, it won't take long for the country to suffer a major correction. We can't bail out all 50.

a reply to: allsee4eye

Well, we have to have fake enemies like Russia and China so we can justify more fake debt and spend more fake money.

a reply to: JinMI

There are only two ways to cure the deficit...

1) Create a 10% flat tax and minimize government spending to a bare minimum, and I do mean bare bones. Even this wouldn't be a guarantee fix.

2) Let it implode and try something different.

Guess which one is likely to happen.... Like you say, it's an inevitability. It's going to happen.

a reply to: allsee4eye

Perfect time to cut taxes, that way we can be sure there isn't enough revanue.

originally posted by: ketsuko
a reply to: lordcomac

I wouldn't be too sure about that.

California and Illinois are looking none too healthy financially. It wouldn't take much for them to topple, and once the states start to go down, it won't take long for the country to suffer a major correction. We can't bail out all 50.

California
GDP growth‎: ‎2.9% (2016)‎
GDP per capita‎: ‎$66,310 (2016)‎
GDP‎: ‎$2.603 trillion (2016)‎
www.ocregister.com...

originally posted by: SpeakerofTruth
a reply to: JinMI

There are only two ways to cure the deficit...

1) Create a 10% flat tax and minimize government spending to a bare minimum, and I do mean bare bones. Even this wouldn't be a guarantee fix.

2) Let it implode and try something different.

Guess which one is likely to happen.... Like you say, it's an inevitability. It's going to happen.

Austerity, cutting government spending to a bare minimum, didn't work in the UK.

Austerity economics just strangled the economy, and made it perform less well overall, resulting in smaller tax revenues. It was counter-productive. Not sure what the answer is, but slashing spending didn't work.

a reply to: Painterz

A surplus?

The tax cut propaganda is not going to help.

The thing that helps is collecting the amount of taxes for the amount of spending.

Republicans for the Las 40 years like to cut people's taxes only to increase national debt because they can't balance a budget even when they control everything.

Kind of like a drug dealer giving you a fix that really isn't helping.