Pauls' Revere
Member
- Joined
- Nov 15, 2007
- Messages
- 11,347
No worries, the US Government will expand the debt ceiling as they always do. This "argument" is nothing but a dog & pony show.
https://www.msn.com/en-us/news/poli...hit-new-high-in-june/ar-AAMs2Ct?ocid=msedgntp
THE BIG DEAL-Senate braces for a nasty debt ceiling fight: Republicans are digging in on the federal debt limit, warning Democrats that it will be up to them to avoid a default as President Biden pushes for trillions more in spending.
GOP senators are taking a firm line as Democrats plot a path for their $3.5 trillion spending measure, which the party plans to pass with budget reconciliation rules that will prevent the GOP from blocking it with a filibuster.
For that reason, Republican senators say they won't lift a finger to help Democrats raise the debt ceiling.
"I'm not sure why there's much of an incentive right now given what the Democrats are doing, trying to run roughshod over the minority in the Senate, to help them," said Sen. John Thune (S.D.), the No. 2 Senate Republican.
The stakes: The government will reach its debt limit on July 31, though the Treasury Department will be able to shuffle funds for an additional period to prevent the U.S. from breaking the ceiling.
Actually doing so would cause a severe disruption to markets and the economy, as the U.S. government would be unable to meet demands from its creditors and pay its bills.
Trillion of dollars in Treasury bonds held by foreign governments and investors are underpinned by faith in the federal government's ability to pay its bills. A default on the national debt could shatter that confidence and trigger a catastrophic financial crisis.
Experts have said that the coronavirus pandemic is making it harder to estimate precisely when the U.S. would default on its obligations absent any action.
https://www.msn.com/en-us/news/poli...hit-new-high-in-june/ar-AAMs2Ct?ocid=msedgntp
THE BIG DEAL-Senate braces for a nasty debt ceiling fight: Republicans are digging in on the federal debt limit, warning Democrats that it will be up to them to avoid a default as President Biden pushes for trillions more in spending.
GOP senators are taking a firm line as Democrats plot a path for their $3.5 trillion spending measure, which the party plans to pass with budget reconciliation rules that will prevent the GOP from blocking it with a filibuster.
For that reason, Republican senators say they won't lift a finger to help Democrats raise the debt ceiling.
"I'm not sure why there's much of an incentive right now given what the Democrats are doing, trying to run roughshod over the minority in the Senate, to help them," said Sen. John Thune (S.D.), the No. 2 Senate Republican.
The stakes: The government will reach its debt limit on July 31, though the Treasury Department will be able to shuffle funds for an additional period to prevent the U.S. from breaking the ceiling.
Actually doing so would cause a severe disruption to markets and the economy, as the U.S. government would be unable to meet demands from its creditors and pay its bills.
Trillion of dollars in Treasury bonds held by foreign governments and investors are underpinned by faith in the federal government's ability to pay its bills. A default on the national debt could shatter that confidence and trigger a catastrophic financial crisis.
Experts have said that the coronavirus pandemic is making it harder to estimate precisely when the U.S. would default on its obligations absent any action.
