I was reading an article that said the debt ceiling deal basically locked in the inflated spending levels that were justified by the "COVID crisis." From the article: McCarthy has agreed to suspend the debt ceiling through January 2025. The deal will also raise military spending to Biden's desired level and only sets an enforceable cap on non-defense discretionary spending for two years. And those caps keep spending at post-COVID levels, without rolling back any of the big $1.7 trillion omnibus spending approved last year. So they jack up spending because of a "crisis," and that ceiling becomes the new permanent floor.
Yes their figures are bogus. Never trust the accuracy of government figures. My point was just about the basis for the COLA calculation.
Food evening to all- There is a group of slime-bucket republican politicians who oppose anything and everything which does not follow their small-minded way of thinking. Politics is compromise. Nobody gets all of what they want- everybody gets some of what they want. Conservative republicans can't understand this, and they are willing to torture the country because they can't always get their own way These repubs who can't compromise are vile, harmful individuals. We can do better than these nasty selfish self-serving herks. you all be safe and keep well- Ed
Well, the new budget bill has PASSED the Republican controlled HOUSE vote. It is now up to the Democrat controlled Senate. Then , of course, it goes to Pres Biden for his signature. It remains to be seen if Pres. Biden has enough clout with fellow Democrats, to ram it through .
Biden may be a laid back guy, but he has learned from experience how to negotiate. The deal he and McCarthy agreed upon really isn't that bad for Democrats, and gave McCarthy talking points to brag about to the small Republican Nut Job Caucus (NJC) in the House. McCarthy got himself in this bind because he became beholden to the NJC to get their votes to become speaker. Under the new House rules, only one member of the NJC is needed to bring a "motion to vacate," which forces a vote on removing the speaker. That would need only a simple majority of the House to pass to oust McCarthy. The NJC would need Democrats to help in order to get a majority vote. The only person the NJC would be happy with would be one of their members, like flame-thrower Jim Jordan. No way would Dems vote for Jordan. This bill wouldn't have passed the House, nor could McCarthy be ousted, without help from the Democrats. Now McCarthy has also become beholden to Biden and the Democrats. They gave him a way to get out of a jam and save face.
Thu, June 1, 2023 at 10:15 PM CDT The Senate voted to approve a bill that raises the debt ceiling for two more years, sending the legislation to President Joe Biden’s desk just days before the US potentially runs out of money to pay its bills. The final count was 63-36. There were 17 Republicans opposed and four Democrats who voted against it.
Very good video, @Thomas Windom. Most Americans are not aware of how rapidly de-Dollarization is proceeding. The Dollar will still be around for a number of years as a significant currency...unless, of course, we sanction more countries. Every time we use our currency as a weapon, it loses supporters on the international stage, especially when there are now alternatives. If the BRICS nations get their commodities-based currency online next year, things will really accelerate.
I just read that the INTEREST ON THE U.S. DEBT is about to exceed total tax revenues. That means everything the government spends will be borrowed. How can a nation continue with policies like this. It appears default will have to be in our future.
But we will be saved by new digital currency!!! Yay! At this point they may be destroying everything so if Trump gets in, he will be a failure. They are raising the interest rates from nothing after keeping it so low for a decade or so. The low interest was supposed to slow the indebtedness. I guess we put up with it for nothing.
I think they have to raise the interest rate to get anyone to buy the debt, as the U.S. isn't regarded as safe on the international market as it once was. The interest on the national debt has reportedly doubled since January 2022, partly because of all the care given to illegals and the funding of the Ukraine war. When the Middle East is added into the mix... The Modern Monetary Theory folks believe that a government can spend as much as it wants as long as it completely controls the currency. We are losing control of the Dollar thanks to Biden policies and the BRICS Alliance, so they will have to resort to a digital dollar that can be controlled and manipulated at the will of the government. The same will probably have to be done in the EU as well, and perhaps the UK. Canada may be first.