Signifyin(g)Monkey Posted September 22, 2021 Share Posted September 22, 2021 …or just straight-up abolish it, already. It is among the dumbest ideas ever conceived in the history of US governance, and that is saying a lot. 1 Quote Link to comment Share on other sites More sharing options...
b_m_b_m_b_m Posted September 22, 2021 Share Posted September 22, 2021 Failing that, mint the coin. Default is not an option. 1 Quote Link to comment Share on other sites More sharing options...
b_m_b_m_b_m Posted September 22, 2021 Share Posted September 22, 2021 Very cool 1 Quote Link to comment Share on other sites More sharing options...
b_m_b_m_b_m Posted September 22, 2021 Share Posted September 22, 2021 so when does the corporate world start to get worried 1 Quote Link to comment Share on other sites More sharing options...
Kal-El814 Posted September 22, 2021 Share Posted September 22, 2021 1 hour ago, b_m_b_m_b_m said: so when does the corporate world start to get worried lol Quote Link to comment Share on other sites More sharing options...
Jason Posted September 22, 2021 Share Posted September 22, 2021 1 hour ago, b_m_b_m_b_m said: so when does the corporate world start to get worried And this is a vote to cover their spending spree from the Trump years, not new spending. Quote Link to comment Share on other sites More sharing options...
b_m_b_m_b_m Posted September 22, 2021 Share Posted September 22, 2021 18 minutes ago, Jason said: And this is a vote to cover their spending spree from the Trump years, not new spending. Nothing wrong with spending Quote Link to comment Share on other sites More sharing options...
Jason Posted September 22, 2021 Share Posted September 22, 2021 6 minutes ago, b_m_b_m_b_m said: Nothing wrong with spending It is if you're gonna collapse the country over paying for it doe Quote Link to comment Share on other sites More sharing options...
b_m_b_m_b_m Posted September 22, 2021 Share Posted September 22, 2021 19 minutes ago, Jason said: It is if you're gonna collapse the country over paying for it doe It's not even over how to pay for it. It's about an arbitrary statutory limit on how much collective debt can be issued based on already appropriated funds Quote Link to comment Share on other sites More sharing options...
b_m_b_m_b_m Posted September 22, 2021 Share Posted September 22, 2021 Quote Link to comment Share on other sites More sharing options...
Jason Posted September 23, 2021 Share Posted September 23, 2021 Mitch McConnell tells Democrats not to 'play Russian roulette with the economy' as the GOP plays Russian roulette with the economy WWW.BUSINESSINSIDER.COM McConnell started a logjam in Congress. Now he's lecturing Democrats about fixing it, as the US barrels towards a potential default within weeks. 1 Quote Link to comment Share on other sites More sharing options...
Ricofoley Posted September 23, 2021 Share Posted September 23, 2021 Mint the coin and stamp this image on it 3 Quote Link to comment Share on other sites More sharing options...
mclumber1 Posted September 23, 2021 Share Posted September 23, 2021 A trillion dollar coin would make a great plot device for a heist movie. National Treasure 3? 1 Quote Link to comment Share on other sites More sharing options...
BloodyHell Posted September 23, 2021 Share Posted September 23, 2021 13 hours ago, Ricofoley said: Mint the coin and stamp this image on it Call it the "Cornpop". Quote Link to comment Share on other sites More sharing options...
Xbob42 Posted September 23, 2021 Share Posted September 23, 2021 "I've got a trillion dollar coin. The only problem is... no one can make change for it." Quote Link to comment Share on other sites More sharing options...
b_m_b_m_b_m Posted September 23, 2021 Share Posted September 23, 2021 1 Quote Link to comment Share on other sites More sharing options...
CayceG Posted September 23, 2021 Share Posted September 23, 2021 Why are they afraid of The Coin? Quote Link to comment Share on other sites More sharing options...
b_m_b_m_b_m Posted September 23, 2021 Share Posted September 23, 2021 9 minutes ago, CayceG said: Why are they afraid of The Coin? They fear the Constitution Quote Link to comment Share on other sites More sharing options...
Commissar SFLUFAN Posted September 23, 2021 Share Posted September 23, 2021 White House beginning to tell government agencies to prepare for a shutdown WWW.NBCNEWS.COM Democrats also say they have a deal to pay for a multitrillion-dollar social safety net package. Quote The White House has started to tell government agencies to prepare for a potential government shutdown if a stopgap bill is not signed into law by Sept. 30. "We are taking every step we can to mitigate the impacts of a potential shutdown," White House press secretary Jen Psaki said during a briefing Thursday. There is no formal guidance yet, but it's "just a reminder we're seven days out and we need to be prepared, of course, in any event of any contingency, so we see this as a routine step and one just to be prepared in any event of what could happen," she said. 2 Quote Link to comment Share on other sites More sharing options...
b_m_b_m_b_m Posted September 23, 2021 Share Posted September 23, 2021 Lmao 1 Quote Link to comment Share on other sites More sharing options...
Jason Posted September 23, 2021 Share Posted September 23, 2021 Quote Link to comment Share on other sites More sharing options...
Ricofoley Posted September 23, 2021 Share Posted September 23, 2021 5 hours ago, CayceG said: Why are they afraid of The Coin? They probably think they'll look stupid for it, ignoring the fact that literally everything is stupid now Quote Link to comment Share on other sites More sharing options...
Jason Posted September 27, 2021 Share Posted September 27, 2021 Debt ceiling vote in Senate to be blocked by Republicans - The Washington Post WWW.WASHINGTONPOST.COM The GOP's expected opposition is sure to deal a death blow to the measure, which had passed the House, and adds to the pressure on Democrats to devise their own path forward ahead of a series of urgent fiscal deadlines starting this week. And of course, WaPo acting as uncritical stenographers. Quote Ahead of the planned Monday vote, Senate Minority Leader Mitch McConnell (R-Ky.) staked his party’s position — that Republicans are not willing to vote for any measure that raises or suspends the debt ceiling, even if they have no intentions of shutting down the government in the process. GOP lawmakers feel that raising the borrowing limit, which allows the country to pay its bills, would enable Biden and his Democratic allies to pursue trillions in additional spending and other policy changes they do not support. Quote Link to comment Share on other sites More sharing options...
b_m_b_m_b_m Posted September 28, 2021 Share Posted September 28, 2021 we're doomed 2 Quote Link to comment Share on other sites More sharing options...
Commissar SFLUFAN Posted September 28, 2021 Share Posted September 28, 2021 US government will run out of money by October 18, Treasury secretary says WWW.CNN.COM Treasury Secretary Janet Yellen warned lawmakers that the federal government will likely run out of cash and extraordinary measures by October 18 unless Congress raises the debt ceiling. Quote Treasury Secretary Janet Yellen warned lawmakers that the federal government will likely run out of cash and extraordinary measures by October 18 unless Congress raises the debt ceiling. The new estimate from Yellen raises the risk that the United States could default on its debt in a matter of weeks if Washington fails to act. A default would likely be catastrophic, tanking markets and the economy, and delaying payments to millions of Americans. "It is uncertain whether we could continue to meet all the nation's commitments after that date," Yellen wrote in a letter, adding the projection is based on estimated tax payments. 1 Quote Link to comment Share on other sites More sharing options...
b_m_b_m_b_m Posted September 28, 2021 Share Posted September 28, 2021 haha this sucks man. So long any chance of keeping the house Quote Link to comment Share on other sites More sharing options...
Jason Posted September 28, 2021 Share Posted September 28, 2021 1 minute ago, b_m_b_m_b_m said: haha this sucks man. So long any chance of keeping the house sucks that the stupid senate parmesan won't let them do things Quote Link to comment Share on other sites More sharing options...
CitizenVectron Posted September 29, 2021 Share Posted September 29, 2021 1 Quote Link to comment Share on other sites More sharing options...
CitizenVectron Posted September 29, 2021 Share Posted September 29, 2021 When rich white men designed the United States: "To get anything done, you will need to stand on your head for 30 minutes and perform a series of agility tests. To stop that thing from getting done, you need to press a single button." Quote Link to comment Share on other sites More sharing options...
Kal-El814 Posted September 29, 2021 Share Posted September 29, 2021 2 hours ago, CitizenVectron said: Quote Link to comment Share on other sites More sharing options...
b_m_b_m_b_m Posted September 30, 2021 Share Posted September 30, 2021 Quote Link to comment Share on other sites More sharing options...
Ricofoley Posted September 30, 2021 Share Posted September 30, 2021 I honestly don't know what they're expecting to happen at this point. Like... you gotta do something. I can't believe they didn't have a better plan for this other than writing some tweets about how much the GOP increased the debt under Trump. Quote Link to comment Share on other sites More sharing options...
b_m_b_m_b_m Posted September 30, 2021 Share Posted September 30, 2021 I would expect that the corporate lobbying apparatus are gonna start/have started leaning on manchin et al to do a carve out for the debt limit from the filibuster If they're not then corporate lobbying is beyond broken Quote Link to comment Share on other sites More sharing options...
Spork3245 Posted September 30, 2021 Share Posted September 30, 2021 On 9/28/2021 at 2:24 PM, Commissar SFLUFAN said: US government will run out of money by October 18, Treasury secretary says WWW.CNN.COM Treasury Secretary Janet Yellen warned lawmakers that the federal government will likely run out of cash and extraordinary measures by October 18 unless Congress raises the debt ceiling. I watched this live and in its entirety on Tuesday. My favorite part was honestly: Chairman Brown: Mr. Powell, do you feel as though it's time for a black woman on the federal reserve board? Powell: We have no role in selecting who serves, but... yea, sure! Also, Toomey being Toomey and not grasping what the debt ceiling really even is after Yellen flat-out explained it in plain English. Quote Link to comment Share on other sites More sharing options...
Signifyin(g)Monkey Posted September 30, 2021 Author Share Posted September 30, 2021 8 hours ago, Ricofoley said: I honestly don't know what they're expecting to happen at this point. Like... you gotta do something. I can't believe they didn't have a better plan for this other than writing some tweets about how much the GOP increased the debt under Trump. Seriously, just tell them to get f*cked and raise it. Thing is, the people in the know—I.e., finance capital and investors who stand to lose money in the case of a default—know this is bullshit. That’s why financial markets might wobble, but won’t implode like they would under a real default. Quote Therefore, we encourage you to stay above the fray and focus on what truly matters: the exceedingly low likelihood of an actual default even if Congress stalls for a long while. Bond principal payments are covered, as hitting the debt ceiling doesn’t prevent the Treasury from issuing new debt to refinance a maturing bond. That leaves interest payments, which the Treasury can manage easily. Exhibit 1, which refreshes a chart we ran in July, shows interest payments and tax revenues in each of the past 12 months. Even with revenues being a bit lumpy due to the timing of estimated tax payments and other factors, they dwarf interest expenses each month, with plenty left over for a good number of other accounts payable. Considering the Treasury has both the ability to prioritize interest payments over all others and a de facto Supreme Court mandate to do so, via the justices’ interpretation of the 14thAmendment, an actual default is incredibly unlikely. The only other sensible strategy I could see is not raising it and then going on a campaign pointing out that Republicans are ransoming people’s Social Security payments and stuff like that, (which is theoretically true but practically untrue) but the far better option is to just bypass it entirely and showcase how pointless it is. I’m all for sensible bipartisanship, but once in awhile ya gotta play hardball and punch the other guy in the stomach so he stops harassing you. Quote Link to comment Share on other sites More sharing options...
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