Get ready for more Debt Ceiling rigmarole in 2013

Jun 30, 2005
10,823
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outsiddah Boston
#1
So the debt ceiling is currently set at $16.4 trillion...and we are going to hit that in Feb of 2013...get ready for either more shutdowns of the govt. or watch as they leverage this to raise it and spend more....yay for us...
 
May 24, 2004
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Queens, NY
#3
It will delay it past February but not much longer than that. You could cut all discretionary spending and Treasury would still need to borrow for entitlement. (I might be wrong on that). And entitlements aren't going away: People love their government bennies. You cut off the money, you lose the next election. They have no choice but to keep things status quo.

Debt downgrades, tax hikes and social unrest, here we come!
 

Don the Radio Guy

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Mar 30, 2006
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#4
Get ready for higher taxes and more taxes on top of that. Thanks, parasite class!
 

MayrMeninoCrash

Liberal Psycopath
Dec 9, 2004
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#5
Get ready for higher taxes and more taxes on top of that. Thanks, parasite class!
Funny how regardless the outcome you'll be outraged. If they extend the tax cuts and avoid the fiscal cliff, you'll be here crying about the exploding deficit.
 

Don the Radio Guy

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#6
Funny how regardless the outcome you'll be outraged. If they extend the tax cuts and avoid the fiscal cliff, you'll be here crying about the exploding deficit.
The tax cuts aren't getting extended. The democrat talking point that extending CURRENT rates is akin to cutting taxes makes that clear. And I have no faith in the Republicans to stand up to the pied piper of free shit.
 

peewee

Registered User
Aug 10, 2003
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#8
Hopefully everyone learned their lesson last time and just raise the god damn thing without much of a debate, and then do their best to cut the deficit. Holding out until the last minute did nothing but fuck up our credit rating.
 

whiskeyguy

PR representative for Drunk Whiskeyguy.
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Jan 12, 2010
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#9
Hopefully everyone learned their lesson last time and just raise the god damn thing without much of a debate, and then do their best to cut the deficit. Holding out until the last minute did nothing but fuck up our credit rating.
You don't think further raising it will cut our rating more? There was already talk that our rating my drop regardless.

The debt ceiling should not be raised, and I hope to fucking God the House Republicans have balls to do the right thing. What happened to the Most Special Super Duper Epic Committee that was going to fix all our problems? They did nothing, and now the fail safe from that deal (automatic spending cuts) is coming into play.

Cut up the fucking credit card.
 

Don the Radio Guy

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Mar 30, 2006
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#10
Hopefully everyone learned their lesson last time and just raise the god damn thing without much of a debate, and then do their best to cut the deficit. Holding out until the last minute did nothing but fuck up our credit rating.
Yeah just give the democrats everything they want. No questions asked. That's how we got into this mess. Fuck that.
 

Norm Stansfield

私は亀が好きだ。
Mar 17, 2009
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#11
Hopefully everyone learned their lesson last time and just raise the god damn thing without much of a debate, and then do their best to cut the deficit. Holding out until the last minute did nothing but fuck up our credit rating.
I don't think you understand how the basic logic of borrowing works. If you borrow less, it's easier to pay back. If you borrow more, it's harder. Repeat that about 20 times in front of a mirror, focusing on drilling it into your head, word by word. Then, answer this simple question:

How is the government setting the limit at 16.4 trillion, and refusing to borrow a dime more, going to negatively impact the credit rating (their ability to pay back what they owe)?
 

f kane

Known Traffic Menace
Feb 10, 2010
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#13
The thing about Obama voters is that they are buying Obama's lie about only the wealthy getting a tax increase, and they don't have the mental capacity or the attention span to understand that ending the Bush tax cuts will result them getting a tax increase. Obama is the smoothest pickpocket ever.
 

Norm Stansfield

私は亀が好きだ。
Mar 17, 2009
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#14
The thing about Obama voters is that they are buying Obama's lie about only the wealthy getting a tax increase, and they don't have the mental capacity or the attention span to understand that ending the Bush tax cuts will result them getting a tax increase. Obama is the smoothest pickpocket ever.
Most of the Bush tax cuts cut taxes for the middle class, not the wealthy. After the Bush cuts went into effect, the wealthy were contributing a greater percentage of federal taxes than before.
 

Begbie

Wackbag Generalissimo
Jul 21, 2003
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#15
What a bunch of bullshit. There is no debt crisis or looming fiscal crisis. Because Richard Trumka says so. :cool:

Fiscal Cliff: Richard Trumka Calls It 'Manufactured Crisis'

WASHINGTON -- Digging in for the looming battle over deficit-reduction, AFL-CIO President Richard Trumka will make organized labor's case Thursday against cuts to Social Security, Medicare and Medicaid, declaring the doomsday debt talk in Washington a "manufactured crisis."
"There is no fiscal cliff," Trumka says in prepared remarks to the National Mediation Board Conference in Washington on Thursday. "What we’re facing is an obstacle course within a manufactured crisis that was hastily thrown together in response to inflated rhetoric about our federal deficit."
Democrats and Republicans are headed to the bargaining table to address the so-called fiscal cliff that Trumka alludes to -- the point after the New Year when painful automatic cuts hit the federal budget, unless legislators can find other ways to reduce the $16 trillion debt. Negotiations last year indicated that Democrats are open to cutting social programs that liberals have long considered sacrosanct, as well as trimming programs that aid the poor and elderly.
President Barack Obama met with labor leaders, including Trumka, on Tuesday, assuring them he was committed to letting the Bush tax cuts for the wealthy expire. But organized labor is just as concerned about social insurance programs. The failed "grand bargain" nearly struck by Obama and House Speaker John Boehner (R-Ohio) last year reportedly included cuts to Medicare and Social Security.
Trumka told HuffPost last week that the AFL-CIO, a federation of unions representing 11 million workers, will not support any deal including such cuts. "The voters yesterday rejected that notion soundly," he said the morning after the election. "The answer is, if it includes benefit cuts to Social Security, Medicare, or Medicaid, we'll oppose it."
Trumka served as a reliable Obama booster throughout the 2012 campaign, attacking Romney as a "vulture capitalist" while championing the president and other Democrats, including Sen.-elect Elizabeth Warren (Mass.), as allies of working-class people.
But the AFL-CIO has said it's building a permanent political structure to hold progressive legislators accountable post-election, while large unions like the American Federation of State, County and Municipal Employees and the Service Employees International Union are launching campaigns aimed at preserving Medicare and Social Security. The labor coalition may see its political mettle tested soon when Democratic lawmakers open the door to trimming social insurance programs.
In his speech Thursday, Trumka declares that it's "time to protect" those very programs while raising taxes for the "richest 2 percent."
"What should working people, jobless people and retirees pay to lower those tax rates for the rich? Should we give up the promise of health care and retirement security that Medicare and Medicaid represent? How about Social Security’s promise? Should that be sacrificed so 'fair taxation' can remain unspeakable? Not on your life."
I'm sure the unions involved with Hostess were saying the same damn thing..."Pssh, there's no crisis at Hostess...we need to hold our line and not give in to management who are trying to scare us into a deal by claiming they're going to go out of business."

Also wonder what Obama and the unions talked about in their meeting...something tells me he didn't exactly get into an argument over Trumka's assertion that this merely just an "obstacle course".
 

f kane

Known Traffic Menace
Feb 10, 2010
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#16
Most of the Bush tax cuts cut taxes for the middle class, not the wealthy. After the Bush cuts went into effect, the wealthy were contributing a greater percentage of federal taxes than before.
We live in a world of soundbites, slogans and one-liners. Boring facts like that cannot be tolerated by the Obama generation; their eyes gloss over. Just say tax the wealthy and they will continue to keep their brains on off.
 

peewee

Registered User
Aug 10, 2003
1,836
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#17
I don't think you understand how the basic logic of borrowing works. If you borrow less, it's easier to pay back. If you borrow more, it's harder. Repeat that about 20 times in front of a mirror, focusing on drilling it into your head, word by word. Then, answer this simple question:

How is the government setting the limit at 16.4 trillion, and refusing to borrow a dime more, going to negatively impact the credit rating (their ability to pay back what they owe)?
As time goes on more interest is owed, so the debt ceiling needs to be raised to pay back what we already owe. I am not supporting borrowing more money, but I want the government to act like every other responsible adult in the country and pay their bills. How would defaulting on our loans help us at all?
 

Lord Zero

Viciously Silly
Aug 25, 2008
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#18
raising the debt ceiling - 1. Increasing the amount of debt a nation will allow itself to get into; 2. Taking one's country from "screwed" to "fucked".
 
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Party Rooster

Unleash The Beast
Apr 27, 2005
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#21
No. You don't fix a sinking ship by making the ocean deeper.
You do realize that this is only spending money that was already agreed to be spent right? It's like telling your credit card companies to fuck off after you've maxed them out. I'm not arguing over the debate of spending and taxes, just pointing out that most people don't realize what the "debt ceiling" really refers to. It's money that's already been appropriated. It's that kind of stuff that fucks up your credit score.

The next budget needs to come closer to being balanced for this to not still be necessary every year, but you're right the prospects look pretty bleak for that.
 

Lord Zero

Viciously Silly
Aug 25, 2008
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Atlanta, GA
#22
You do realize that this is only spending money that was already agreed to be spent right? It's like telling your credit card companies to fuck off after you've maxed them out. I'm not arguing over the debate of spending and taxes, just pointing out that most people don't realize what the "debt ceiling" really refers to. It's money that's already been appropriated. It's that kind of stuff that fucks up your credit score.

The next budget needs to come closer to being balanced for this to not still be necessary every year, but you're right the prospects look pretty bleak for that.
The cycle is set: Argue of spending plans, suck the dick of the word "balanced" as much and as often as possible, pass a HEAVILY watered down spending bill with few actually cuts, try to back out of said spending bill shortly before the spending cuts are to take effect, repeat. With that kind of behavior, I don't trust the government to do anything right with regards to responsible spending. I'm ready to lock the debt ceiling in place, wait for the government to exceed it (which it will), then watch as mandatory spending cuts gut the government. I don't care how many problems that causes; it can't be worse than just increasing every year until the country collapses.