Political Wrinkles  

Go Back   Political Wrinkles > Political Forums > Economics
Register FAQDonate PW Store PW Trivia Members List Calendar Search Today's Posts Mark Forums Read

Economics Discuss Shutdown & the Debt Ceiling at the Political Forums; Here we go again... ‘The Debt Ceiling Issue Will Get Resolved’ May 25, 2017 | On Wednesday, Treasury Secretary Steven ...

Reply
 
Share LinkBack Thread Tools Display Modes
  #1 (permalink)  
Old 05-26-2017, 09:52 PM
Scholar
 
Join Date: Dec 2011
Location: Okolona
Gender: Male
Posts: 2,165
Thanks: 1,608
Thanked 596 Times in 509 Posts
Red face Shutdown & the Debt Ceiling

Here we go again...

‘The Debt Ceiling Issue Will Get Resolved’
May 25, 2017 | On Wednesday, Treasury Secretary Steven Mnuchin called for a clean debt ceiling increase by August, but the House Freedom Caucus says it will insist that any increase in the debt ceiling be accompanied “by cutting where necessary.”
Quote:
House Speaker Paul Ryan told a news conference on Thursday: We’re talking with our members on this. Every treasury secretary says this and every treasury secretary needs to say this. And we’re going to be talking with our members and with the administration on how we’re going to resolve the debt ceiling. The debt ceiling issue will get resolved. The timing is what I think is the newsworthy thing here. (Tax) receipts aren’t quite what people thought they were, and that’s why Secretary Mnuchin is moving the timetable up. So we’re look at that new timetable. Democrats will insist on a clean debt ceiling bill, which means no “poison pill” riders that curtail future spending.

But in a statement on Wednesday, the House Freedom Caucus wrote: The U.S. federal government is drowning in debt, yet continues to spend into oblivion on the backs of future taxpayers. We have an obligation to the American people to tackle Washington’s out of control spending and put in place measures to get our country on the right fiscal course. In order to accomplish this end, the Freedom Caucus has taken a three-fold position: we oppose any clean raising of the debt ceiling, we call for the debt ceiling to be addressed by Congress prior to the August Recess, and we demand that any increase of the debt ceiling be paired with policy that addresses Washington’s unsustainable spending by cutting where necessary, capping where able, and working to balance in the near future.

The debt ceiling, or debt limit, is the total amount of money that the United States government is authorized to borrow to meet its existing legal obligations, including Social Security and Medicare benefits, military salaries, interest on the national debt, tax refunds, and other payments. The debt limit does not authorize new spending commitments. It simply allows the government to finance existing legal obligations that Congresses and presidents of both parties have made in the past. The Treasury Department says failing to increase the debt limit would have catastrophic economic consequences, causing the government to default on its legal obligations.

Ryan: ?The Debt Ceiling Issue Will Get Resolved?
__________________
The water's always turbulent where two great rivers meet.
Reply With Quote
  #2 (permalink)  
Old 05-31-2017, 04:02 AM
Scholar
 
Join Date: Dec 2011
Location: Okolona
Gender: Male
Posts: 2,165
Thanks: 1,608
Thanked 596 Times in 509 Posts
Angry Re: Shutdown & the Debt Ceiling

Granny says, "Dat's right - the sky is fallin'...

Duck! Treasury will hit the debt limit soon unless Congress votes to raise it
May 30, 2017 • As Congress deals with battles over health care legislation and the budget this summer, it is looking more and more likely that a fight over raising the country’s debt ceiling will be added to its agenda.
Quote:
The debt ceiling is a cap on how much the U.S. Treasury can borrow to pay for government expenses, and it can only be altered by an act of Congress. Lawmakers had been hoping they could put off dealing with it until the fall. But key figures within the Trump administration are asking Congress to take action as soon as next month, saying that tax revenue has been less than expected. The Treasury Department’s power to actually borrow money ran out in March, and it has been operating since then with its cash on hand. “We need to make sure we raise our debt ceiling to pay our debts,” Treasury Secretary Steven Mnuchin told a House subcommittee last week. “My understanding is that the receipts currently are coming in a little bit slower than expected, and you may soon hear from [Mnuchin] regarding a change in the date,” Mick Mulvaney, director of the Office of Management and Budget, told a separate House panel.

Republicans have acknowledged the need to raise the debt ceiling but are hesitant to commit to a vote before they recess in late July. “We have to do it. We can’t let the government default,” Sen. Orrin Hatch, R-Utah, told Politico. A vote on the debt limit could be another headache for Republican leadership, however, as it comes in addition to other hotly contested policy debates. House Speaker Paul Ryan, R-Wis., and Senate Majority Leader Mitch McConnell, R-Ky., will have to reconcile vastly different views on the topic within their caucuses.


Senate Majority Leader Mitch McConnell, center, arrives to talk to the media in Washington on May 23

This is because the most conservative members of the House, known as the Freedom Caucus, have already signaled that they will demand spending cuts as part of any bill to raise the debt ceiling. Other Republicans, as well as most Democrats, want what is called a “clean” increase with no strings attached. “We oppose any clean raising of the debt ceiling, we call for the debt ceiling to be addressed by Congress prior to the August Recess, and we demand that any increase of the debt ceiling be paired with policy that addresses Washington’s unsustainable spending by cutting where necessary, capping where able, and working to balance in the near future,” the caucus wrote in an official statement.

Widespread opposition from the most conservative members of the caucus could force Ryan and McConnell to seek Democratic help in pushing a bill to passage. Some measure of bipartisan support will already be required to clear the 60-vote threshold to squelch a filibuster in the Senate, since Republicans have only 52 members in that house. While Democrats in both the Senate and House routinely voted to raise the borrowing limit under President Barack Obama, some members are indicating that they will look to use their leverage to get policy concessions from across the aisle. “We should consider what additional conditions we might want to consider imposing,” Sen. Richard Blumenthal, D-Conn., told Politico.

MORE
__________________
The water's always turbulent where two great rivers meet.
Reply With Quote
  #3 (permalink)  
Old 07-01-2017, 12:24 AM
Scholar
 
Join Date: Dec 2011
Location: Okolona
Gender: Male
Posts: 2,165
Thanks: 1,608
Thanked 596 Times in 509 Posts
Angry Re: Shutdown & the Debt Ceiling

Debt climbs faster than tax revenue to pay for it...

CBO: Income Taxes Up 9.5% Next Year; But Debt Climbs More Than $1 Trillion
June 29, 2017 - Unless current laws are changed, federal individual income tax collections will increase by 9.5 percent in fiscal 2018, which begins on Oct. 1, according to data released today by the Congressional Budget Office.
Quote:
At the same time, however, the federal debt will increase by more than $1 trillion. In fiscal 2017, which ends on Sept. 30, the federal government will collect $3.315 trillion in total taxes, according to the projections the CBO released with its "Update to the Budget and Economic Outlook: 2017 to 2027." That $3.315 trillion in total taxes will include $1.574 trillion in individual income taxes; $1,164 trillion in payroll taxes; $310 billion in corporate income taxes; and $267 billion in other taxes.


In fiscal 2018, according to CBO’s projections, total taxes will climb by to $3.531 trillion. That will include $1.724 trillion in individual income taxes; $1.195 trillion in payroll taxes; $324 billion in corporate income taxes; and $289 billion in other taxes. The $1.724 trillion in individual income taxes CBO projects the federal government will collect in fiscal 2018 is $150 billion—or 9.5 percent—more than the $1.574 trillion CBO projects it will collect this fiscal year.


The $3.531 trillion in total taxes the federal government will collect in fiscal 2018, according to CBO’s projections, is $216 billion—or 6.5 percent more—than the $3.315 trillion CBO projects it will collect this year. Despite these projected increases in federal tax collections from this year to next, the CBO also sees a massive increase in the federal government’s debt next year. According to CBO’s projections, the gross federal debt will rise from $20.188 trillion at the end of fiscal 2017 to $21.221 trillion at the end of fiscal 2018. That is an increase of $1.034 trillion.


CBO: Income Taxes Up 9.5% Next Year; But Debt Climbs More Than $1 Trillion
__________________
The water's always turbulent where two great rivers meet.
Reply With Quote
The Following User Says Thank You to waltky For This Useful Post:
  #4 (permalink)  
Old 08-17-2017, 12:25 AM
mlurp's Avatar
PW Enlightenment
 
Join Date: Mar 2008
Location: Flatlands
Gender: Male
Posts: 36,565
Thanks: 18,265
Thanked 10,499 Times in 8,189 Posts
Default Re: Shutdown & the Debt Ceiling

Not much new here... The do nothing Congress will just kick the debt can down the road a little further.

As long as they get their paychecks and benefits.
__________________



_ ... _ Improvise-Adapt-Over Come ... _ ...
Reply With Quote
The Following User Says Thank You to mlurp For This Useful Post:
  #5 (permalink)  
Old 10-05-2017, 03:36 PM
Scholar
 
Join Date: Dec 2011
Location: Okolona
Gender: Male
Posts: 2,165
Thanks: 1,608
Thanked 596 Times in 509 Posts
Angry Re: Shutdown & the Debt Ceiling

2017 the 60th straight fiscal year in which the federal debt has increased,..

Federal Debt Increases for 60th Straight Fiscal Year
October 4, 2017 -- The total federal debt climbed by $671,455,302,116.72 in fiscal 2017, making 2017 the 60th straight fiscal year in which the federal debt has increased, according to the official numbers published by the U.S. Treasury.
Quote:
At the end of fiscal 2016, the federal debt stood at $19,573,444,713,936.79. By the end of fiscal 2017 (which closed on Sept. 30), it was $20,244,900,016,053,51. The last fiscal year in which the federal debt declined was fiscal 1957. In that year, according to the Treasury, the total federal debt dropped from $272,750,813,649.32 at the close of fiscal 1956 to $270,527,171,896.43 at the close of fiscal 1957. But, in fiscal 1958, the debt climbed to $276,343,217,745.81—and in every fiscal since then, it has finished each fiscal year higher than it started that fiscal year. That means that the last president to govern during a fiscal year when the debt actually declined was Dwight Eisenhower.


Since 1977, according to the Treasury, the federal fiscal year has begun on Oct. 1 and ended Sept. 30. Before that—from 1842 to 1977—it began on July 1 and ended on June 30. From 1789 to 1842, it began on Jan. 1 and ended on Dec. 31. In fiscal 2000, the debt came close to holding steady, starting the year at $5,656,270,901,815.43 and ending it at $5,674,178,209,886.86—for an increase of $17,907,308,271.43. The total federal debt of the federal government includes both what the Treasury calls “debt held by the public” and “intragovernmental” debt. Debt held by the public consists of securities issued by the government to entities outside the government, ranging from individual to foreign governments, and includes Treasury bills, notes and bonds. Intragovernmental debt is money the Treasury has borrowed from government trust funds such as the Social Security trust fund and used for current government spending.

Here is the total debt of the federal government at the end of each fiscal year from 1950 through 2015 as published by the U.S. Treasury:






https://www.cnsnews.com/news/article...ht-fiscal-year
__________________
The water's always turbulent where two great rivers meet.
Reply With Quote
The Following User Says Thank You to waltky For This Useful Post:
  #6 (permalink)  
Old 10-06-2017, 10:43 PM
mlurp's Avatar
PW Enlightenment
 
Join Date: Mar 2008
Location: Flatlands
Gender: Male
Posts: 36,565
Thanks: 18,265
Thanked 10,499 Times in 8,189 Posts
Default Re: Shutdown & the Debt Ceiling

Wake up people, that is your money being wasted.


All we pay now is the interest rate due. This present debt will never be paid off.
And there comes a limit on how much paper money can be printed.
__________________



_ ... _ Improvise-Adapt-Over Come ... _ ...
Reply With Quote
The Following User Says Thank You to mlurp For This Useful Post:
  #7 (permalink)  
Old 10-06-2017, 11:24 PM
WallyWager's Avatar
Moderator
 
Join Date: Jan 2011
Location: Michigan
Gender: Male
Posts: 10,571
Thanks: 1,497
Thanked 8,202 Times in 5,156 Posts
Default Re: Shutdown & the Debt Ceiling

Quote:
Originally Posted by mlurp View Post
Wake up people, that is your money being wasted.


All we pay now is the interest rate due. This present debt will never be paid off.
And there comes a limit on how much paper money can be printed.
Donald Trump: U.S. will never default 'because you print the money' - CNNPolitics

Wonder if Trump believes there's a limit.
__________________
"Growing up really poor means realizing in your twenties that mommy was lying when she said she already ate " - Reddit poor thread
Reply With Quote
The Following User Says Thank You to WallyWager For This Useful Post:
  #8 (permalink)  
Old 10-06-2017, 11:44 PM
300 H and H's Avatar
newer isn't always better
 
Join Date: Jun 2014
Location: Western Iowa
Gender: Male
Posts: 7,631
Thanks: 7,693
Thanked 4,091 Times in 2,663 Posts
Default Re: Shutdown & the Debt Ceiling

Quote:
Originally Posted by WallyWager View Post
I wish it were from another source than the big 4.

CNN, MSNBC, Washington Post, New York Times...

No one on the right believes much of anything they say. Funny you keep bringing everything here from one of these.

Never trust a left winger who is a journalist. Good rule to live by, if you respect and demand the true of anything, especially political commentary now..

Their credibility is gone. They did that to themselves, the idiots.

Regards, Kirk
__________________
NRA member since 1973, life member since 1986.
Reply With Quote
The Following User Says Thank You to 300 H and H For This Useful Post:
  #9 (permalink)  
Old 10-07-2017, 12:00 AM
WallyWager's Avatar
Moderator
 
Join Date: Jan 2011
Location: Michigan
Gender: Male
Posts: 10,571
Thanks: 1,497
Thanked 8,202 Times in 5,156 Posts
Default Re: Shutdown & the Debt Ceiling

Quote:
Originally Posted by 300 H and H View Post
I wish it were from another source than the big 4.

CNN, MSNBC, Washington Post, New York Times...

No one on the right believes much of anything they say. Funny you keep bringing everything here from one of these.

Never trust a left winger who is a journalist. Good rule to live by, if you respect and demand the true of anything, especially political commentary now..

Their credibility is gone. They did that to themselves, the idiots.

Regards, Kirk
Nah, I don't believe you.

Also these are Trump's words, not CNN's.
__________________
"Growing up really poor means realizing in your twenties that mommy was lying when she said she already ate " - Reddit poor thread
Reply With Quote
The Following User Says Thank You to WallyWager For This Useful Post:
  #10 (permalink)  
Old 10-07-2017, 08:50 AM
300 H and H's Avatar
newer isn't always better
 
Join Date: Jun 2014
Location: Western Iowa
Gender: Male
Posts: 7,631
Thanks: 7,693
Thanked 4,091 Times in 2,663 Posts
Default Re: Shutdown & the Debt Ceiling

Quote:
Originally Posted by WallyWager View Post
Nah, I don't believe you.

.
You probably think Trump did not win the election either. Just like your sources you were proven a liar..

The left wing lies you have been caught in here by me and others speak volumes about your beliefs. Yet you claim not to be a Democrat.

I think this must make you a socialist or a communist. Obviously your not an American who cares about THIS country, and it's people. You care more about the global Soros global plan than fallowing our own. And yet, you deny this as well.. I think your all about denial..

Any way, it is quite clear to me that your not an American that I would associate with at all.. In fact the opposite would be true..

Regards, Kirk
__________________
NRA member since 1973, life member since 1986.
Reply With Quote
The Following User Says Thank You to 300 H and H For This Useful Post:
Reply

Tags
and, ceiling, debt, shutdown, the

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On

Forum Jump


All times are GMT -5. The time now is 10:27 PM.


Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2017, vBulletin Solutions, Inc.

Content Relevant URLs by vBSEO 3.2.0