Congress barrels toward debt cliff
BY JORDAIN CARNEY - 06/20/21 06:00 AM EDT
https://thehill.com/policy/finance/559218-congress-barrels-toward-debt-cliff
--------------------------------
TheHill.com
Congress barrels toward debt cliff
BY JORDAIN CARNEY - 06/20/21 06:00 AM EDT 6,065
Congress is barreling toward a fight as soon as next month over raising the debt ceiling, creating a huge challenge for President Biden and Democratic leaders in Congress.
Under a 2019 deal during the Trump administration, Congress agreed to let the government borrow through July 31. The Treasury Department at that point can take what’s known as extraordinary measures to keep the government solvent, but it’s unclear how long it will be able to do this.
In the Senate, raising the debt ceiling is subject to the filibuster, meaning Democrats will need GOP support.
---------------
How long can the shell game be played before the dynamite explodes?
We'll see. And I intend to post some more facts about America's incredible debt as we go along.
@earl-of-trumps saidIt's interesting that Republicans are only alarmed about the national debt when Democrats are in power, and vice versa. Both sides have been hypocritical about this. It's much like infrastructure, both sides know we need to spend more $$ on it, but they know it's not a issue they'll gain political advantage from; as a result, little progress is made on either-
Congress barrels toward debt cliff
BY JORDAIN CARNEY - 06/20/21 06:00 AM EDT
https://thehill.com/policy/finance/559218-congress-barrels-toward-debt-cliff
--------------------------------
[i]
TheHill.com
Congress barrels toward debt cliff
BY JORDAIN CARNEY - 06/20/21 06:00 AM EDT 6,065
Congress is barreling toward a fight as soon as next month over ...[text shortened]... ?
We'll see. And I intend to post some more facts about America's incredible debt as we go along.
Here's a report released recently. https://www.wsj.com/articles/how-long-can-america-keep-borrowing-11624220760
How Long Can America Keep Borrowing?
By Bob Kerrey and John C. Danforth
June 20, 2021 4:26 pm ET
In 1994 the budget deficit was $203 billion (2.8% of gross domestic product), and the national debt was $3.4 trillion (47.8% of GDP).
The crisis we identified 27 years ago seems negligible given where the debt stands today. The nonpartisan Congressional Budget Office estimated in January 2020 that annual budget deficits will exceed $1 trillion, and that the debt—then hovering at $17.2 trillion—would more than double as a share of the economy over the next 30 years.
-------------------------------------------------
$3.4 Trillion to $17.2 Trillion. Bleeping A, man. And this sadly, is not even all of it. (Read as $17,200 Billion)
These numbers don’t take into account $65 trillion of unfunded liabilities for Social Security and Medicare.
Nation destroyers. All of them. And they think "critical race theory" is a deep challenge for America?