Debt Limit Brinksmanship

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Started by joj - Jan. 8, 2023, 9:03 a.m.

I expect that the backroom GOP speakership deal contains promises for using our debt obligations as leverage. Never mind the fact of their fiscal recklessness in 2003-05, 2005-07, 2017-19 ... All years when the GOP held both houses of Congress and the presidency (can add 2001-03, when they had the House and the presidency). Those were perfect opportunities for the GOP to show they were serious about the debt and deficits and spending and fiscal responsibility ... they failed. And the worst of all is Trump and company. Debt increased by 5 trillion under Trump!

The GOP fiscal policy for the past 25 years is about political opportunism, not fiscal responsibility. These right-wing crazies are clearly living in a different reality. They came to DC to burn it down. (not drain the swamp)

Biden may look old and feeble, but I expect him to be a tougher negotiator than Obama was in 2011 when the Tea Party yahoos played the US default brinkmanship card.

On the other hand, the right-wingers have only gotten crazier in the past 10 years so it may blow up this time.

Could it be TR? Maybe so.

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Re: Debt Limit Brinksmanship

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By metmike - Jan. 8, 2023, 11:24 a.m.

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joj,

This is trade/market related big time but it will cause political responses. Please try to minimize politics in this thread and maximize the profound relevance.

I voted for Bush 2 in 2000. When he was handing out rebates in 2001, I regretted my vote but seeing where Gore went with his fake climate crisis agenda, am forever "never Gore" on anything.

Here's a great eye opening discussion on the topic. Note that this was from 2020 and we've greatly exceeded interest rate projections which were already bad then for interest on the debt.

Interest on the debt is going to kill us!

https://www.itsuptous.org/national-debt-charts

Line graph depicting federal debt relative to wartime in the U.S.

Line graph depicting federal debt trends with current policies

Bar graph connecting federal debt to family income Bar graph comparing the U.S.'s health care spending to 9 developed countries Bar graph showing the U.S.'s projected interest costs until 2049

Re: Re: Debt Limit Brinksmanship

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By metmike - Jan. 8, 2023, 11:29 a.m.

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https://www.itsuptous.org/national-debt-charts

Bar graph showing the U.S.'s projected net interest costs until 2049

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