I've made several posts as to the seriousness of the situation involving a potential government shutdown and the need to raise the debt ceiling before the country literally runs out of money. Late tonight The House of Representatives passed a bill that would both prevent a government shutdown and suspend the debt limit in a step toward preventing possible economic calamity. The package approved Tuesday would provide stopgap money to keep the government funded to Dec. 3 and extend borrowing authority through the end of 2022. It includes $28.6 billion in disaster relief for the aftermath of Hurricane Ida and other extreme weather events, and $6.3 billion to support Afghanistan evacuees in the fallout from the end of the 20-year war.
This might sound like excellent news but it now means it heads to the Senate where at least 10 Republicans and all 50 Democrats must vote yes for it to pass. As you might recall Senate Minority Leader Mitch McConnell has said in numerous interviews and tweets that not a single Republican will vote for the debt ceiling issue. Both Joe Biden and Democrats in Congress seem to be placing a large wager that not only McConnell, but 9 other Republicans are bluffing. They have until 9/30 at 11:59pm to pass a shutdown bill before the new fiscal year begins and if unfunded, the government shuts down. The debt ceiling, according to Treasury Secretary Yellen, has until about mid October before they run out of extraordinary measures and the government runs completely out of money.
On Monday, Joe Biden flatly rejected the so call "trillion dollar quarter" proposal using a loophole in a law meant for coin collecting to have the Treasury department mint a platinum coin of a value they determine and then deliver it to the Federal Reserve who would in turn credit the debt owed by Treasury thus putting them below the current debt ceiling. He said he rejected that idea because he trusted McConnell to do the right thing.
Time will tell and that time is running out.
Sources
House passes bill to avoid government shutdown, suspend debt limit — but it faces Senate roadblocks with deadlines near
https://www.cnbc.com/2021/09/21/government-shutdown-house-passes-funding-debt-ceiling-bill.html?__source=androidappshare
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https://www.businessinsider.com/white-house-says-no-mint-the-coin-mcconnell-debt-ceiling-2021-9
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House Vote Sends Debt-Limit, Government Funding Bill to Senate https://www.bloomberg.com/news/articles/2021-09-22/house-vote-sends-debt-limit-government-funding-bill-to-senate
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#tcardizzle #debtceiling #economics
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Tom@hellofromhere
Well , please begin with a new iteration of a discord channel already ... Its boring over here already
Bear@MTBear
Thanks as always for feeding us the intel.
Stut Dog💵@stutdog
I HATE POLITICIANS
Well I definitely trust these politicians to do the right thing. /s
Shut it down !!!
Ryan Roberts@ryrousa
No thanks. How long have we been raising the debt ceiling as a bandaid fix? For far too long.
Its time to address the problem and not the symptoms. For example, why are Dems trying to pass a massive spending bill right after COVID? Maybe wait until we recover before pitching any kind of major spending?
Secondly, let’s stop spending all of our money on ridiculous expenses. We need to begin cullin…See more
No such thing as a debt ceiling in an unbanked currency. This is political theatre.
Unbacked*
The debt ceiling needs to be raised. I hope there’s no partisanship in that. We’re all investors here, so I hope we all have a vague idea of what happens if the government shuts down and runs out of money, especially in the market situation we’re in right now.
I know it’s just kicking the can but what else can we do? I’m not convinced crashing right now will do the US any good. Our sovereign…See more
P
I'm new. Because you have great points, I may have one to share. Maybe it's just another advertising. Chris Rowe had a great presentation I was glued to, and the most I can remember is the 12 people in charge of printing money have made decisions to print more than ever starting now. I know I can't get into the big leagues investing but this might be useful to target the new, low cost stocks to g…See more
There’s never any problem when it comes to bailing out banks, spending trillions on a fake war that does nothing but enrich politicians and defense contractors, selling an insurance plan that’s a GIFT to the insurance companies, 5t to the 1% without even so much as a blink, etc etc.
Pols have sold off this country piece by piece, for their own profit, at the expense of the ppl. Since ppl keep…See more
We only need five Point gazillion dollar's. Or a space comet to fix the issues.
Republicans are forcing a negotiation to see what they can get if they approve it. It's just political BS. kicking the board doesn't stop no matter which party rules.
Political post don’t belong here do they...
Teresa H@teresapauline
I’m with Scott Hogberg on this.
This is just politics, it will pass (Like it always does) Gotta keep kicking the can down the road....
Buck@fothaluvofmuny
Dems gotta get that foreign aide in the bill. Why countries don't mind going to war with America. We will rebuild them and give them sanctuary. Money could be spent on this country. I have no love lost on countries that go to war with us and kill our soldiers. Sure there are innocent people but it's not our place to fix the world when our own country isn't stable and taken care of. We have way too…See more
You know under Clinton we actually had money for a while. We didn't have a debt. We had savings..... I miss those days.
Denise Marie Horton-Sawant@Shmiley
Todd only thing we need to worry about is securities transaction tax if any !
The United States Government Has Proven Themselves to be Financially Irresponsible For Spending More than what they actually have the shut down will actually do some good because we can not prin
If they shut down the government again, we’re canceling Christmas. Neither Santa, nor FedEx, nor Amazon will be using the National Airspace System. Don’t mess with the #AirTrafficControllers. *The above statement reflects my personal views and does NOT reflect the position of the US government or any of its agencies to include the FAA*
Invest in commodities and gold during market crashes. Just my opinion
