What happens now the US has hit the debt ceiling again?

[DadSmith]

What happens now the US has hit the debt ceiling?

The government is not allowed to borrow any more money - unless Congress agrees to suspend or change the cap.

news.yahoo.com

In a 19 January letter, Treasury Secretary Janet Yelen announced a similar "debt issuance suspension period" for the Civil Service Retirement and Disability Fund (CSRDF) through 5 June, as well as the suspension of payments to the Postal Service Retiree Health Benefits Fund (PSRHBF).

 

[Basher]

Cut the salary of every. Single. Politician. For what they do, $150K max. And that would still be grossly overpaying most of them given how inept they are.

Make them live in regular, reasonable houses like the rest of us.

Stiff penalties (prison, HEAVY fines, etc.) for those caught doing insider trading, backdoor deals and “buyouts” for their votes, etc.

Campaign spending caps, regardless of where the money comes from.

TERM LIMITS FOR EVERY OFFICE.

STOP SENDING MONEY TO CORRUPT ******** COUNTRIES BY THE BILLIONS.

Just a few ideas we can use to reign in this problem. How many times has it been said in the past decade that “YOU CAN’T SPEND YOUR WAY OUT OF DEBT!!!”

 

[d.kaufman]

They print more fiat

 

[Usmccookie]

Again? How many times is this now?

 

[Tombs]

They raise it again, and make you pay for it by doubling your grocery bill.

They have no consequences for their actions because everyone is too scared of them to stop the stupidity, so they'll just keep looting you and your children until the end of time.

 

[Shadow01]

The more government is shut down, the less the screw up. I don’t draw government money, they can be shut down for months and I still have a paycheck. I think they need to amend the shutdown rules to include a larger swath of the fed and add in that no taxes are owed for each day they are shut down and it will not be collected as back taxes when they open back up.

 

[DragonGunner]

They just raise it again. R will fight it and fail because D will say the R are stopping SS and welfare if they don’t agree to their terms. Media will say same thing and R will cave so they don’t look like they are the bad guys stopping SS. It’s how it goes every time

 

[Ingomike]

They just raise it again. R will fight it and fail because D will say the R are stopping SS and welfare if they don’t agree to their terms. Media will say same thing and R will cave so they don’t look like they are the bad guys stopping SS. It’s how it goes every time

Isn’t it ironic that every time government is shutdown SS is stopped and national parks are closed but still seems like important things like ATF never miss a beat…

 

[Usmccookie]

Well without ss the old folks will expire soon anyways so there’s a sure fire democrat vote. And they need to cripple us so the atf CAN do it job of disarming us.

Makes sense to me, not like republicans have a spine or actually have our backs anymore anyways. There are a few exception… I think

 

[KLB]

Cut the salary of every. Single. Politician. For what they do, $150K max. And that would still be grossly overpaying most of them given how inept they are.

Make them live in regular, reasonable houses like the rest of us.

Stiff penalties (prison, HEAVY fines, etc.) for those caught doing insider trading, backdoor deals and “buyouts” for their votes, etc.

Campaign spending caps, regardless of where the money comes from.

TERM LIMITS FOR EVERY OFFICE.

STOP SENDING MONEY TO CORRUPT ******** COUNTRIES BY THE BILLIONS.

Just a few ideas we can use to reign in this problem. How many times has it been said in the past decade that “YOU CAN’T SPEND YOUR WAY OUT OF DEBT!!!”

I do not have a problem with paying them well. The other money they make while there is a problem. If you cut their pay, they are only going to look elsewhere even more for money.

 

[cburnworth]

A shutdown should be a total shutdown(except for military of course). To further the whole conversation, no backpay while shutdown. all politicians get a paycut & reduction in benefits. All politicians should be working out of the home district and aren't required to be in DC anymore. The technology we have allows for secure video conference & tele-commuting. I saw this one the other day, if your not on the floor you shouldn't get paid. You must vote yes or no on a bill. All bills should have a line by line review. I don't believe any bill should be voted on without a complete review.

 

[Basher]

I do not have a problem with paying them well. The other money they make while there is a problem. If you cut their pay, they are only going to look elsewhere even more for money.

Then define “well.” IMO $150k-200k is plenty for what they do. Make them work a regular job when out of session. I don’t get paid if I’m not at work, and neither should they.

And throw their ass in jail if their side hustle is illegal. That’s what would happen to you or me. Hell, I’d be dead if I did half the crap they get away with!

 

[asevans]

They will raise it. They have too. The R’s will act like they are fighting it. But in the end they will raise it. They have to. Our financial system is based on raising it. They have no choice. Raise it or default.

 

[Route 45]

This is a big nothing burger. After much political grandstanding, posturing and gnashing of teeth, the debt ceiling will be raised. Same as always.

 

[actaeon277]

What happens?
The same thing that happened 78 other times.
Political points will be made, that's it.

Why Is There a Debt Ceiling, Anyway?

The U.S. debt ceiling has been raised or suspended 78 time since its creation. Why is there still a debt ceiling?

observer.com

The U.S. debt ceiling has been raised or suspended 78 time since its creation.​

 

[patience0830]

Again? How many times is this now?

80 times since 1960. It really is time to pay the piper.

 

[patience0830]

This is a big nothing burger. After much political grandstanding, posturing and gnashing of teeth, the debt ceiling will be raised. Same as always.

Unfortunately.

 

[GodFearinGunTotin]

A picture is worth $31T.

 

[Ingomike]

It really is time to pay the piper.

Never going to happen. It has been this way for most folks lives. This goes all the way to bankruptcy before it crashes…

 

[patience0830]

Never going to happen. It has been this way for most folks lives. This goes all the way to bankruptcy before it crashes…

I didn't say it would happen. I said it was time. Way past time. We've been bankrupt for a very long time now. Congress and the treasury just refuse to admit it.