https://www.reuters.com/article/us-usa-d...SKBN18T2ED

Quote:The top Democrat in the U.S. House of Representatives said on Friday Congress should promptly raise the federal debt limit, partly because Washington's tax revenues appear to be slowing on expectations of a possible tax cut to come.

The warning from House Democratic leader Nancy Pelosi echoed earlier remarks from Treasury Secretary Steven Mnuchin, who has urged Congress to raise Washington's borrowing limit before lawmakers leave for a long August recess.

"It should probably be done before we leave (at) the end of July," Pelosi told reporters in the Capitol.

Kick can further down road.
Go on vacation.

I doubt that a US govt. shutdown is an option ...

same as it ever was.

(06-02-2017 04:44 PM)TigerBlue4Ever Wrote:  same as it ever was.

Yep. Same schit..different day.

No matter which gang is running the hood? You and I get robbed.

(06-02-2017 05:03 PM)Fo Shizzle Wrote:  You and I get robbed.

Military protection is good, no?

(06-02-2017 05:25 PM)MplsBison Wrote:  

(06-02-2017 05:03 PM)Fo Shizzle Wrote:  You and I get robbed.

Military protection is good, no?

Im for prudent cuts across the board to balance the budget....Defense included.

We are shutting the govt down right?

Defense needs major cuts. I'm not saying that other agencies shouldn't see cuts. But Military spending has gotten out of hand.

Yeah, but isn't the thing like this?

- When $X billions of dollars go to military spending .... it's not like that money is burned
- That money goes to defense companies, who have hundreds of thousands of employees across the country, and it goes for big orders, which represent assembly, sub-assembly, and component manufacturing in locations across the country


Military spending really just a giant, ongoing stimulus program ... or can you even call it a stimulus? Maybe "foundational pillar of the economy" is better?


But then you'll say "that's not sustainable, because we're paying for that spending with borrowed money from China".

Yes, we're borrowing money every day from China, to spend on government programs. But what does that really mean? Any given moment in time, there are $X trillion dollars of money in the world. China controls $Y trillions of it, the US controls $Z trillions of it. So that means, every day China is giving away some of its $Y to the US which increases its $Z.

And why would they do that? Because we give it right back! Americans buy a lot of the stuff that China makes.


So it's really just a cycle of money shuffling back and forth. Some people call that "the economy". It's a feedback loop that is acting like a rising tide, lifting both of our ships.

We could cut defense spending and increase infrastructure spending.

Still under Obama's budget.

Neither team appears really interested in fiscal responsibility at this point.

(06-03-2017 03:22 PM)Owl 69/70/75 Wrote:  Neither team appears really interested in fiscal responsibility at this point.

....really hasn't for decades.

(06-03-2017 01:15 PM)banker Wrote:  Still under Obama's budget.

You're missing a key point. Tax planners are advising businesses and individuals to defer income in hopes of lower tax rates based on trump's dream that will likely never occur.

So the revenue coming in has slowed. The previous budget would not have been accounting for that.

No one wants to address the debt "problem" ... because it's not really a problem!

People who are anti-US debt treat borrowed money like money thrown into an a burn pit, when that's the farthest thing from the truth.

(06-06-2017 11:31 AM)MplsBison Wrote:  No one wants to address the debt "problem" ... because it's not really a problem!

People who are anti-US debt treat borrowed money like money thrown into an a burn pit, when that's the farthest thing from the truth.

It's certainly a problem, just not a pressing one at this moment in time.

Why is it a problem?

The debt limit is the problem. It needs to be raised. And it will be, after the usual political wrangling.

(06-03-2017 03:22 PM)Owl 69/70/75 Wrote:  Neither team appears really interested in fiscal responsibility at this point.

They haven't been for quite a while.

(06-06-2017 12:37 PM)MplsBison Wrote:  Why is it a problem?

The debt limit is the problem. It needs to be raised. And it will be, after the usual political wrangling.

It's a problem because we're approaching 20 trillion dollars worth! It's also a problem because our elected officials are doing a ****** job managing the purse strings.

And I pretty much agree on the limit. Especially since it only seems to matter to the R crowd when a D is in the WH.