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Any business would be called bankrupt
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ScottW
2021-09-17 16:57:57 UTC
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https://www.foxbusiness.com/economy/white-house-debt-ceiling-fight-medicaid-food-stamps

Treasury Secretary Janet Yellen has warned Congress the federal government will run out of cash to pays its bills sometime in October.

ScottW
MiNe109
2021-09-17 20:17:38 UTC
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Post by ScottW
https://www.foxbusiness.com/economy/white-house-debt-ceiling-fight-medicaid-food-stamps
Treasury Secretary Janet Yellen has warned Congress the federal
government will run out of cash to pays its bills sometime in
October.
I'd be suprised if Yellen said the government "will run out of cash."

Here's a nice contrast in the coverage:

https://finance.yahoo.com/news/mcconnell-warns-yellen-gop-won-225446994.html

Hed: McConnell Warns Yellen GOP Won’t Help Raise Debt Ceiling

vs

https://www.foxbusiness.com/politics/mcconnell-yellen-debt-ceiling-appeal-democrats

Hed: McConnell rejects Yellen's debt ceiling appeal, puts onus on Democrats

Since the debt ceiling is determined by previously agreed upon spending,
this is the usual GOP brinksmanship.
MiNe109
2021-09-17 23:03:34 UTC
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Post by MiNe109
Post by ScottW
https://www.foxbusiness.com/economy/white-house-debt-ceiling-fight-medicaid-food-stamps
Treasury Secretary Janet Yellen has warned Congress the federal
government will run out of cash to pays its bills sometime in
October.
I'd be suprised if Yellen said the government "will run out of cash."
https://finance.yahoo.com/news/mcconnell-warns-yellen-gop-won-225446994.html
Hed: McConnell Warns Yellen GOP Won’t Help Raise Debt Ceiling
vs
https://www.foxbusiness.com/politics/mcconnell-yellen-debt-ceiling-appeal-democrats
Hed: McConnell rejects Yellen's debt ceiling appeal, puts onus on Democrats
Since the debt ceiling is determined by previously agreed upon spending,
this is the usual GOP brinksmanship.
Who makes this shit up? If that was truly the case...whey would there be a debt ceiling at all?
Excellent point! Most countries don't have one. Ours is only good for
causing trouble when it needs to be raised. There used to be a "Gephardt
Rule" that did away with this nonsense.
ScottW
2021-09-18 06:12:50 UTC
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Post by MiNe109
Post by MiNe109
Post by ScottW
https://www.foxbusiness.com/economy/white-house-debt-ceiling-fight-medicaid-food-stamps
Treasury Secretary Janet Yellen has warned Congress the federal
government will run out of cash to pays its bills sometime in
October.
I'd be suprised if Yellen said the government "will run out of cash."
https://finance.yahoo.com/news/mcconnell-warns-yellen-gop-won-225446994.html
Hed: McConnell Warns Yellen GOP Won’t Help Raise Debt Ceiling
vs
https://www.foxbusiness.com/politics/mcconnell-yellen-debt-ceiling-appeal-democrats
Hed: McConnell rejects Yellen's debt ceiling appeal, puts onus on Democrats
Since the debt ceiling is determined by previously agreed upon spending,
this is the usual GOP brinksmanship.
Who makes this shit up? If that was truly the case...whey would there be a debt ceiling at all?
Excellent point! Most countries don't have one. Ours is only good for
causing trouble when it needs to be raised.
Or to put the brakes on out of control spending.
Congress often does a lousy job of forecasting how much a bill will cost
or how much revenue will be raised.

That's why the debt ceiling was enacted.

ScottW
MiNe109
2021-09-18 15:15:20 UTC
Reply
Permalink
Post by ScottW
Post by MiNe109
Post by MiNe109
Post by ScottW
https://www.foxbusiness.com/economy/white-house-debt-ceiling-fight-medicaid-food-stamps
Treasury Secretary Janet Yellen has warned Congress the federal
government will run out of cash to pays its bills sometime in
October.
I'd be suprised if Yellen said the government "will run out of cash."
https://finance.yahoo.com/news/mcconnell-warns-yellen-gop-won-225446994.html
Hed: McConnell Warns Yellen GOP Won’t Help Raise Debt Ceiling
vs
https://www.foxbusiness.com/politics/mcconnell-yellen-debt-ceiling-appeal-democrats
Hed: McConnell rejects Yellen's debt ceiling appeal, puts onus on Democrats
Since the debt ceiling is determined by previously agreed upon spending,
this is the usual GOP brinksmanship.
Who makes this shit up? If that was truly the case...whey would there be a debt ceiling at all?
Excellent point! Most countries don't have one. Ours is only good for
causing trouble when it needs to be raised.
Or to put the brakes on out of control spending.
That doesn't have anything to do with the debt ceiling, which simply a
technical provision allowing previously agreed upon spending to be paid.
Post by ScottW
Congress often does a lousy job of forecasting how much a bill will cost
or how much revenue will be raised.
That's why the debt ceiling was enacted.
No, it was to allow the Treasury to issue bonds without specific
Congressional approval when the previous practice was for Congress to
"authorise each bond issue by the United States Treasury by passing a
legislative act that approved the issue and the amount," according to wiki.

Eliminating the ability of the government to pay its bills is a terrible
idea, a threat to the full faith and credit of the United States.
ScottW
2021-09-18 16:38:01 UTC
Reply
Permalink
Post by MiNe109
Post by ScottW
Post by MiNe109
Post by MiNe109
Post by ScottW
https://www.foxbusiness.com/economy/white-house-debt-ceiling-fight-medicaid-food-stamps
Treasury Secretary Janet Yellen has warned Congress the federal
government will run out of cash to pays its bills sometime in
October.
I'd be suprised if Yellen said the government "will run out of cash."
https://finance.yahoo.com/news/mcconnell-warns-yellen-gop-won-225446994.html
Hed: McConnell Warns Yellen GOP Won’t Help Raise Debt Ceiling
vs
https://www.foxbusiness.com/politics/mcconnell-yellen-debt-ceiling-appeal-democrats
Hed: McConnell rejects Yellen's debt ceiling appeal, puts onus on Democrats
Since the debt ceiling is determined by previously agreed upon spending,
this is the usual GOP brinksmanship.
Who makes this shit up? If that was truly the case...whey would there be a debt ceiling at all?
Excellent point! Most countries don't have one. Ours is only good for
causing trouble when it needs to be raised.
Or to put the brakes on out of control spending.
That doesn't have anything to do with the debt ceiling,
BS....don't you remember how sequestration came to be?

which simply a
Post by MiNe109
technical provision allowing previously agreed upon spending to be paid.
Post by ScottW
Congress often does a lousy job of forecasting how much a bill will cost
or how much revenue will be raised.
That's why the debt ceiling was enacted.
No, it was to allow the Treasury to issue bonds without specific
Congressional approval when the previous practice was for Congress to
"authorise each bond issue by the United States Treasury by passing a
legislative act that approved the issue and the amount,"
Exactly....and they could have done that without a limit.
But they did. Congress recognized that they had created ongoing social programs
that they couldn't accurately determine the costs when passed. So they created
a total debt oversight rather than a program by program.
Post by MiNe109
according to wiki.
Eliminating the ability of the government to pay its bills is a terrible
idea, a threat to the full faith and credit of the United States.
but running up unlimited debt is worse.

ScottW
MiNe109
2021-09-18 18:28:01 UTC
Reply
Permalink
Post by ScottW
Post by MiNe109
On Friday, September 17, 2021 at 4:03:37 PM UTC-7, MINe109
Post by MiNe109
On Friday, September 17, 2021 at 1:17:41 PM UTC-7, MINe109
Post by MiNe109
Post by ScottW
https://www.foxbusiness.com/economy/white-house-debt-ceiling-fight-medicaid-food-stamps
Treasury Secretary Janet Yellen has warned Congress the federal
Post by ScottW
Post by MiNe109
Post by MiNe109
Post by MiNe109
Post by ScottW
government will run out of cash to pays its bills
sometime in October.
I'd be suprised if Yellen said the government "will run
out of cash."
https://finance.yahoo.com/news/mcconnell-warns-yellen-gop-won-225446994.html
Hed: McConnell Warns Yellen GOP Won’t Help Raise Debt Ceiling
Post by ScottW
Post by MiNe109
Post by MiNe109
Post by MiNe109
vs
https://www.foxbusiness.com/politics/mcconnell-yellen-debt-ceiling-appeal-democrats
Hed: McConnell rejects Yellen's debt ceiling appeal, puts onus on Democrats
Post by ScottW
Post by MiNe109
Post by MiNe109
Post by MiNe109
Since the debt ceiling is determined by previously agreed
upon spending, this is the usual GOP brinksmanship.
Who makes this shit up? If that was truly the case...whey
would there be a debt ceiling at all?
Excellent point! Most countries don't have one. Ours is only
good for causing trouble when it needs to be raised.
Or to put the brakes on out of control spending.
That doesn't have anything to do with the debt ceiling,
BS....don't you remember how sequestration came to be?
The debt ceiling is not intended to be a "brake on out of control
spending." The sequester was a political agreement, not a Constitutional
amendment.
Post by ScottW
Post by MiNe109
which simply a technical provision allowing previously agreed upon
spending to be paid.
Congress often does a lousy job of forecasting how much a bill
will cost or how much revenue will be raised.
That's why the debt ceiling was enacted.
No, it was to allow the Treasury to issue bonds without specific
Congressional approval when the previous practice was for Congress
to "authorise each bond issue by the United States Treasury by
passing a legislative act that approved the issue and the amount,"
Exactly....and they could have done that without a limit. But they
did. Congress recognized that they had created ongoing social
programs that they couldn't accurately determine the costs when
passed. So they created a total debt oversight rather than a program
by program.
No, it was a World War 1 thing.
Post by ScottW
Post by MiNe109
according to wiki.
Eliminating the ability of the government to pay its bills is a
terrible idea, a threat to the full faith and credit of the United
States.
but running up unlimited debt is worse.
US debt is not unlimited. It's defined by the budget.
ScottW
2021-09-19 04:33:47 UTC
Reply
Permalink
Post by ScottW
Post by ScottW
Post by MiNe109
On Friday, September 17, 2021 at 4:03:37 PM UTC-7, MINe109
Post by MiNe109
Post by MiNe109
Post by ScottW
https://www.foxbusiness.com/economy/white-house-debt-ceiling-fight-medicaid-food-stamps
Treasury Secretary Janet Yellen has warned Congress the federal
Post by ScottW
Post by MiNe109
Post by MiNe109
Post by MiNe109
Post by ScottW
government will run out of cash to pays its bills
sometime in October.
I'd be suprised if Yellen said the government "will run
out of cash."
https://finance.yahoo.com/news/mcconnell-warns-yellen-gop-won-225446994.html
Hed: McConnell Warns Yellen GOP Won’t Help Raise Debt Ceiling
Post by ScottW
Post by MiNe109
Post by MiNe109
Post by MiNe109
vs
https://www.foxbusiness.com/politics/mcconnell-yellen-debt-ceiling-appeal-democrats
Hed: McConnell rejects Yellen's debt ceiling appeal, puts onus on Democrats
Post by ScottW
Post by MiNe109
Post by MiNe109
Post by MiNe109
Since the debt ceiling is determined by previously agreed
upon spending, this is the usual GOP brinksmanship.
Who makes this shit up? If that was truly the case...whey
would there be a debt ceiling at all?
Excellent point! Most countries don't have one. Ours is only
good for causing trouble when it needs to be raised.
Or to put the brakes on out of control spending.
That doesn't have anything to do with the debt ceiling,
BS....don't you remember how sequestration came to be?
The debt ceiling is not intended to be a "brake on out of control
spending."
You said that already. You're wrong.

The sequester was a political agreement, not a Constitutional
Post by ScottW
amendment.
So?
Post by ScottW
Post by ScottW
Post by MiNe109
which simply a technical provision allowing previously agreed upon
spending to be paid.
Congress often does a lousy job of forecasting how much a bill
will cost or how much revenue will be raised.
That's why the debt ceiling was enacted.
No, it was to allow the Treasury to issue bonds without specific
Congressional approval when the previous practice was for Congress
to "authorise each bond issue by the United States Treasury by
passing a legislative act that approved the issue and the amount,"
Exactly....and they could have done that without a limit. But they
did. Congress recognized that they had created ongoing social
programs that they couldn't accurately determine the costs when
passed. So they created a total debt oversight rather than a program
by program.
No, it was a World War 1 thing.
No it was in 1939 when congress put the total accumulated debt
under control.
Before that the limits were applied to different instruments but not to the total of them.
Post by ScottW
Post by ScottW
Post by MiNe109
according to wiki.
Eliminating the ability of the government to pay its bills is a
terrible idea, a threat to the full faith and credit of the United
States.
but running up unlimited debt is worse.
US debt is not unlimited. It's defined by the budget.
LoL...how years did Obama never get a budget passed through Congress?

ScottW
MiNe109
2021-09-19 15:04:49 UTC
Reply
Permalink
Post by ScottW
Post by MiNe109
The debt ceiling is not intended to be a "brake on out of control
spending."
You said that already. You're wrong.
There's no such thing as "out of control spending."
Post by ScottW
Post by MiNe109
The sequester was a political agreement, not a Constitutional
amendment.
So?
So it's a ad hoc political act, not a result of the debt limit.
Post by ScottW
Post by MiNe109
Post by ScottW
Post by MiNe109
which simply a technical provision allowing previously agreed
upon spending to be paid.
Post by ScottW
Congress often does a lousy job of forecasting how much a
bill will cost or how much revenue will be raised.
That's why the debt ceiling was enacted.
No, it was to allow the Treasury to issue bonds without
specific Congressional approval when the previous practice was
for Congress to "authorise each bond issue by the United States
Treasury by passing a legislative act that approved the issue
and the amount,"
Exactly....and they could have done that without a limit. But
they did. Congress recognized that they had created ongoing
social programs that they couldn't accurately determine the costs
when passed. So they created a total debt oversight rather than a
program by program.
No, it was a World War 1 thing.
No it was in 1939 when congress put the total accumulated debt under
control. Before that the limits were applied to different instruments
but not to the total of them.
Now you've found wiki, but you haven't shown the ceiling is a "brake"
rather than a technical instrument allowing budgets to be paid for.

As wiki says, "There is debate ... whether a debt ceiling is an
appropriate mechanism for restraining government spending."
Post by ScottW
Post by MiNe109
Post by ScottW
Post by MiNe109
according to wiki.
Eliminating the ability of the government to pay its bills is
a terrible idea, a threat to the full faith and credit of the
United States.
but running up unlimited debt is worse.
US debt is not unlimited. It's defined by the budget.
LoL...how years did Obama never get a budget passed through
Congress?
My best guess is you're referring to the "continuing resolutions" which
fulfilled the function of a budget.

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