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The Looming Crisis
Author: BobR
Date: 05/24/2023 13:09:44
Once again, the U.S. is hanging its ass out for the world to see. No, I'm not referring to TFG; I am referring to the brinksmanship in the House as we are (once again) just a week away from hitting the debt ceiling. The Republican "leadership" is trying to play a game of chicken with the White House, holding the good faith in the American dollar hostage.
It's unknown how many of the under-educated American public don't realize that the increase in the debt ceiling is required to pay the bills on money already spent. It's not so we can borrow more money for things in the future. This has been going on since laws were first put in place in 1917 (and later the Public Debt Acts of 1939). Between 1939 and the 1960s, the ceiling was raised only a handful of times, but by the 1970s it was being used to hold the budget hostage.
It's a strange situation, especially since the 14th Amendment - passed just after the end of the Civil War - includes this text in Section 4: "The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned."
There will always be those rabid imbeciles in Congress who don't seem to understand the scope of the problems that will be created by not raising it. In order to not default on the debt, the federal government will have to institute a government shutdown and stop paying out money to vets, Medicare, Social Security, etc. This is a no-win situation for everyone.
The Republicans funding plan to reduce debt (which increased 30% under TFG) by drastically cutting funding to programs they don't like (you know - those which help the less fortunate), while NOT rolling back tax cuts for the wealthy. The proposed cuts will severely impact McCarthy's own home state:
Meanwhile, negotiations go on. Both President Biden and McCarthy are trying to signal to their respective parties that a compromise will not make the party faithful happy. Compromises rarely make anyone happy, but often it's the only way to move forward. Something should have been done years ago to keep this from becoming the hostage-taking gambit that it is, but at this point the Balkanization of Congress is preventing nearly any progress on anything. And it's We The People who end up on the losing end every time the members of Congress get into a swordfight with their dicks.
It's unknown how many of the under-educated American public don't realize that the increase in the debt ceiling is required to pay the bills on money already spent. It's not so we can borrow more money for things in the future. This has been going on since laws were first put in place in 1917 (and later the Public Debt Acts of 1939). Between 1939 and the 1960s, the ceiling was raised only a handful of times, but by the 1970s it was being used to hold the budget hostage.
It's a strange situation, especially since the 14th Amendment - passed just after the end of the Civil War - includes this text in Section 4: "The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned."
There will always be those rabid imbeciles in Congress who don't seem to understand the scope of the problems that will be created by not raising it. In order to not default on the debt, the federal government will have to institute a government shutdown and stop paying out money to vets, Medicare, Social Security, etc. This is a no-win situation for everyone.
The Republicans funding plan to reduce debt (which increased 30% under TFG) by drastically cutting funding to programs they don't like (you know - those which help the less fortunate), while NOT rolling back tax cuts for the wealthy. The proposed cuts will severely impact McCarthy's own home state:
According to a new White House fact sheet, the bills House Republicans have put forward to reign in spending as part of a debt ceiling increase could have "devastating impacts" for Californians. California would see a $9 billion drop in federal grant dollars, per the analysis from the Office of Management and Budget, leading to cuts in childcare and making housing and college more expensive.
If the cuts were to go through, that would mean 68,500 fewer preschool and childcare slots, and 107,000 Californians losing help with rent, according to the White House. It would also mean that 6.9 million senior citizens and people with disabilities would contend with longer wait times when calling for Social Security and Medicare help.
That fact sheet comes after the Bipartisan Policy Center finds that Social Security and Medicare payments, alongside veterans benefits and SNAP, could be the first on the chopping block should the country default on its debts.
Meanwhile, negotiations go on. Both President Biden and McCarthy are trying to signal to their respective parties that a compromise will not make the party faithful happy. Compromises rarely make anyone happy, but often it's the only way to move forward. Something should have been done years ago to keep this from becoming the hostage-taking gambit that it is, but at this point the Balkanization of Congress is preventing nearly any progress on anything. And it's We The People who end up on the losing end every time the members of Congress get into a swordfight with their dicks.
