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Thread: US Treasury asks Congress to lift debt ceiling

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    Re: US Treasury asks Congress to lift debt ceiling

    Quote Originally Posted by Redress View Post
    Please summarize. The PDF keeps hanging on me.
    antideficiency act makes it illegal for the government/civil servant to commit funds which have not been obligated by congress
    we are negotiating about dividing a pizza and in the meantime israel is eating it
    once you're over the hill you begin to pick up speed

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    Re: US Treasury asks Congress to lift debt ceiling

    Quote Originally Posted by Redress View Post
    Two points:

    1) The republicans won the congress based on the economy. It was the absolute top issue. Not raising the debt ceiling would almost certainly hurt the economy. So no, that is not what they where given the house to do.

    B) Your solution is simplistic in the extreme. You cannot solve a problem that is 40+ years in the making in one quarter. Just cannot be done. I agree, the deficit has to be fixed. I agree, we have to start doing it now. But there are ways to do it without creating more problems than you solve. There is no easy deficit fix, and it will take time, but it is doable.
    ...and what Republican "idea" does not fit within such a description?

    Quote Originally Posted by Redress View Post
    Bonus point: It's funny how alot of the same people who cried that the tax cut extension had to happen across the board are the same ones who are not a month later crying about the deficit.
    ....and such persons have zero credibility on this issue and should be called on it. Their whines about the deficit are hypocrisy.

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    Re: US Treasury asks Congress to lift debt ceiling

    Quote Originally Posted by Zyroh View Post
    Let's say you told a car dealer you're going to buy a car. Before you do this you have already decided on a limit on the amount of debt you'll take on. You of course don't have the cash for the car so the dealer offers you some credit. Since taking on the extra credit would put you over your self-imposed limit you decide you can't do that right now. So you now have three choices. You can save your income and wait till you can pay cash for your car, you can wait till you're drunk enough that you forgot your self-imposed debt limit and get the loan, or you can live without the car.

    This is the situation we find ourselves. Since the debt limit is about 95% of last year's income it would probably be a bad idea to waste your limit and get more debt. We're still employed and we get about $2 Billion a day so we certainly will survive without more debt even though it isn't very comfortable. But no one can deny that at some point we will no longer be able to get more credit. Also, it's not a very smart move to keep obtaining more debt to test where that natural ceiling sits at.

    The obvious caveat to this analogy is the fact that congress has the power to create our currency. But that would require taking power away from the Fed. Last congress only had 2 guys that favored this move, and one of them got voted out. But since we all agree the ceiling will get raised again, these more drastic moves will become ever more popular the closer we get to the end.
    Firstly, the Fed does not have the power to control the creation of currency, in terms of literally printing money. The US Mint works under the direction of the Congress, the Fed can release money it has in savings, which can for all practical reasons have the same effect, but they aren't actually creating money just increasing the money supply.

    Secondly this isn't like buying a car. Because the US Treasury doesn't offer credit to Congress they are ordered to find it by issuing US Bonds. The US Treasury doesn't make a decision on how much to spend, they merely are there to facilitate the borrowing process when Congress orders them to borrow. They make NO DECISIONS on their own, and have no authority to do so, they work entirely under the orders of Congress. In this case they are simply saying to Congress "Just thought you might wanta know but if you want to finance all your spending you have to tell us to borrow more and allow us to do so."

    The Treasury is simply doing its job, by informing Congress of the financial situation of the US budget AND requesting Congress raise the debt ceiling so it can finance the spending, IE its job, financing spending. If they don't get a new ceiling they will simply wait for orders from Congress for what spending will not receive funding, and once Congress decides that they'll finance them.

    I don't approve of raising the debt ceiling or more Congressional spending, however the debt is NOT the fault of the US Treasury they simply do what they are told to serve the government in the way they are directed.

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    Re: US Treasury asks Congress to lift debt ceiling

    Republicans acknowledge debt limit should rise | Reuters
    Treasury Secretary Timothy Geithner pressed lawmakers to raise the nation's $14.3 trillion debt limit to allow the United States to borrow more and avert a crisis in the coming months.

    House Budget Committee Chairman Paul Ryan, a Republican, said he recognized the need to allow the government to go deeper in debt.

    "Will the debt ceiling ... have to be raised? Yes," said Ryan, who leads Republican efforts to slash deficit spending.

    But he called for deep spending cuts in 2012 and the Pentagon announced it would trim its budget by $78 billion as both government and opposition in Washington vied to outdo each other in promises of tighter spending.
    Even Republican leadership understands the dire need to raise our nation's debt ceiling. I guess now the only people who want to see the United States default on her debt, further stagnating an economic recovery, are Tea Partiers.

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    Re: US Treasury asks Congress to lift debt ceiling

    Quote Originally Posted by upsideguy View Post
    such persons have zero credibility on this issue and should be called on it
    Obama Calls Tax-Cuts Deal the 'Right Thing to Do'

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    Re: US Treasury asks Congress to lift debt ceiling

    Quote Originally Posted by Spaceman_Spiff View Post
    Republicans acknowledge debt limit should rise | Reuters
    Even Republican leadership understands the dire need to raise our nation's debt ceiling. I guess now the only people who want to see the United States default on her debt, further stagnating an economic recovery, are Tea Partiers.
    Or anyone who wants to see the government crash completely in order to gain political edge over the Democrats, and aren't concerned with the people who will get hurt by it.

    ... there's a bit of overlap.
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    We’ll say what? Something like “nothing happened” ... Yeah, we might say something like that.

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    Re: US Treasury asks Congress to lift debt ceiling

    Quote Originally Posted by ricksfolly View Post
    Not that simple... Congress needs more money to create more needed jobs (infrastructure, dams, etc.) to keep priming the motor, without it, the country would lose all the advances it has made. It's about more charity. It's about doing something NOW, not just hoping the economy will recover by itself. Never has never will.

    Maybe, just maybe congress will finally do what the people voted for them to do, not play political gotcha ya ya ya games like little children.

    ricksfolly
    ...ah, but the political gotcha ya ya ya games have just begun.... and will be played at a level never before seen.

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    Re: US Treasury asks Congress to lift debt ceiling

    Quote Originally Posted by Lord Tammerlain View Post
    Great idea

    Watch the military grind to a halt as service members dont get paid, contractors walk off the job as they wont get paid, jets get grounded as they dont have fuel to fly them

    Watch as grandma and grandpa get kicked out of the old folks home in the middle of winter and freezes to death

    Watch as hospitals form death panels to kill off all the medicare patients whose bills are not longer being paid

    Top notch idea, I say roll with it
    the only aspect of your rant that should involve federal money is the military.

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    Re: US Treasury asks Congress to lift debt ceiling

    Quote Originally Posted by Wiseone View Post
    The US treasury isn't spending the money, Congress is. The US Treasury is merely asking the Congress for permission to borrow money that Congress has already allocated to be spent. The Treasury is just doing its job and making that the Congress's budget is paid for not, its NOT a partisan part of government. The real problem is Congress spending the money.
    A separate bipartisan group of congress people called the Ways and Means Committee make final decisions on if and where tax money is spent.

    ricksfolly

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    Re: US Treasury asks Congress to lift debt ceiling

    Quote Originally Posted by apdst View Post
    Yeah, because as The One finally admitted, there's no such thing as a shovel ready project.
    True, but that's because congress has no group or team assigned to making it happen. Investigations and bids take months or even years to put together.

    ricksfolly

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