Another 3 trillion dollars in debt

marke

Well-known member
Again, Trump said he would put forward a plan to eliminate the deficit and pay off the national debt in 8 years. Did he ever do that or was he just lying when he said it? Yeah, he was just lying.
I am not aware of any bill Congress passed that would have eliminated the deficit and paid off the national debt. If Trump said he had a plan like that I think he was wrong. I do not believe such a plan is even p[ossible.
 

TomO

Get used to it.
Hall of Fame
Again, Trump said he would put forward a plan to eliminate the deficit and pay off the national debt in 8 years. Did he ever do that or was he just lying when he said it? Yeah, he was just lying.
He said that? 😃 When? You gotta cite for that?....Don't get me wrong, I don't doubt he could have said it (he's said some pretty dumb stuff) but I'd like to see that. :ROFLMAO:
 

User Name

Greatest poster ever
Banned
He said that? 😃 When? You gotta cite for that?....Don't get me wrong, I don't doubt he could have said it (he's said some pretty dumb stuff) but I'd like to see that. :ROFLMAO:
This is from 2016, and time has proven Trump's critics right (of course):

 
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marke

Well-known member
This is from 2016, and time has proven Trump's critics right (of course):

Trump should pull a democrat trick and blame the democrats for not allowing him to pay the national debt in 8 years.
 

marke

Well-known member
You totally missed the point (as usual). It was Trump's own plan that added trillions of dollars to the national debt, so...
Maybe you are right but you still fail to name one spending bill proposed by Trump that might support your biased claim.
 

TomO

Get used to it.
Hall of Fame
This is from 2016, and time has proven Trump's critics right (of course):

In this case just the obvious does that. :sneaky:
 

marke

Well-known member
If our current republican leaders were wise they would stop adding trillions to the debt given the way they may think former democrat leaders have run up the debt to unsustainable levels. What was Trump and his mob of supporters thinking, that the US is immune from fiscal laws?
No matter who bears the most blame for our current debt default danger, the democrats are going to have to raise the debt ceiling on their own this time with no republican help. Republicans are saying enough is enough. Congress cannot keep recklessly spending trillions of dollars and expect no bad consequences from such foolishness.


JPMorgan Chase CEO Jamie Dimon revealed Tuesday the multinational investment bank is preparing for the "potentially catastrophic" event that the United States defaults on its debt.

The eyebrow-raising comments were made as Democrats seek to pass a $3.5 trillion spending bill, which they claim "costs zero dollars." Unfortunately, the Congressional Budget Office has not yet scored the bill, but some analyses indicate the bill, if it becomes law, could add more than $4 trillion to the national debt.
 

User Name

Greatest poster ever
Banned
No matter who bears the most blame for our current debt default danger, the democrats are going to have to raise the debt ceiling on their own this time with no republican help. Republicans are saying enough is enough.
Republicans are only saying enough is enough because there is a Democrat in the White House, as usual. As soon as there is a Republican in the White House, the Republicans will raise the debt to new record highs, as usual.
 

marke

Well-known member
Republicans are only saying enough is enough because there is a Democrat in the White House, as usual. As soon as there is a Republican in the White House, the Republicans will raise the debt to new record highs, as usual.
Americans have been saying enough is enough no matter who is in the WH but it seems only republicans are listening to the American people.
 

marke

Well-known member
Of course it matters how we got near bankruptcy, you numpty!

I agree. We should look at how we got in such big financial trouble that we face national bankruptcy. It seems the only way to avoid immediate default is to keep unjustly raising our credit limit and perpetually raise taxes to evermore higher levels to cover the unsustainable growth in US debt obligations. But why would a democrat monopoly in DC right now want to add $5 more trillion to the debt at a time the US is facing the very real threat of defaulting on its debt obligations? Democrats are really bad with finances.


The U.S. economy could plunge into another recession this fall if Congress fails to lift the debt ceiling and the nation is unable to pay its obligations, according to an analysis by Moody's Analytics chief economist Mark Zandi. The fallout would wipe out as many as 6 million jobs and erase $15 trillion in household wealth, he estimated in a report.
 

marke

Well-known member
More things will get more expensive but the wages stay the same.

Let's say a person gets a raise under the present democrat government and now makes $800 per week. Let's say he was only making $500 per week last year under Trump. And let us suppose his total monthly necessities (food, fuel, housing, utilities, and so forth) last year cost him $1600 every month. And let's say his taxes were only $200 per month last year. That is something he could possibly live with.

But let us say his monthly costs have gone up from $1700 last year to $2500 this year and are still rising. And, he does not get paid as much because the covid mandates have shut down his job and he must depend upon government welfare to pay his bills. I can see where millions of American families may be facing serious financial difficulties in the days ahead.
 

User Name

Greatest poster ever
Banned
The Republicans raised the debt ceiling 3 times during the Trump administration, increasing new spending to levels never before seen in an economy that was humming along well to begin with. But now that there is a Democrat in the White House, Republicans are threatening to default on the debt, which would have disastrous consequences on the economy. White House press secretary Jen Psaki bluntly calls out GOP lawmakers about their spending during the Trump era and their refusal now to raise the national debt limit. Psaki said they "spent like drunken sailors," during the last four years:

 

marke

Well-known member
The Republicans raised the debt ceiling 3 times during the Trump administration, increasing new spending to levels never before seen in an economy that was humming along well to begin with. But now that there is a Democrat in the White House, Republicans are threatening to default on the debt, which would have disastrous consequences on the economy. White House press secretary Jen Psaki bluntly calls out GOP lawmakers about their spending during the Trump era and their refusal now to raise the national debt limit. Psaki said they "spent like drunken sailors," during the last four years:

Ignoring your obvious infatuation with party divisions, we should point out that the debt ceiling cannot be raised in DC without bipartisan support.
That was made clear recently when the republicans refused to support the raising of the debt ceiling and the democrats could not do it themselves in spite of controlling all branches of government.
The Republicans raised the debt ceiling 3 times during the Trump administration, increasing new spending to levels never before seen in an economy that was humming along well to begin with. But now that there is a Democrat in the White House, Republicans are threatening to default on the debt, which would have disastrous consequences on the economy. White House press secretary Jen Psaki bluntly calls out GOP lawmakers about their spending during the Trump era and their refusal now to raise the national debt limit. Psaki said they "spent like drunken sailors," during the last four years:

First, allow me to explain that no president can raise the debt ceiling - only Congress can do that. No president can increase spending, only Congress can do that. Psaki was misleading by blaming republicans for spending during the Trump administration because the increases in spending were all allowed by spending measures enacted under Obama.


Under Article I, Section 8 of the Constitution, Congress has the power to "borrow money on the credit of the United States." This power is exclusive; it cannot be exercised by the other branches of government.

The word 'debt' in Section 4 of the 14th Amendment refers only to bonds and similar debt instruments. It does not include statutory 'obligations.'
If Congress refuses to raise the debt ceiling, the president has no authority to go around the legislature because he thinks raising the ceiling is desirable. Such an act would violate the Constitution's separation of powers. The president can no more authorize additional borrowing than he can impose new taxes, regulate commerce or exercise any other power granted only to Congress.

The debt ceiling was essentially suspended in October 2015 over republican opposition. From then until now the debt ceiling has not been honored, with Congress and the Treasury issuing a series of extraordinary measures, thus bypassing Constitutional requirements for budgeting spending so that the ceiling caps are not violated, in order to keep paying the debt past Congresses have run up and providing capital for new deficit spending.

Republicans did not spend the money, Congress did, and democrats were the primary drivers of spending increases over republican objections and advocacy for restraints.

The debt limit in 2010 was 14.294 trillion dollars. The limit in late 2015 was nearly 19 trillion dollars, even though the debt ceiling was suspended at the time. The limit rose to 22.030 trillion dollars in March 2019 but the debt ceiling was still suspended. The debt ceiling effectively stands at more than 28 trillion dollars, even though battles over the debt ceiling continue with sharp divisions between republicans and democrats.


The federal debt ceiling will be reinstated on August 1, 2021, at around $28.5 trillion. At that point, the Treasury Department will begin using accounting tools at their disposal, called “extraordinary measures,” to avoid defaulting on the government’s obligations.

Anyone blaming republicans for the unsustainably huge debt increases over the last decade is lying, either from stubbornness or stupidity. More often than not the majority of republicans were involved with efforts to restrain spending and reduce taxes while democrats were more commonly supportive of huge spending increases coupled with huge tax increases on workers and businesses.
 

marke

Well-known member
Republicans are only saying enough is enough because there is a Democrat in the White House, as usual. As soon as there is a Republican in the White House, the Republicans will raise the debt to new record highs, as usual.
Sadly, you have been lied to. Republicans have never raised the debt ceiling over democrat objections. If there are objections to raising the debt ceiling there are always more republicans opposing raising it than there are democrats - Always.
 

marke

Well-known member
The debt ceiling was raised 74 times from March 1962 to May 2011,[12] including 18 times under Ronald Reagan, eight times under Bill Clinton, seven times under George W. Bush, and five times under Barack Obama. - https://en.wikipedia.org/wiki/History_of_United_States_debt_ceiling

Before this year, the biggest yearly increase in the debt ceiling (this year the increase is $6.47 trillion) was $2.183 trillion in March 2019 and $2.1 trillion in January 2012. None of these debt ceiling increases can be said to be the responsibility of the sitting president, and all of these increases included some, or even majority, republican support, except for this year in which the increase had no republican support whatsoever. But none of these increases were stand-alone bills. All of them included dozens if not hundreds of other issues that complicated negotiations on the debt increase. This is about the 2012 debt ceiling debate that resulted in majority republican support for the bill. Notice the fact that republicans voted for the bill because democrats included in the bill future spending cuts and limits that never really achieved what the republicans were misled to believe would be achieved.


The bill was the final chance in a series of proposals to resolve the 2011 United States debt-ceiling crisis, which featured bitter divisions between the parties and also pronounced splits within them. Earlier ideas included the Obama-Boehner $4 trillion "Grand Bargain",[13] the House Republican Cut, Cap and Balance Act, and the McConnell-Reid "Plan B" fallback. All eventually failed to gain enough general political or specific Congressional support to move into law, as the midnight August 2, 2011, deadline for an unprecedented U.S. sovereign default drew nearer and nearer.[14]

The solution came from White House National Economic Council Director Gene Sperling, who, on July 12, 2011, proposed a compulsory trigger that would go into effect if another agreement was not made on tax increases and/or budget cuts equal to or greater than the debt ceiling increase by a future date.

Ultimately, the intent of the sequester was to secure the commitment of both sides to future negotiation by means of an enforcement mechanism that would be unpalatable to Republicans and Democrats alike. President Obama agreed to the plan. House Speaker John Boehner expressed reservations, but also agreed.[15]

On July 26, 2011, White House Budget Director Jack Lew and White House Legislative Affairs Director Rob Nabors met with Senate Majority Leader Harry Reid to discuss the plan. Reid, like Boehner several days before, was initially opposed to the idea, but was eventually convinced to go along with it, with the understanding that the sequester was intended as an enforcement tool rather than a true budget proposal.[16]

On the evening of July 31, 2011, Obama announced that the leaders of both parties in both chambers had reached an agreement that would reduce the deficit and avoid default.[6] The same day, Speaker of the House John Boehner's office outlined the agreement for House Republicans.[17] One key element in the deal being reached and the logjam being broken earlier that afternoon was U.S. Vice President Joe Biden's ability to negotiate with his 25-year Senate colleague, Senate Minority Leader Mitch McConnell.[18][19][20] Biden had spent the most time bargaining with Congress on the debt question of anyone in the administration, and McConnell had viewed him as the one most trustworthy.[18]
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