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Debt ceiling anyone?


LsDoorMat
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https://www.washingtonpost.com/opinions/2021/09/25/mitch-mcconnell-republicans-stop-playing-games-debt-ceiling/

 

I don't agree with this guy's conclusions, but I think his numbers are probably authentic. The Ds could use reconciliation and fix this today, but they so badly want that inflation kindling bill that includes handouts to people in the middle class, they won't give it up. They have one shot at reconciliation until 2023. 

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As McConnell has said repeatedly, the debt ceiling must be raised.  Not raising it is the wrong thing to do.  Just look at all the times he has said this over and over and over - until this week.

 

Republican opposition to raising the debt ceiling or passing budgets has led to them losing seats in next election.  Of course that was before the massive GOP favorable gerrymandering that we now have.

See below for commentary of history of debt ceiling crises.  Basically, not passing it leads to many Americans having income and medical care placed in jeopardy, massive numbers of Federal contractors being forced to cancel contracts and terminate employees, large decline in stock market and other economic problems.  Make no mistake, the GOPers will get the blame.  Some of those safe GOP districts may become Dem districts as they did in 2018.  Some of those new Dem Senate seats may stay Dem seats in red states.

https://en.wikipedia.org/wiki/United_States_debt_ceiling#1995_and_1996_debt_ceiling_crisis

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39 minutes ago, LsDoorMat said:

https://www.washingtonpost.com/opinions/2021/09/25/mitch-mcconnell-republicans-stop-playing-games-debt-ceiling/

 

I don't agree with this guy's conclusions, but I think his numbers are probably authentic. The Ds could use reconciliation and fix this today, but they so badly want that inflation kindling bill that includes handouts to people in the middle class, they won't give it up. They have one shot at reconciliation until 2023. 

I read Capehart's article and pretty much agree with what he is saying.  I believe most objective financial analysts would say the same thing.  It is not so much what will happen, but what could happen.  As we all know the financial institutions, Wall St., et. al. will often go south on any inkling of bad news.  A debt ceiling crisis would be just such an event.

Bottom line, US government defaults on Billions of Dollars of debt.

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