temporarily suspends the debt limit

[iamgine]

It's never been a real thing, it's already removed.

I will ask you a 3rd time. What is the point of having a debt ceiling, if we always raise the debt ceiling?

We never actually stay under the ceiling and we always just raise it higher. So why do you want it there?

It provides an opportunity for lawmakers to debate and discuss the level of debt and the government's spending priorities. It forces policymakers to evaluate and justify the need for additional borrowing

[Off the Court]

It provides an opportunity for lawmakers to debate and discuss the level of debt and the government's spending priorities. It forces policymakers to evaluate and justify the need for additional borrowing

It's a budget review that we never ever abide by?

Every time a bill passes that gives us the ability to print up trillions it is reviewed and voted on anyway.

[HoopsNY]

It's never been a real thing, it's already removed.

I will ask you a 3rd time. What is the point of having a debt ceiling, if we always raise the debt ceiling?

We never actually stay under the ceiling and we always just raise it higher. So why do you want it there?

That's like saying what's the point of me having a credit limit if I always go over it. Obviously as an individual, I need to have a limit to work with to at least gauge and decrease my own spending. Why would the government be any different?

[Doomsday Dallas]

It's never been a real thing, it's already removed.

I will ask you a 3rd time. What is the point of having a debt ceiling, if we always raise the debt ceiling?

We never actually stay under the ceiling and we always just raise it higher. So why do you want it there?

What is the point of having a debt ceiling? It's to keep our finances in check. It's called a budget.

What are you arguing here? that there shouldn't be a limit to how much the government can spend?

The Debt Ceiling was suspended for 2 years.... from July of 2019 to July of 2021

H.R.3877 - Bipartisan Budget Act of 2019

In those 2 years the, thanks in part to Covid, the national debt skyrocketed from $21T to $29T,... the debt limit was suspended during that time.

In August 2019, then-President Trump signed the Bipartisan Budget Act of 2019, which suspended the debt ceiling through July 31, 2021. The legislation also lifted spending caps on federal agency budgets, while ensuring that the government could pay its bills in the short term.10 Suspending the ceiling in this manner eliminated the risk of default for another two years, increasing spending to $320 billion for the 2020 and 2021 fiscal years.11 The debt ceiling was once again raised, to $31.4 trillion, in December 2021.

When have we ever added 30% to the National Debt in a matter of two years?

If there was ever a curve that needed to be flattened... it's the national debt...

and this was the most notable achievement of Bill Clinton's presidency.

[Doomsday Dallas]

No debt limit in place.... expect a crisis soon..... and it will probably be on the West Coast.

There will magically be some reason for the Federal Government to funnel trillions to their Democratic socialist friends on the West Coast.

[Off the Court]

What is the point of having a debt ceiling? It's to keep our finances in check. It's called a budget.

What are you arguing here? that there shouldn't be a limit to how much the government can spend?

There is no budget, there never has been. You can't see that?

The debt ceiling didn't keep Bill Clinton in check. Bill Clinton kept Bill Clinton in check.

The only people that actually do try to limit our spending is the Fed and they don't care about the ceiling. In fact when Powell is asked about it he more or less responds with "that is their problem not mine".

[Off the Court]

That's like saying what's the point of me having a credit limit if I always go over it. Obviously as an individual, I need to have a limit to work with to at least gauge and decrease my own spending. Why would the government be any different?

Completely different for many reasons. Most notably you owe a bank that money, where the government just prints it up and owes themselves that money, they only limit to fight inflation.

But also for that comparison to work it would mean that your bank keeps raising your debt limit when you go over, meaning that you never ever stay within your budget anyway. You are ignoring your budget completely, which is what our government does.

[iamgine]

It's a budget review that we never ever abide by?

Every time a bill passes that gives us the ability to print up trillions it is reviewed and voted on anyway.

Not sure where the misunderstanding is. Are you saying debt ceiling should never be raised?

[Nanners]

Completely different for many reasons. Most notably you owe a bank that money, where the government just prints it up and owes themselves that money, they only limit to fight inflation.

But also for that comparison to work it would mean that your bank keeps raising your debt limit when you go over, meaning that you never ever stay within your budget anyway. You are ignoring your budget completely, which is what our government does.

The government doesnt print money. The federal reserve (a private bank) prints money and then loans it to the government at interest.

Most countries have this system of reserve banking, which is why the total global debt held by nations worldwide massively outweighs the total surplus debt owned by nations... aside from a small handful of countries (that all happen to be run by evil tyrants and need the US to bomb them into "democracy") most nations owe money to their own private for profit banks.

If you try to balance out every nation that holds a national debt with all the nations that are owed money, you will find that the debt outweighs the owed money by 100x or more - this is because most nations dont owe money to each other, they owe it to their own private for profit reserve banks that print the nations money and then loan it to them.

[oldtimer28]

Nanners and Doomsday. Great posts. True and I agree with you both.

[HoopsNY]

The government doesnt print money. The federal reserve (a private bank) prints money and then loans it to the government at interest.

Most countries have this system of reserve banking, which is why the total global debt held by nations worldwide massively outweighs the total surplus debt owned by nations... aside from a small handful of countries (that all happen to be run by evil tyrants and need the US to bomb them into "democracy") most nations owe money to their own private for profit banks.

If you try to balance out every nation that holds a national debt with all the nations that are owed money, you will find that the debt outweighs the owed money by 100x or more - this is because most nations dont owe money to each other, they owe it to their own private for profit reserve banks that print the nations money and then loan it to them.

Bingo. Pretty scary times that we're living in when someone thinks we can just continuously print money and that we don't need a debt ceiling because other countries don't have it. The world has truly gone mad and that tipping point will be a point of no return, eventually.

[Off the Court]

The Fed isn't looking to collect on their debt, the only danger in printing money is inflation. Once inflation is under control and it is close, they will open up the flood gates again. It isn't just "most other countries" that do this, it is every country.

The only part of the national debt that matters is the foreign and our debt to other countries is shrinking. We've basically cut our debt to China in half over the last decade.

The Fed actually played covid beautifully. The US Dollar has gained ground on every other country.