House passes bill to raise the $31 trillion debt limit in exchange for government spending cuts: Republicans set up a clash with Biden by winning a nail biting 217–215 vote after tense negotiations. After days of political wrangling, the house republicans voted to pass their sprawling debt limit bill.
Nothing says reduce the debt, everything talks about the deficit. The country collapses now or what day would you like to pick? Do you want to do it now or for our grandkids? Someone is getting it. Kevin is in a no win situation right now. We can’t blame Kevin for the no win and the corrupt administration he is up against.
This is what Kevin is up against. What does Biden’s new mortgage rule mean for you? How homeowners with good credit scores will pay hundreds of dollars more while those who don’t pay their bills on time will save $6000. The administration won’t even talk with Kevin and all they spout is equity. All the networks are saying that Biden says that he wants a clean debt ceiling and then he will talk about spending cuts.
US debt limit increases 59 times under republican presidents and 29 times under democratic presidents. House GOP passes debt limit bill hoping to force Biden to the table. The Debt ceiling was hit on Jan 19th, $31.4 trillion. We hit the debt ceiling in Jan. What does the collapse mean? How the US debt default could impact you by increased borrowing costs and could effect social security payments, veterans’ benefits, and federal employee salaries.
Why don’t we get rid of the Department of Ed, the IRS cuts?
Possible debt default effects could trigger market crashes, crush business and consumer confidence, cause a recession, tank treasuries, and interest rates spike. Isn’t all this already happening? There’s a novel idea. Put politics aside and get this done for the American people. What if interest payments become the top priority. Let’s say on a certain date we have the income tax coming in to only pay the interest payment, not to pay the military, the seniors. Where do the interest payments go? Would it be the federal reserve? What happens if we don’t make the payments? Do we default on the debt to China or to the federal reserve? What happens here?
White House on GOP debt ceiling bill passage, “In our history, we have never defaulted on our debt or failed to pay our bills… WE are not a deadbeat nation… We pay our bills. Congressional republicans must do that again now and act to avoid default.” or delay sobering up. We are like the drunk uncle that knocks on the door for another $10 and will sober up next week.
Chuck Schumer: “The republican default on America Act is DOA in the senate. It’s a ransom note to the American people to suffer the republican radical, right-wing agenda or suffer a catastrophic default. Democrats won’t allow it.”
McCarthy’s debt ceiling plan would include rescinding unspent COVID funds, banning Biden’s student loan forgiveness program, repealing green energy tax credits, killing new IRS funding, work requirement for some federal aid programs, bringing non-defense spending down to 2022 levels, capping future spending increases at 1% annually. Kevin McCarthy and republicans didn’t tell Brian Kemp to make deals with China on the EV batteries. He is backing on the green energy tax credits.