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Debt Ceiling Crisis Continues with Fear

  • We have a debt cri­sis. There is no such thing as a debt ceil­ing cri­sis. It would be very easy for us to pay our bills. 
  • Yellen triples down on debt ceil­ing dead­line. Warn­ing on Mon­day that the US gov­ern­ment is high­ly like­ly to run out of mon­ey as ear­ly as June 1. The date leaves Pres­i­dent Biden and House Speak­er McCarthy less than 10 days to find an agree­ment and the votes for a com­pro­mise to cut spend­ing and raise the debt ceiling. 
  • Biden teas­es 14th amend­ment author­i­ty on debt ceil­ing. They are tamp­ing this down. Noth­ing on CNN or on MSNBC this morning. 
  • Sec­tion 4 of the 14th Amend­ment says the valid­i­ty of America’s pub­lic debt shall not be ques­tioned. The clause was born of a con­cern that mem­bers of Con­gress from south­ern states might refuse to repay Civ­il War debts incurred in fight­ing the Con­fed­er­a­cy. It was put in the con­sti­tu­tion so the south­ern states could not deny the debt dur­ing the reuni­fi­ca­tion of the states. 
  • He couldn’t use this to pay the bills from the  behe­moth bureau­cra­cies that the fed­er­al gov­ern­ment has estab­lished. Only the debt that has already incurred. 
  • Biden and McCarthy hold a pro­duc­tive debt ceil­ing meet­ing but no deal yet. Areas being dis­cussed in debt ceil­ing nego­ti­a­tions: unspent COVID relief funds, work require­ments for fed­er­al aid recip­i­ents, ener­gy per­mit­ting process, cap­ping fed­er­al spending. 
  • Accord­ing to Gold­man Sachs’ cash bal­ance we are almost out. Janet Yellen will not say default. It is only law­mak­ers and the media. Janet Yellen will con­tin­ue to say that we can’t pay our bills. There is anoth­er major influx of cap­i­tal in June. Oper­at­ing cash runs out on X day. They have exhaust­ed their tax antic­i­pa­tion note. 
  • Biden goes to the G7 and makes a $375 M com­mit­ment to Ukraine. They aren’t try­ing to make a debt ceil­ing deal to help the mid­dle class, they are mak­ing the deal for the rich. 
  • Trump said you’re going to go broke now or later.
  • We do not have a cap­i­tal­ist coun­try any­more where it runs the econ­o­my. The gov­ern­ment can­not turn your econ­o­my around. We have to sell t bills to con­tin­ue to turn the social­ized econ­o­my. If it stops right now, we could stop social­ism and return it to cap­i­tal­ism. The only thing you can default on is the debt. Social secu­ri­ty is not some­thing you would default on. 
  • Our found­ing fathers only intend­ed for us to pay for our mil­i­tary to pro­tect us at home. It is time for the cap­i­tal­ist sys­tem to come back to life. 

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