Yellen to Congress: Raise the debt ceiling or risk 'irreparable harm'

[mystery-ak]

Yellen to Congress: Raise the debt ceiling or risk 'irreparable harm'
By Sylvan Lane - 07/23/21 01:48 PM EDT

Treasury Secretary Janet Yellen urged congressional leaders Friday to raise the federal debt limit as soon as possible or risk “irreparable harm to the U.S. economy and the livelihoods of all Americans.”

In a Friday letter, Yellen warned that the Treasury Department is unable to project how long it could stave off a potentially catastrophic default on the national debt if Congress does not either raise or suspend the debt ceiling before Aug. 1.

“In recent years Congress has addressed the debt limit through regular order, with broad bipartisan support,” Yellen wrote. “I respectfully urge Congress to protect the full faith and credit of the United States by acting as soon as possible.”

The debt ceiling does not increase or reduce government spending, but sets a cap on how much debt the government can take on while paying for obligations already approved by Congress and the president. A two-year deal to suspend the debt limit expires on July 31, and Congress is unlikely to reach another agreement to lift it before then.

more
https://thehill.com/policy/finance/564562-yellen-to-congress-raise-the-debt-ceiling-or-risk-irreparable-harm

[LMAO]

  We are in a mess.

 How long can you run a country on debt? And even more debt and even more debt and even more debt.

The candidate that the GOP nominates in 2024 must make our national debt one of the top issues. Otherwise, will be remembering the good old days of 2021

 And I know some don’t like to hear this, but Donald Trump  was an absolute failure when it came to fiscal issues. Not bashing Donald Trump  or his supporters just stating a fact. And the TEA Party has lost credibility for letting him slide on it

The same policies that were used to bring down inflation in the 1980s I don’t think will work today

[LMAO]

Although I don’t know what Yellen is worried about. I’ve seen this game so many times and I already know the conclusion

[libertybele]

  We are in a mess.

 How long can you run a country on debt? And even more debt and even more debt and even more debt.

The candidate that the GOP nominates in 2024 must make our national debt one of the top issues. Otherwise, will be remembering the good old days of 2021

 And I know some don’t like to hear this, but Donald Trump  was an absolute failure when it came to fiscal issues. Not bashing Donald Trump  or his supporters just stating a fact. And the TEA Party has lost credibility for letting him slide on it

The same policies that were used to bring down inflation in the 1980s I don’t think will work today

As far as Trump failing fiscally; that's certainly up for debate. Yes we are in a mess financially and otherwise.  However, we cannot blame it all on Trump.  Congress holds those purse strings.

Much like "W" was faced with 9/11 and expenses skyrocketed, Trump faced a pandemic and expenses skyrocketed. He in my opinion did an absolutely awesome job in handling the pandemic, getting medical equipment and supplies where needed very quickly and medical personnel didn't have to wait months on end for PPE's, ventilators, etc.  Heck he even sent a hospital ship into NY that was barely used.  I think his biggest roadblock and who prompted Trump to lockdown was Fauci, whom most of us now realize is a complete fraud.

Let's remember that under Trump before the pandemic, we saw the lowest Black and Hispanic unemployment in history, people were getting off foods stamps and going back to work. Employment was at record highs.  NAFTA was renegotiated and China was being dealt with.  Trump was rebuilding the army. He fought to get $$ to build the wall; I'd say $$ well spent.  While debt continued to be an issue; people were back to work.  Jobs were created and manufacturing came back to the US because of lowering of corporate taxes --- so I really beg to differ that Trump's economy was a failure.                                   

The inflation that we are seeing now can be attributed to the FAILED policies of Biden, not Trump.

[LMAO]

As far as Trump failing fiscally; that's certainly up for debate. Yes we are in a mess financially and otherwise.  However, we cannot blame it all on Trump.  Congress holds those purse strings.

Much like "W" was faced with 9/11 and expenses skyrocketed, Trump faced a pandemic and expenses skyrocketed. He in my opinion did an absolutely awesome job in handling the pandemic, getting medical equipment and supplies where needed very quickly and medical personnel didn't have to wait months on end for PPE's, ventilators, etc.  Heck he even sent a hospital ship into NY that was barely used.  I think his biggest roadblock and who prompted Trump to lockdown was Fauci, whom most of us now realize is a complete fraud.

Let's remember that under Trump before the pandemic, we saw the lowest Black and Hispanic unemployment in history, people were getting off foods stamps and going back to work. Employment was at record highs.  NAFTA was renegotiated and China was being dealt with.  Trump was rebuilding the army. He fought to get $$ to build the wall; I'd say $$ well spent.  While debt continued to be an issue; people were back to work.  Jobs were created and manufacturing came back to the US because of lowering of corporate taxes --- so I really beg to differ that Trump's economy was a failure.                                   

The inflation that we are seeing now can be attributed to the FAILED policies of Biden, not Trump.

Sigh....

And to think just five years ago conservatives did care about unsustainable spending

I do agree that Congress deserves just as much, if not more of the blame, but Donald Trump signed off on all of these spending bills

[LMAO]

We need to be brutally honest about this debt. The last time  debt to GDP ratio was over 100% was after World War II and that was predominantly war spending that was able to be cut after the war ended

The second time was after Barack Obama’s presidency and it’s been going up since. Yes, I like the energy independence under Donald Trump and some of his de regulation of the economy. But that has nothing to do with the  fact that he signed off on all the spending bills and continued to put us on an unsustainable path. Painting Donald Trump as the victim in the spending is simply not accurate 

Creating jobs does not bring down the deficit or debt. Cutting spending is our only way out of this and that will be harmful

[libertybele]

Sigh....

And to think just five years ago conservatives did care about unsustainable spending

Sigh ... I think you may have misinterpreted my meaning. In no way did I say  imply that Trump or his administration were fiscally responsible. I merely pointed out the need for spending during the pandemic that was strongly urged by Fauci, the CDC and the WHO --I believe  Trump's objective at that time was doing anything and everything to save lives. No president had to deal with a pandemic like Trump was faced with and I think he needs to be given some credit.

Absolutely, Trump had two years where he did have a complete majority and should have been able to reign things in a bit, however, again Congress ultimately holds the purse strings and Ryan was House leader at the time. Just sayin'.                   

I also pointed out what a boost he indeed did give the economy as far as jobs and negotiations. That wasn't implying that he was being fiscally responsible, merely he deserves credit for putting people back to work.

As far as I know the last time the U.S. experienced a balanced budget was under Clinton (of all people).

So  .... since then the question is why the run away spending??  W faced an attack on U.S. soil. Bammy ??  Trump faced a pandemic. Biden ???

[LMAO]

Sigh ... I think you may have misinterpreted my meaning. In no way did I say  imply that Trump or his administration were fiscally responsible. I merely pointed out the need for spending during the pandemic that was strongly urged by Fauci, the CDC and the WHO --I believe  Trump's objective at that time was doing anything and everything to save lives. No president had to deal with a pandemic like Trump was faced with and I think he needs to be given some credit.

Absolutely, Trump had two years where he did have a complete majority and should have been able to reign things in a bit, however, again Congress ultimately holds the purse strings and Ryan was House leader at the time. Just sayin'.                   

I also pointed out what a boost he indeed did give the economy as far as jobs and negotiations. That wasn't implying that he was being fiscally responsible, merely he deserves credit for putting people back to work.

As far as I know the last time the U.S. experienced a balanced budget was under Clinton (of all people).

So  .... since then the question is why the run away spending??  W faced an attack on U.S. soil. Bammy ??  Trump faced a pandemic. Biden ???

 If I unfairly misinterpreted what you were saying then I do apologize.

 But I think we as conservatives really need to be honest about this debt and that Trump did contribute to it just like every president before him unfortunately. So I’m not just bashing Donald Trump on the head and blaming him solely when there’s lots of blame to go around 

But there seems to be a pattern when some of us point out that Donald Trump did contribute to our fiscal situation, there’s a lot of “yeah but he did this and this and this and this” which is a whole different subject

[IsailedawayfromFR]

Why not go ahead and eliminate this law so no one in Congress has to hear about it once again.

Like immigration laws, they are never enforced anyway.  Unless you are a kid named Elián González

[libertybele]

If I unfairly misinterpreted what you were saying then I do apologize.

 But I think we as conservatives really need to be honest about this debt and that Trump did contribute to it just like every president before him unfortunately. So I’m not just bashing Donald Trump on the head and blaming him solely when there’s lots of blame to go around 

But there seems to be a pattern when some of us point out that Donald Trump did contribute to our fiscal situation, there’s a lot of “yeah but he did this and this and this and this” which is a whole different subject

Like I pointed out, the only president that I know of the produced a balanced budget was Clinton. Many view Reagan as a great president, but he contributed greatly to the debt.

 10 Presidents With Biggest Debt Increases

                                     Percent Increase

Franklin D. Roosevelt          1,048%                       
Woodrow Wilson                 727%
Ronald Reagan                   186%
George W. Bush                 101%
Barack Obama                   74%
Gerald Ford                       47%
Jimmy Carter                    43%
Richard Nixon                   34%
Donald Trump                   33%

https://www.thebalance.com/us-debt-by-president-by-dollar-and-percent-3306296

[Fishrrman]

LMAO wailed:
"The candidate that the GOP nominates in 2024 must make our national debt one of the top issues."

This is a joke, right?
"The debt" is NEVER going to be a major campaign issue again in your lifetime.

Not when the other side has "white supremacy" and "critical race theory" to fan the flames. The Republicans have nothing with which to counter this... nothing.
Watch them jiggle, jump, stumble, wobble and fall in the face of the communist attacks.

And, beneath it all lies the "underground election apparatus" that worked for the communists in 2020, and which they'll use again in 2024, and probably in the 2022 midterms as well.

Lavrentiy Beria, USSR, 1920's/30's:
"Show me the man, I'll show you the crime".

The democrat-communist party, USSA, 2020's:
"Show us the election, we'll show YOU the winner".

[christian]

Democrats scream economic destruction if they are not allowed to keep on reckless spending, spending far worse that Trump did. 

Odd the NeverTrumpers have no objections to worse spending that Trump

.  Is it possible for some people to think even the obvious, Fascist stooges (wolves in sheeps clothing)are helping useful fools dig our graves.