Democrats to increase debt ceiling by $2.5T

[mystery-ak]

Democrats to increase debt ceiling by $2.5T
By Jordain Carney - 12/14/21 11:11 AM EST

Democrats will vote as soon as Tuesday to raise the debt ceiling by $2.5 trillion, which they expect will lift the nation’s borrowing cap until 2023.

Senate Democrats unveiled a resolution to raise the debt ceiling on Tuesday, shortly before they are scheduled to take a procedural vote on the measure.

Senate Democrats are expected to vote to raise the debt ceiling on Tuesday as part of a deal worked out with Senate GOP leadership that gives them a one-time exemption to raise the debt ceiling without needing to overcome a 60-vote filibuster.

The House also could vote as soon as Tuesday. Treasury Secretary Janet Yellen has given lawmakers until Wednesday to keep the country solvent.

more
https://thehill.com/homenews/senate/585717-democrats-to-increase-debt-ceiling-by-25t

[DefiantMassRINO]

cat "$Debt Ceiling" > /dev/null

[catfish1957]

Yep, using the term "ceiling" in this context is pretty laughable.

[Killer Clouds]

This catastrophe is on McConnell and his RINO brethren. They all need to go. They really need to be treateded as ttaitors.

[catfish1957]

This catastrophe is on McConnell and his RINO brethren. They all need to go. They really need to be executed as ttaitors.

Complicity is a nastier trait than the acutal crime from the culprits themselves. 

Turtle Soup in '22.

[EdinVA]

Treasury Secretary Janet Yellen has given lawmakers until Wednesday to keep the country solvent.

[catfish1957]

IMO that ship sailed when the national debt passed $20T.

[Kamaji]

cat "$Debt Ceiling" > /dev/null

[Right_in_Virginia]

This catastrophe is on McConnell and his RINO brethren. They all need to go. They really need to be executed as ttaitors.

At this point I'd settle for a bucket of tar and a garbage bag filled with feathers.  SOMETHING!

[LegalAmerican]

Where is @roamer_1 ?    Always talking about the deficit and POTUS  TRUMP.   What about what biden adm. is doing?  I don't hear, read a peep.....

[roamer_1]

Where is @roamer_1 ?    Always talking about the deficit and POTUS  TRUMP.   What about what biden adm. is doing?  I don't hear, read a peep.....

That's because I ain't hardly here @LegalAmerican ... And since the email notification is busted, I dunno anyone is ringing me till I check back in.

Why should I peep?
All y'all love big government - You've proved that in Tumpy.

Do I LIKE what Biteme is doing? Oh hell no. But I expect it of Democrats.
Wasn't a damn thing I could do to prevent it except for voting for the same damn thing from the right - And that ain't never ever going to happen.

Funny how suddenly all y'all are fiscally concerned. And funny how you weren't a year ago.
Hypocrisy.

[LegalAmerican]

We also received billions from tariffs from CHINA.  No one would EVER say something positive about POTUS TRUMP, with all their envy. And he never took any pay being in office, nor did any other TRUMP.  Fighting the globalists, and NWO, but some people just can't get past their TDS.  I didn't read anything by Roamer. 
-----------------------------------
 Under Trump $6 Trillion in overseas profits of US companies was Repatriated into the USA.
Although tax rates had been cut, by 2019 IRS Collections were UP by 4%
The slight bump in the Deficit caused by the tax cuts, was nearly all paid back… Then the CCP virus hit.

[roamer_1]

We also received billions from tariffs from CHINA.  No one would EVER say something positive about POTUS TRUMP, with all their envy. And he never took any pay being in office, nor did any other TRUMP.  Fighting the globalists, and NWO, but some people just can't get past their TDS.  I didn't read anything by Roamer. 
-----------------------------------
 Under Trump $6 Trillion in overseas profits of US companies was Repatriated into the USA.
Although tax rates had been cut, by 2019 IRS Collections were UP by 4%
The slight bump in the Deficit caused by the tax cuts, was nearly all paid back… Then the CCP virus hit.

Yeah, horseshit.

Bottom line: Y'all gleefully voted FOR a 20 friggin TRILLION dollar 'budget', TWCE the spending rate of Obummer... 8T of which was printed out of thin air. You think Bitme is to blame for the inflation? Inflation is a lagging indicator - Y'all voted FOR at least part of this inflation.

And y'all voted FOR shutting the country the hell off - He shut it OFF... Destroying thousands upon thousands of businesses (including mine).

Don't give me yer shit. Y'all helped make this. Now you will get the consequence - Good and hard.

Not that it will matter, because y'all will do it all over again, learning nothing.
And I STILL won't be voting for it.

[Killer Clouds]

Yeah, horseshit.

Bottom line: Y'all gleefully voted FOR a 20 friggin TRILLION dollar 'budget', TWCE the spending rate of Obummer... 8T of which was printed out of thin air. You think Bitme is to blame for the inflation? Inflation is a lagging indicator - Y'all voted FOR at least part of this inflation.

And y'all voted FOR shutting the country the hell off - He shut it OFF... Destroying thousands upon thousands of businesses (including mine).

Don't give me yer shit. Y'all helped make this. Now you will get the consequence - Good and hard.

Not that it will matter, because y'all will do it all over again, learning nothing.
And I STILL won't be voting for it.

Look in the mirror when you call horseshit on someone.

[DB]

We also received billions from tariffs from CHINA.  No one would EVER say something positive about POTUS TRUMP, with all their envy. And he never took any pay being in office, nor did any other TRUMP.  Fighting the globalists, and NWO, but some people just can't get past their TDS.  I didn't read anything by Roamer. 
-----------------------------------
 Under Trump $6 Trillion in overseas profits of US companies was Repatriated into the USA.
Although tax rates had been cut, by 2019 IRS Collections were UP by 4%
The slight bump in the Deficit caused by the tax cuts, was nearly all paid back… Then the CCP virus hit.

The tariffs were paid by Americans, not China. The tariffs were paid before the payments even left the country.

[DB]

Look in the mirror when you call horseshit on someone.

You care to show what tariffs Trump imposed that were paid by China?

Here's the short answer. None. A tariff is an import fee both paid and collected in the US.

[roamer_1]

Look in the mirror when you call horseshit on someone.

It IS horseshit.

[Kamaji]

The tariffs were paid by Americans, not China. The tariffs were paid before the payments even left the country.

That all depends, economically, on whether any of the burden shifted to the Chinese sellers.

A tariff is, nominally, imposed on the seller, but is expected to be borne by the buyer, much as a sales tax.  However, because the effect of the tariff is to raise the total cost the buyer sees, the elasticity of demand implies that at the higher price there will be fewer buyers.  The question then, is whether the relative elasticity of the buyers is greater than, or less than, that of the sellers.  In the former, the seller will end up taking on part of the economic burden of the tariff through charging a lower pre-tariff price for the good; if the latter, then the buyer will generally take the lion's share of the economic cost of the tariff.

[DB]

That all depends, economically, on whether any of the burden shifted to the Chinese sellers.

A tariff is, nominally, imposed on the seller, but is expected to be borne by the buyer, much as a sales tax.  However, because the effect of the tariff is to raise the total cost the buyer sees, the elasticity of demand implies that at the higher price there will be fewer buyers.  The question then, is whether the relative elasticity of the buyers is greater than, or less than, that of the sellers.  In the former, the seller will end up taking on part of the economic burden of the tariff through charging a lower pre-tariff price for the good; if the latter, then the buyer will generally take the lion's share of the economic cost of the tariff.

The simple truth is Americans paid the tariffs collected that Trump imposed on China. Not China. That is the point to my comment regarding the claim of otherwise.

Many components are sole source and US businesses paid the added cost. Even US brand parts were made more expensive because they either used materials or labor that was done in China. It takes many years to redesign products and change supply lines to use different components made in whole or in part in alternative places. In the mean time US businesses paid the added costs.

I can only hope that the major non Chinese companies are in the process of moving production out of China.

[LMAO]

We also received billions from tariffs from CHINA.  No one would EVER say something positive about POTUS TRUMP, with all their envy. And he never took any pay being in office, nor did any other TRUMP.  Fighting the globalists, and NWO, but some people just can't get past their TDS.  I didn't read anything by Roamer. 
-----------------------------------
 Under Trump $6 Trillion in overseas profits of US companies was Repatriated into the USA.
Although tax rates had been cut, by 2019 IRS Collections were UP by 4%
The slight bump in the Deficit caused by the tax cuts, was nearly all paid back… Then the CCP virus hit.

And here’s one who freely  admits having no problem with debt and deficits as long as they went up under Trump. In fact, even without Covid, had Trump won a second term, he was on the path of surpassing  Barack Hussein Obama on the debt

No deficits were “paid back.” That’s why Trump left office with another 7.8 trillion tacked onto the debt.

You also seem overjoyed to see more money go to the government

In fact, when it comes to the size of government and government spending, @roamer_1  is probably the most consistent one on those issues on this site

And he is right. The inflation we are experiencing didn’t start under Biden. Biden is just making it worse

[LMAO]

The tariffs were paid by Americans, not China. The tariffs were paid before the payments even left the country.

That’s been explained several times to that particularly poster to no avail

[LMAO]

At least LegalAmerican admits that she  doesn’t have a problem with deficits and debt as long as they went up under Trump’s  watch. And she also admits that she was happy to see even more money go to the federal government during that time were it can be wasted and spent

There’s one particular poster I’ve asked at least three or four times if they have any problem with the   nearly  $8 trillion added to the debt under Trump’s  four year term and that  particular poster refuses to answer

 The TEA Party formed after the 2008 bailouts and continued during the tenure of BHO over the unsustainable spending. Then after 2016, they became very quiet.

What Biden and the Democrats are doing is exactly in their DNA. But we shouldn’t have Republicans that take a “hold my beer” attitude when it comes to spending

Which is absolutely why Trump should not be the nominee in 2024. It’s a safe bet that our debt will be much higher by that time. There’s no way the self proclaimed “king of debt” is going to be the answer to our continuing unsustainable debt.

[Kamaji]

The simple truth is Americans paid the tariffs collected that Trump imposed on China. Not China. That is the point to my comment regarding the claim of otherwise.

Many components are sole source and US businesses paid the added cost. Even US brand parts were made more expensive because they either used materials or labor that was done in China. It takes many years to redesign products and change supply lines to use different components made in whole or in part in alternative places. In the mean time US businesses paid the added costs.

I can only hope that the major non Chinese companies are in the process of moving production out of China.

In other words, your claim is that (a) the demand by American buyers was substantially less elastic than the supply by Chinese sellers, and (b) there was no ability to engage in goods substitution to avoid the tariffs.

Not sure if I buy that argument as a categorical.  I would go along with the assertion that, because of economic realities, more of the economic cost of the tariffs were borne by Americans, at least initially.

[DB]

In other words, your claim is that (a) the demand by American buyers was substantially less elastic than the supply by Chinese sellers, and (b) there was no ability to engage in goods substitution to avoid the tariffs.

Not sure if I buy that argument as a categorical.  I would go along with the assertion that, because of economic realities, more of the economic cost of the tariffs were borne by Americans, at least initially.

Every penny paid in tariffs was paid by Americans. Period. The only way to avoid that added cost was to change supply chains. It takes years to move production and redesign products to use different components. Some of the supply chain collapses right now are due to this disturbance in moving supply chains out of China without enough capacity in place to pick it up.

[EdinVA]

Every penny paid in tariffs was paid by Americans. Period. The only way to avoid that added cost was to change supply chains. It takes years to move production and redesign products to use different components. Some of the supply chain collapses right now are due to this disturbance in moving supply chains out of China without enough capacity in place to pick it up.

I thought we were using tariffs to raise the consumer price of products produced in near slave conditions so our companies could compete with American made equivalents.