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Author Topic: Mnuchin calls for Congress to raise federal debt limit  (Read 833 times)

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Offline IsailedawayfromFR

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Mnuchin calls for Congress to raise federal debt limit
« on: March 10, 2017, 02:05:24 pm »
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The U.S. Treasury Secretary on Thursday encouraged Congress in a letter to raise the federal debt ceiling, which has been suspended since 2015, as soon as possible to prevent a U.S. default.

Reuters reported that Secretary Steven Mnuchin wrote a letter to Speaker Paul Ryan and called paying back the U.S.’s outstanding debt “is a critical commitment.” He said “extraordinary measures” will have to be taken to avoid default.

It is not uncommon for Congress to use the debt ceiling as a bargaining chip with the sitting administration. But Republicans control the House. Some of these Republicans may challenge President Trump on the debt ceiling like they are with his ObamaCare replacement.
In one standoff in August 2011, the Standard & Poor's rating agency issued a first-ever downgrade of a portion of America's debt, citing the 11th-hour maneuvering that was need to raise the limit that year to avoid a default.

Mnuchin said that he will employ measures to avoid breaching the borrowing limit once the current suspension of the limit expires on March 16.

Once that happens, Treasury will use a variety of bookkeeping maneuvers to continue to finance government operations, including making interest payments on the national debt. However, the Congressional Budget Office estimated in a report earlier this week that those measures will be exhausted by sometime in the fall.

At the point that Treasury can make no other bookkeeping moves, Congress will have to enact an increase in the borrowing limit to avoid the first-ever default on the government's obligations, an event that would send shock waves through global financial markets. While Congress has often delayed action until the last minute, it has always approved an increase in the debt limit rather than run the risk of a default.
http://www.foxnews.com/politics/2017/03/09/mnuchin-calls-for-congress-to-raise-federal-debt-limit.html
Exactly what good is a ceiling that is always raised?
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Offline Night Hides Not

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Re: Mnuchin calls for Congress to raise federal debt limit
« Reply #1 on: March 10, 2017, 02:20:06 pm »
Quote from: IsailedawayfromFR on March 10, 2017, 02:05:24 pm
Exactly what good is a ceiling that is always raised?

There is no ceiling...never was. It was a tool to allow some legislators to call themselves "budget hawks." We know the truth...IMO, they might as well raise the "ceiling" to $50 trillion.
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Offline endicom

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Re: Mnuchin calls for Congress to raise federal debt limit
« Reply #2 on: March 10, 2017, 02:28:20 pm »
Quote from: IsailedawayfromFR on March 10, 2017, 02:05:24 pm
Exactly what good is a ceiling that is always raised?


No problem, they're changing the terminology to 'debt cathedral.'
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Offline rodamala

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Re: Mnuchin calls for Congress to raise federal debt limit
« Reply #3 on: March 10, 2017, 05:37:27 pm »
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Offline XenaLee

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Re: Mnuchin calls for Congress to raise federal debt limit
« Reply #4 on: March 10, 2017, 05:40:36 pm »
Quote from: IsailedawayfromFR on March 10, 2017, 02:05:24 pm
Exactly what good is a ceiling that is always raised?

Well, sure....cause....you know....

once you've maxed out your credit card on all kinds of 'stuff'..... the credit card company should be forced to increase and extend your credit limit ad infinitum.  Right?

(sorry, I meant to just post this to the thread)
« Last Edit: March 10, 2017, 05:41:33 pm by XenaLee »
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Offline XenaLee

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Re: Mnuchin calls for Congress to raise federal debt limit
« Reply #5 on: March 10, 2017, 05:42:38 pm »
Quote from: Night Hides Not on March 10, 2017, 02:20:06 pm
There is no ceiling...never was. It was a tool to allow some legislators to call themselves "budget hawks." We know the truth...IMO, they might as well raise the "ceiling" to $50 trillion.

Or 50 bazillion.
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Offline Suppressed

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Re: Mnuchin calls for Congress to raise federal debt limit
« Reply #6 on: March 10, 2017, 05:44:51 pm »
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Offline Night Hides Not

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Re: Mnuchin calls for Congress to raise federal debt limit
« Reply #7 on: March 10, 2017, 06:03:29 pm »
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Offline Hoodat

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Re: Mnuchin calls for Congress to raise federal debt limit
« Reply #8 on: March 10, 2017, 07:35:22 pm »
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Mnuchin said that he will employ measures to avoid breaching the borrowing limit once the current suspension of the limit expires on March 16.

What borrowing?  The Treasury stopped borrowing in 2009 when they asked the Fed to invent new fresh money instead.
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Offline txradioguy

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Mnuchin calls for Congress to raise federal debt limit
« Reply #9 on: March 10, 2017, 08:21:35 pm »
The U.S. Treasury Secretary on Thursday encouraged Congress in a letter to raise the federal debt ceiling, which has been suspended since 2015, as soon as possible to prevent a U.S. default.

Reuters reported that Secretary Steven Mnuchin wrote a letter to Speaker Paul Ryan and called paying back the U.S.’s outstanding debt “is a critical commitment.” He said “extraordinary measures” will have to be taken to avoid default.

It is not uncommon for Congress to use the debt ceiling as a bargaining chip with the sitting administration. But Republicans control the House. Some of these Republicans may challenge President Trump on the debt ceiling like they are with his ObamaCare replacement.

http://www.foxnews.com/politics/2017/03/09/mnuchin-calls-for-congress-to-raise-federal-debt-limit.html
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Offline txradioguy

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Re: Mnuchin calls for Congress to raise federal debt limit
« Reply #10 on: March 10, 2017, 08:21:49 pm »
No!  Just...NO!
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The libs/dems of today are the Quislings of former years. The cowards who would vote a fraud into office in exchange for handouts from the devil.

Here lies in honored glory an American soldier, known but to God

THE ESTABLISHMENT IS THE PROBLEM...NOT THE SOLUTION

Republicans Don't Need A Back Bench...They Need a BACKBONE!

Offline Weird Tolkienish Figure

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Re: Mnuchin calls for Congress to raise federal debt limit
« Reply #11 on: March 10, 2017, 09:04:11 pm »
Trump's gonna do to the US government what he did to his many companies.
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Offline Fishrrman

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Re: Mnuchin calls for Congress to raise federal debt limit
« Reply #12 on: March 11, 2017, 02:57:50 am »
ISailed wrote:
"Exactly what good is a ceiling that is always raised?"

There's no real "ceiling". It's just there for show.

The debt will just continue to grow higher and higher, until it reaches a point beyond which it can no longer grow.

No one in D.C. or reading this post knows where that point is, but EVERYONE will know when it's been reached...   ;)
« Last Edit: March 11, 2017, 02:58:14 am by Fishrrman »
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geronl

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Re: Mnuchin calls for Congress to raise federal debt limit
« Reply #13 on: March 11, 2017, 07:55:25 am »
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