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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsWhy Dems Must Defuse the Debt Ceiling ASAP
Link to tweet
David Roberts
@drvolts
·
Aug 9, 2021
So Dems are not going to raise the debt ceiling in the reconciliation bill because they think it's politically risky?
Is that seriously true? Because it's f'ing bonkers.
David Roberts
@drvolts
Good explainer on the debt ceiling -- what it is, the history, and why Dems should preemptively kill it rather than letting the GOP drag it out -- from @danpfeiffer:
How Dems Should Defuse the Debt Ceiling
The GOP is preparing to use the debt ceiling to hurt the economy, but it can only happen if Dems let them.
messagebox.substack.com
11:45 AM · Aug 9, 2021
https://messagebox.substack.com/p/how-dems-should-defuse-the-debt-ceiling
The Debt Ceiling is back.
Washington, D.C. is focused on dealing with the Delta variant, passing the Bipartisan Infrastructure deal, the looming fights over voting rights and the Biden Build Back Better Plan. The greatest issue with the economy and the political standing of both parties is impending. Congress must raise something called the debt limit in the coming weeks or all the economic progress made under President Biden will be lost.
How the Democrats proceed on this arcane legislative matter could determine who controls Congress next year, Joe Bidens odds of reelection, and the fate of the global economy.
Based on initial reporting, I am concerned that the Democrats may have forgotten one of the most important lessons of the Obama Era.
What is the Debt Ceiling?
The debt ceiling is the apotheosis of Congressional stupidity. Before World War One, Congress would authorize the Treasury Department to issue bonds whenever they needed to pay for an incurred debt. This was impractical during wartime, so Congress passed a law that authorized a ceiling on the amount of debt that could be incurred. If the amount of debt incurred exceeded the limit authorized, Congress would need to raise the debt ceiling or debt limit.
*snip*
JohnSJ
(91,946 posts)error that will come back and bite them
anyone believing that the republicans won't let the country default because of not raising the debt ceiling is naive, and the republicans will place the blame on the Democrats because they are the majority currently.
Nothing would please the republicans more than having the country default because it would sink the recovery
This drama is bullshit, and the Democrats can end it once and for all
I_UndergroundPanther
(12,450 posts)And end it.
Wish they could end the filibuster.
And get rid of all the republicans too.
Get rid of DeJoy
And the supreme court losers tfg put in there.
And get rid of the fuckers fucking with our voting rights. Lock these seditious assholes up forever.
And lock up tfg too.
For tfg, public trial,and jail , the death sentence and prompt execution would be ok too.
I can dream can't I?
JohnSJ
(91,946 posts)BradAllison
(1,879 posts)We are now at the mercy of a handful of gutless Republicans, enabled by some very mediocre Democrats.