Can someone here please help ease my panic about the debt ceiling?

[ProgRocknProgPol]

I cannot believe that we don't already have a plan to take care of this arcane pain in the rear. Does anyone seriously not think the Republicans will gleefully let the economy tank just to get back in power, especially when our parasitic media will give them a complete pass on it? And we have just a little over two weeks left! Is there anything we can do to resolve this that does not rely on trusting a single person in that awful so-called elephant party?

[JohnSJ]

1. If the Democrats have to, they can end this through reconcilliation

[ProgRocknProgPol]

2. If I remember, Schumer ruled that out because it's supposedly a difficult and precarious process.

Was he bluffing?

[JohnSJ]

5. I don't think anything is ruled out

[FBaggins]

23. Yes... he was bluffing

More accurately - he was trying to avoid that result.

They were in the process of voting on other ways to handle it and Republicans were blocking them. There was no point in telegraphing that those votes weren’t important

[FalloutShelter]

3. Joe is NOT going to let this happen.

Even if he has to mint the coin.

[AZSkiffyGeek]

19. Because THAT won't destroy the global economy...

I love that an Al Franken joke from 20 years ago is now being touted as an actual solution... /headdesk

[Arazi]

29. Why would that destroy the global economy?

I'm serious. This debt ceiling charade is just that - a farce and the world's economists know it.

So why not permanently dismantle the charade with something like minting a trillion dollar coin? Ridiculous? Certainly but no more so than the concept of a "debt ceiling".

(As for it being an outlandish idea, well I remind you that Bernie Sanders idea of a $15 minimum wage is now serious business and not considered outlandish at all)

[pwb]

4. If pukes shut down the country that will help us not them.

IMO. Americans don't want that and they will pay next election not us.

[JohnSJ]

6. Not necessarily. Economically it would be a disaster, and that is always unpredictable

[Hugh_Lebowski]

27. Agreed, esp. with the Corporate Media that are clearly cheering for an IQ45 comeback

They'll do everything they can to 'both sides' this.

[JohnSJ]

30. Yes. +++

[Drunken Irishman]

7. Nm

[hlthe2b]

12. No. That is the temp funding bill, not the debt ceiling

[piddyprints]

13. That's to keep the government open.

We have until October 18 to raise the debt ceiling, from what I understand.

[Drunken Irishman]

14. I see. I expect a similar outcome.

It'll get done.

[EYESORE 9001]

8. Their corporate masters won't allow the economy to tank

unless they’re going for broke and plan to commit genocide, followed by generations of living in fear of reprisals.

[VarryOn]

9. Democrats control the Congress and the WH...

Worry not. This is ours.

[Patton French]

10. It will get worked out..

..it always does.

[Fullduplexxx]

11. 4th clause of the 14th amendment ... He can ignore the cons games

Fourteenth Amendment, Section 4: The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned.

Ignore the cons and just keep paying the bills let the cons sue to quit paying the bills

Question is will he?

[FBaggins]

25. That isn't what 14A says at all

It says that the debt payments must be paid, not that additional debt must be created.

It also is interpreted to say that the amount of debt created has to be authorized by legislation (which is the current debate)

[True Blue American]

15. They push the vote to make the other side vote against it.

They ran up the debt.

John Kennedy just used that old nugget on Yellin. He looked like a fool with his fake good ole boy crap.

[NoMoreRepugs]

18. Kennedy is one smarmy buttwipe IMO.

[True Blue American]

20. What really gets me

Is that smarmy Gentleman he pretends he is. The worst kind of snake.

[captain queeg]

16. We've been thru this a few times. It's disgusting that it used as a political wedge

But I don’t think either side wants to destroy the US standing in the world. They’ll engage in brinksmanship though and will cause lots of anxiety while they play their games.

[A HERETIC I AM]

17. It's going to get raised.

McConnell is a lot of things, including an utterly despicable human being, but he isn't stupid.

He's playing to a particular part of the electorate, but the part with 7 or more zeros in their net worth do NOT want the economy to crash, and THAT is who he really listens to.

He might let it go to the 11th hour, but it will get raised.

[True Blue American]

22. Many Republicans

Are already voting against Mitch. Thus the bi- partisan infrastructure deal.

[kelly1mm]

28. McConnell voted in favor of the infrastructure bill as well. nt

[BumRushDaShow]

26. THIS

because the last time this happened, and it wasn't pretty, it provided an insight on how they react when it is all "on them" -

Fitch threatens the US with its second-ever credit downgrade


Wolf Richter , Wolf Street
Aug 24, 2017, 5:16 PM


Bitter irony! Just on Tuesday, I had a conversation with Bill Tilles, and we agreed on all three points. On Wednesday morning, we’re already proven wrong on one of them:

1. A government shutdown as Congress fails to pass spending levels for fiscal 2018? Yes, it could happen.

2. A failure to raise the debt ceiling, thus pushing the US government into default, or “selective default?” Very unlikely. Lawmakers are political animals that use charades and posturing to accomplish their goals, but they’re not stupid (we hope).

3. A threat by US ratings agencies to slash the US credit rating due to the debt-ceiling charade and the consequences of a “selective default?” No way, we agreed. Ratings agencies learned their lesson from how the US government hounded Standard & Poor’s after its 2011 downgrade of the US.

A new day, and we’re already wrong. Standard & Poor’s may have learned its lesson. But Fitch Ratings hasn’t – though its language this morning was a lot kinder and gentler (emphasis added). If the debt limit is not raised in a timely manner prior to the so-called “x date,” Fitch would review the US sovereign rating, with potentially negative implications. We have previously said that prioritizing debt service payments over other obligations if the limit is not raised – if legally and technically feasible – may not be compatible with ‘AAA’ status.

In the most recent letter to Congress, Treasury Secretary Steven Mnuchin said that the US would run out of money by the end of September. This can likely be stretched into October. Just this week, Senate Majority Leader Mitch McConnell swore there was “zero chance” that “we won’t raise the debt ceiling.”

https://www.businessinsider.com/fitch-threatens-us-with-credit-downgrade-2017-8

And just a few months later, they passed the tax cuts for the rich by reconciliation.

[MissMillie]

21. I recommend a good tequila (kidding of course) NT

.

[Gore1FL]

24. My 2 cents:

1> It's Unconstitutional for the U.S. to default.
2> The stock market would crash thereby pissing-off those donating to the GOP.
3> We have means to protect the full faith and credit of the U.S. without the GOP, if necessary.

The GOP is about Brinksmanship politics. If they want to play chicken we can put them in the deep fryer.