#debtlimit — Public Fediverse posts
Live and recent posts from across the Fediverse tagged #debtlimit, aggregated by home.social.
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US Treasury Secretary Janet Yellen warns of potential debt limit crisis, signaling urgency for Congressional action to prevent economic fallout
#YonhapInfomax #DebtLimit #JanetYellen #USTreasury #FiscalCrisis #CongressionalAction #Economics #FinancialMarkets #Banking #Securities #Bonds #StockMarket
https://en.infomaxai.com/news/articleView.html?idxno=62608 -
US Treasury revises Q2 borrowing estimate downward by $53 billion, citing factors beyond debt ceiling concerns
#YonhapInfomax #USTreasury #Q2Borrowing #DebtLimit #FiscalEstimate #GovernmentFinance #Economics #FinancialMarkets #Banking #Securities #Bonds #StockMarket
https://en.infomaxai.com/news/articleView.html?idxno=60780 -
US Treasury revises Q2 borrowing estimate downward by $53 billion, citing factors beyond debt ceiling concerns
#YonhapInfomax #USTreasury #Q2Borrowing #DebtLimit #FiscalEstimate #GovernmentFinance #Economics #FinancialMarkets #Banking #Securities #Bonds #StockMarket
https://en.infomaxai.com/news/articleView.html?idxno=60780 -
US Treasury revises Q2 borrowing estimate downward by $53 billion, citing factors beyond debt ceiling concerns
#YonhapInfomax #USTreasury #Q2Borrowing #DebtLimit #FiscalEstimate #GovernmentFinance #Economics #FinancialMarkets #Banking #Securities #Bonds #StockMarket
https://en.infomaxai.com/news/articleView.html?idxno=60780 -
US Treasury revises Q2 borrowing estimate downward by $53 billion, citing factors beyond debt ceiling concerns
#YonhapInfomax #USTreasury #Q2Borrowing #DebtLimit #FiscalEstimate #GovernmentFinance #Economics #FinancialMarkets #Banking #Securities #Bonds #StockMarket
https://en.infomaxai.com/news/articleView.html?idxno=60780 -
US Treasury cash reserves hit 17-month low due to debt limit constraints, disrupting Fed's quantitative tightening efforts and potentially leading to rapid liquidity changes once resolved.
#YonhapInfomax #USTreasury #DebtLimit #QuantitativeTightening #FederalReserve #LiquidityManagement #Economics #FinancialMarkets #Banking #Securities #Bonds #StockMarket
https://en.infomaxai.com/news/articleView.html?idxno=52560 -
Janet Yellen tells Congress US could hit debt limit in mid-January
https://apnews.com/article/treasury-debt-limit-yellen-trump-elections-republicans-9c5d27c08feb744f5ee59dc2c87a06d5#DebtLimit #Yellen #RepublicansDidThis #GOPKakistocracy #ResistFascism #GOPWeirdos #RacistGOP #NoRepublicansEverAgain #USPol
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Janet Yellen tells Congress US could hit debt limit in mid-January
https://apnews.com/article/treasury-debt-limit-yellen-trump-elections-republicans-9c5d27c08feb744f5ee59dc2c87a06d5#DebtLimit #Yellen #RepublicansDidThis #GOPKakistocracy #ResistFascism #GOPWeirdos #RacistGOP #NoRepublicansEverAgain #USPol
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Janet Yellen tells Congress US could hit debt limit in mid-January
https://apnews.com/article/treasury-debt-limit-yellen-trump-elections-republicans-9c5d27c08feb744f5ee59dc2c87a06d5#DebtLimit #Yellen #RepublicansDidThis #GOPKakistocracy #ResistFascism #GOPWeirdos #RacistGOP #NoRepublicansEverAgain #USPol
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Janet Yellen tells Congress US could hit debt limit in mid-January
https://apnews.com/article/treasury-debt-limit-yellen-trump-elections-republicans-9c5d27c08feb744f5ee59dc2c87a06d5#DebtLimit #Yellen #RepublicansDidThis #GOPKakistocracy #ResistFascism #GOPWeirdos #RacistGOP #NoRepublicansEverAgain #USPol
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Janet Yellen tells Congress US could hit debt limit in mid-January
https://apnews.com/article/treasury-debt-limit-yellen-trump-elections-republicans-9c5d27c08feb744f5ee59dc2c87a06d5#DebtLimit #Yellen #RepublicansDidThis #GOPKakistocracy #ResistFascism #GOPWeirdos #RacistGOP #NoRepublicansEverAgain #USPol
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Salazar votes ‘yes’ in bipartisan Biden-McCarthy debt ceiling deal :
Salazar posted a photo of herself leaving the Capitol saying she was tired but proud, flashing a thumbs-up sign.
#Congress #debtlimit #default #democrat #JoeBiden #KevinMcCarthy #MariaElviraSalazar #republican
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This, from couple of days ago, is very good. https://prospect.org/politics/05-28-2023-biden-mccarthy-debt-ceiling-deal/
The first paragraph is 🎯
“The second that Joe Biden agreed to negotiate with House Republicans on the debt ceiling, the results were going to be bad. The people who benefit most from government action—the poor and the vulnerable—were going to be hurt, and those who benefit most from a weakened government—the rich and the powerful—were going to be aided. The only question was the degree.”
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#DebtLimit Perfect deal summary.
"... It will only be a little bit easier to commit wage theft, or to sell defective or poisoned products. It’ll only be a little harder to get rental assistance or tuition support. Only a few people will be freer to pollute the environment; only a few will find it more difficult to get food. The Internal Revenue Service will only be a little worse. A lot of things will stay the same. Almost nothing will get any better."
https://prospect.org/politics/05-28-2023-biden-mccarthy-debt-ceiling-deal/
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.@hakeemjeffries Denies #KevinMcCarthy’s Claim He Groused About @GOP Getting the Better of #DebtDeal: ‘No Idea What He’s Talking About’
https://www.mediaite.com/tv/hakeem-jeffries-denies-kevin-mccarthys-claim-he-groused-about-gop-getting-the-better-of-debt-deal-no-idea-what-hes-talking-about/Kevin #McCarthy Thanks #Biden As He Spins #DebtLimit Defeat
https://www.politicususa.com/2023/05/28/kevin-mccarthy-thanks-biden-as-spins-debt-limit-defeat.html -
.@hakeemjeffries Denies #KevinMcCarthy’s Claim He Groused About @GOP Getting the Better of #DebtDeal: ‘No Idea What He’s Talking About’
https://www.mediaite.com/tv/hakeem-jeffries-denies-kevin-mccarthys-claim-he-groused-about-gop-getting-the-better-of-debt-deal-no-idea-what-hes-talking-about/Kevin #McCarthy Thanks #Biden As He Spins #DebtLimit Defeat
https://www.politicususa.com/2023/05/28/kevin-mccarthy-thanks-biden-as-spins-debt-limit-defeat.html -
.@hakeemjeffries Denies #KevinMcCarthy’s Claim He Groused About @GOP Getting the Better of #DebtDeal: ‘No Idea What He’s Talking About’
https://www.mediaite.com/tv/hakeem-jeffries-denies-kevin-mccarthys-claim-he-groused-about-gop-getting-the-better-of-debt-deal-no-idea-what-hes-talking-about/Kevin #McCarthy Thanks #Biden As He Spins #DebtLimit Defeat
https://www.politicususa.com/2023/05/28/kevin-mccarthy-thanks-biden-as-spins-debt-limit-defeat.html -
.@hakeemjeffries Denies #KevinMcCarthy’s Claim He Groused About @GOP Getting the Better of #DebtDeal: ‘No Idea What He’s Talking About’
https://www.mediaite.com/tv/hakeem-jeffries-denies-kevin-mccarthys-claim-he-groused-about-gop-getting-the-better-of-debt-deal-no-idea-what-hes-talking-about/Kevin #McCarthy Thanks #Biden As He Spins #DebtLimit Defeat
https://www.politicususa.com/2023/05/28/kevin-mccarthy-thanks-biden-as-spins-debt-limit-defeat.html -
Economist Peter Schiff Blasts Debt Ceiling Deal, States National Debt Might Increase by $4 Trillion in the Next Two Years - Peter Schiff, the chief economist of Europac and best-selling author, has blasted ... - https://news.bitcoin.com/economist-peter-schiff-blasts-debt-ceiling-deal-states-national-debt-might-increase-by-4-trillion-in-the-next-two-years/ #debtincrease #spendingcuts #debtceiling #peterschiff #suspension #economics #debtlimit #chiproy
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In exchange for lifting the #DebtLimit, the #deal would meet #Republicans’ demand to #cut some federal spending, albeit w/the help of accounting maneuvers that would give both sides #political cover for an agreement likely to be unpopular w/large swaths of their base voters.
It would impose #caps on #discretionary spending for 2 yrs, though those caps would apply differently to spending on the #military than to other #nondefense #DiscretionarySpending.
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One of the concerned lawmakers was Rep. Ralph Norman (R-S.C.), a member of the conservative Freedom Caucus who has repeatedly stated he didn’t want anything less than what the House GOP passed as their debt plan last month. #RalphNorman #RotInPrison #RacistRalph #DebtLimit #GOP #GOPSedition
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One of the concerned lawmakers was Rep. Ralph Norman (R-S.C.), a member of the conservative Freedom Caucus who has repeatedly stated he didn’t want anything less than what the House GOP passed as their debt plan last month. #RalphNorman #RotInPrison #RacistRalph #DebtLimit #GOP #GOPSedition
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One of the concerned lawmakers was Rep. Ralph Norman (R-S.C.), a member of the conservative Freedom Caucus who has repeatedly stated he didn’t want anything less than what the House GOP passed as their debt plan last month. #RalphNorman #RotInPrison #RacistRalph #DebtLimit #GOP #GOPSedition
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One of the concerned lawmakers was Rep. Ralph Norman (R-S.C.), a member of the conservative Freedom Caucus who has repeatedly stated he didn’t want anything less than what the House GOP passed as their debt plan last month. #RalphNorman #RotInPrison #RacistRalph #DebtLimit #GOP #GOPSedition
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One of the concerned lawmakers was Rep. Ralph Norman (R-S.C.), a member of the conservative Freedom Caucus who has repeatedly stated he didn’t want anything less than what the House GOP passed as their debt plan last month. #RalphNorman #RotInPrison #RacistRalph #DebtLimit #GOP #GOPSedition
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Sen. Sanders told #TheNewYorkTimes that under normal circumstances, the #debtLimit would be negotiated in 2023, but if #Republicans won the House, they’d hold the debt limit, and therefore the global economy, hostage to extract spending cuts he would find unacceptable.
Bernie was right. Joe Manchin was wrong.
#GOPfascists #RepublicansAreTheProblem #debtceilingcrisis #DebtCeilingHostage #RepublicansLieAboutEverything
https://www.independent.co.uk/voices/bernie-sanders-debt-limit-joe-manchin-b2344402.html
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I liked this just criticism of #NYTimes mostly poor, biased reporting on the #DebtLimit
"In the midst of this political battle, with one party using unconstitutional methods and the threat of economic catastrophe to try to kick people off social programs, a responsible paper of record might want to avoid mindlessly promoting a key premise of the economic terrorists: that government debt is a serious problem that we should be very concerned about."
https://fair.org/home/nyt-fearmongers-debt-as-gop-holds-economy-hostage/
#mmt #LearnMMT -
This is an interesting turn of events. Good outside-the-box thinking to protect our country's fiscal security.
House Democrats Now Own Kevin McCarthy https://politicususa.substack.com/p/house-democrats-now-own-kevin-mccarthy?
#DebtLimit
#DebtLimitHostageTaking"A group of House Democrats have told Kevin McCarthy that if he does the right thing on the debt limit, they will block House Republicans from removing him from the speakership."
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CW: Lacking the mandate through our election process to achieve the policies that the GOP wants, they've decided, again, to hold our economy hostage using the debt ceiling, a dated relic that no longer serves any useful purpose. GOP Hostage-Taking on Debt Ceiling Must Be Stopped to Avoid Economic Calamity
Lacking the mandate through our election process to achieve the policies that the GOP wants, they've decided, again, to hold our economy hostage using the debt ceiling, a dated relic that no longer serves any useful purpose. Again, they couldn't achieve these policies with the votes and power that our democracy accords political parties, so instead the GOP uses this relic to hold our economy hostage to the demands that their donors have placed upon them. This is not the way democracy works! This is yet another example of a party that doesn't care about democracy using any trick it can, to get its way, when democracy did not give it the mandate to do so legitimately.
GOP Hostage-Taking on Debt Ceiling Must Be Stopped to Avoid Economic Calamity https://www.commondreams.org/opinion/debt-ceiling-economic-calamity-gop
#GOPHatesDemocracy
#GOPLovesPower
#GOPInBedWithTheRich
#DebtLimit
#DebtLimitHostageTaking"(If) nothing is done except the federal government fails to fulfill its spending obligations, economic calamity will ensue: People who depend on programs like Social Security and food stamps will suffer, and the spillover effects on the larger economy would certainly cause a recession—and a truly horrible one if the stalemate lasted for any significant amount of time.
The factor forcing this terrible outcome would not be any implacable economic reality, it would simply be Congressional Republicans weaponizing the absurd political institution that is a statutory debt limit that can only be adjusted through acts of Congress. With a responsible Congress, the debt limit would be a silly inconvenience to policymaking. But twice in the past 12 years, Republican-led efforts in Congress have brought the nation to a near-crisis—and the current near-crisis could still graduate into a real crisis in coming weeks.
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In 2011 (the last instance of protracted debt limit brinkmanship), the GOP demands for large spending cuts did mammoth damage to the living standards of U.S. families by sabotaging the economic recovery from the Great Recession and financial crisis of 2008–09. This time around, the GOP demands are not just for recovery-damaging spending cuts, but also for a complete do-over on already passed legislation; Speaker McCarthy’s recently released list of demands includes rolling back student debt relief as well as the Inflation Reduction Act’s (IRA) climate provisions and enhanced enforcement against the nation’s rich tax cheats.The cuts to IRA climate provisions would be literally catastrophic—the act’s climate provisions are the only thing keeping the U.S. economy on a path of needed emissions reductions to contain the worst damages of climate change. Further, hundreds of billions of dollars of planned private investment have already begun based on the incentives provided in the IRA. Stripping these climate provisions away would snap the economy back to a path toward climate catastrophe and be a huge waste of society’s resources.
All of this clearly calls for abolishing the debt limit to keep irresponsible Congressional majorities from holding the nation’s economy hostage to its policy preferences in the future. But what makes today’s debt limit showdown so bad is how normalized it has become—often with the encouragement of too many in D.C. policymaking circles who should know better. Many institutions and people who had argued forcefully in the past that the debt limit should not be wielded to force policy concessions—from business lobbies to former Treasury Secretaries to bipartisan think tanks—have instead this time blessed the absurdly shallow “deal” put forward by Speaker McCarthy. If this drive to normalize debt limit brinkmanship does not spark an economic meltdown this time, we all know where it leads next time.
This makes it imperative that the Biden administration does whatever it takes to keep the debt limit from binding our nation’s continued prosperity (yes, the nod to Mario Draghi is intentional). Their negotiations with Speaker McCarthy cannot include spending cuts or special legislative processes that make it easier to enact cuts going forward (no supercommittees).
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If the Speaker doesn’t agree to that deal, then the administration should use the range of accounting and legalworkarounds available to them to keep the debt limit from binding. These are all suboptimal relative to debt ceiling abolition in the short run, but in the long run they will end up implicitly codified (unless the Supreme Court wants to take responsibility for forcing an unnecessary economic crisis) and will take the prospect of a debt limit crisis off the table of future presidents and Congresses. This would be a huge gift to the future." -
House Republicans are Domestic Economic Terrorists.
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Treasury Secretary Yellen Warns US Could Default on Its Debt by June 1 - U.S. Treasury Secretary Janet Yellen has warned that the Treasury will not be able... - https://news.bitcoin.com/treasury-secretary-yellen-warns-us-could-default-on-its-debt-by-june-1/ #janetyellendebtdefault #usdebtceiling #usdebtdefault #janetyellen #economics #debtlimit
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Treasury Secretary Yellen Warns US Could Default on Its Debt by June 1 - U.S. Treasury Secretary Janet Yellen has warned that the Treasury will not be able... - https://news.bitcoin.com/treasury-secretary-yellen-warns-us-could-default-on-its-debt-by-june-1/ #janetyellendebtdefault #usdebtceiling #usdebtdefault #janetyellen #economics #debtlimit
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Treasury Secretary Yellen Warns US Could Default on Its Debt by June 1 - U.S. Treasury Secretary Janet Yellen has warned that the Treasury will not be able... - https://news.bitcoin.com/treasury-secretary-yellen-warns-us-could-default-on-its-debt-by-june-1/ #janetyellendebtdefault #usdebtceiling #usdebtdefault #janetyellen #economics #debtlimit
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Treasury Secretary Yellen Warns US Could Default on Its Debt by June 1 - U.S. Treasury Secretary Janet Yellen has warned that the Treasury will not be able... - https://news.bitcoin.com/treasury-secretary-yellen-warns-us-could-default-on-its-debt-by-june-1/ #janetyellendebtdefault #usdebtceiling #usdebtdefault #janetyellen #economics #debtlimit
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Another great take from #WaPo ‘s #CatherineRampell — in this case on the latest #DebtLimit showdown as nagging consequence of long-deferred upkeep on a legislative structure, created at the time of the #GreatDepression :
https://www.washingtonpost.com/opinions/2023/01/31/debt-ceiling-media-politicians
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Trump's impenetrable dome proposal reminds me of a 1985 sequence in the Doonesbury comic strip, from the time when Reagan had proposed to do the same with his Strategic Defense Initiative (SDI), which was nicknamed "Star Wars" after the Star Wars movie series (episode IV was released in 1977 and VI in 1983, so it was a familiar and exciting popular metaphor, and, if you'll pardon the pun, offered a new hope).
The comic makes its point well. Everyone should read it:
https://www.gocomics.com/doonesbury/1985/11/22
Computer Professionals for Social Responsibility (CPSR), a lovely but now defunct organization that created forums where I learned a great deal about technology ethics, originally focused on debunking the notion that it was a good idea to rely on AI and SDI to protect the US or to guide 'launch on warning' systems at speeds that would not involve humans.
https://en.m.wikipedia.org/wiki/Computer_Professionals_for_Social_Responsibility
We need CPSR or something like it today. Too much is happening in tech that is unchecked. Although organizations like eff.org and epic.org have continued to field some of the issues, and there are some new ones like Center for Humane Technology (CHT) that give me fresh hope in the ethics arena.
But tech is a big area and there's always room for more ethics.
And by ethics I don't mean cute rules about how to do things right, I mean relentless asking of hard questions about whether what we think is right is really right. It is the asking and even re-asking of hard questions in a dynamically changing landscape, not any particular static plateau of answers, that keep us ethically honest.
In the modern fast-paced world of tech we tend to defer ethics until we can see what it can do. Then later when we know what it can do, we say it is too entrenched to go back. So pesky ethics is never in play. That is a very dangerous way to run a society. Star Trek,and science fiction generally, is full of cautionary tales about the myriad paths to disaster that can happen when ability outpaces wisdom.
Historically it's lucky people did stay in the loop, asking hard questions. Anyone who doesn't know the story of Stanislav Petrov should take a moment to read and ponder it:
Stanislav Petrov: The man who may have saved the world
https://www.bbc.com/news/world-europe-24280831.ampAlso the idea of something impenetrable gives the sense of an arms race, undoing all the work done to reduce nuclear threats no side can win.
The modern risk is from within, not by remote launch, but Trump believes in massive expenditures on infallible walls. It is a metaphor for his belief in racism; or vice versa, I'm not sure, but the two are intertwined. It's about insulating and purifying us. He believes safety is achieved by separating Good People from Bad People in order to allow some resulting Utopia to thrive. It's a gross fantasy from start to end.
This dome folly would also bring huge cost with little benefit, modern warfare having changed to be so much more asymmetric in ways that this would not address. But it WOULD likely delight the capitalist military industrial complex, who will surely find a way to toss donations his way.
Sadly ironic that the party that adores telling us we must spend within our means and that government programs must pay for themselves will line up lobbyists to tell us "but not in this case". Reagan spent out of control, ballooning the national debt, in ways Trump seems excited to repeat.
#Doonesbury #SDI #Trump #Reagan #Nuclear #Tech #Technology #risk #risks #CPSR #CHT #StarWars #Capitalism #AI #ethics #Warfare #DebtLimit #Military #MilitaryIndustrialComplex #Racism #SciFi #StarTrek #politics #society
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Republicans' national sales tax would be a disaster for working families.
#DebtLimit #DebtCeiling
#RepublicanTaxBomb #RepublicanTaxHeist -
I've seen that the #omnibus spending bill includes #ElectoralCountAct language (yay!), a lot more defense spending (sigh), and some other various bits and pieces... but how about the #DebtLimit, does it do anything about that? Is this a full budget or just a stopgap? When will it next be up for renewal?
