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Government Shut Downs and Debt Ceiling

WFFaithful said:
Because the Republican solutions to this made up crisis are either cut off your arm or cut off your head
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We are 32T in debt. We spend 14 cents of every dollar on interest (an amount that is set to go up given borrowing rates). Holding the line on 2022 spending and capping spending growth isn't controversial (the negotiations reportedly are not focused on this concept). Where to constrain spending is the issue.
 
I think it’s easier to get 60 votes, that demands bipartisanship, when we’re slap up against default.

No way that was happening last year.
 
DeacMan said:
We are 32T in debt. We spend 14 cents of every dollar on interest (an amount that is set to go up given borrowing rates). Holding the line on 2022 spending and capping spending growth isn't controversial (the negotiations reportedly are not focused on this concept). Where to constrain spending is the issue.
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Republicans had full control for two years, why didn't they cut the budget then?
 
It’s controversial and hypocritical because the national debt is largely a creation of GOP policies like tax cuts and wars but you probably knew that. Two Santas bullshit.
 
avalon said:
Republicans had full control for two years, why didn't they cut the budget then?
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LOL. You're trying to argue from a position of bias. Not relevant and not what concerns me. They sucked would be just as good an answer as trying to point to Covid.

As a nation we expanded spending at completely unsustainable rate when Covid hit. And we just kept on going well past the sell by date. And no one is saying the budget will be cut. Both sides are saying spending increases have to be capped. The question of some difference is by how much and for how long. And, again, that isn't expected to be a lynch pin in any deal. It's what programs face more constraint.
 
ConnorEl said:
I think it’s easier to get 60 votes, that demands bipartisanship, when we’re slap up against default.

No way that was happening last year.
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I don't disagree practically.

But if you're a Dem right now you are still kicking yourself. Bc whatever is agreed now will be less to their interests than what they could have (and should have) done.
 
DeacMan said:
I don't disagree practically.

But if you're a Dem right now you are still kicking yourself. Bc whatever is agreed now will be less to their interests than what they could have (and should have) done.
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They're kicking Manchin and Sinema. Again.
 
avalon said:
Oh, thanks for the reminder, they actually reduced revenues instead!
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Current Federal tax receipts are at a record high. Cutting tax rates does not, per se, lead to lower tax revenues. Source - the St. Louis Fed.

fred.stlouisfed.org

Federal government current tax receipts

Graph and download economic data for Federal government current tax receipts (W006RC1Q027SBEA) from Q1 1947 to Q4 2022 about receipts, tax, federal, government, GDP, and USA.
fred.stlouisfed.org
 
DeacMan said:
Current Federal tax receipts are at a record high. Cutting tax rates does not, per se, lead to lower tax revenues. Source - the St. Louis Fed.

fred.stlouisfed.org

Federal government current tax receipts

Graph and download economic data for Federal government current tax receipts (W006RC1Q027SBEA) from Q1 1947 to Q4 2022 about receipts, tax, federal, government, GDP, and USA.
fred.stlouisfed.org
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Adjust the dates. Tax receipts were basically flat under Trump and increased under Biden.
 
DeacMan said:
We are 32T in debt. We spend 14 cents of every dollar on interest (an amount that is set to go up given borrowing rates). Holding the line on 2022 spending and capping spending growth isn't controversial (the negotiations reportedly are not focused on this concept). Where to constrain spending is the issue.
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Nope. That’s not the issue. The issues is how to increase revenue.
 
06deacon said:
It’s controversial and hypocritical because the national debt is largely a creation of GOP policies like tax cuts and wars but you probably knew that. Two Santas bullshit.
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Our national debt of late (and it has exploded of late) is tied to a massive expansion in spending during and in the wake of Covid that we sustained for too long. In 2019 the Federal debt was 22T USD and about 105% of GDP. Today it is 32T USD and about 125% of GDP. There has been no war in the last 4 years. Tax receipts are at an all time high and have jumped 50% during those 4 years. 1/3rd of our total debt was generated in just four years.
 
DeacMan said:
You cannot increase revenue fast enough to constrain the compounding on the debt. Tax receipts are up 50% since 2020 and the debt has still exploded. And monetary policy is not going to help the situation (at least in the near term).
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Lol, 50% above the massive and unnecessary cuts in revenue in 2018.
 
Tax receipts at an all time high is disingenuous and you know that too
 
You’re framing the problem from a completely biased perspective. A reasonable person concerned about the debt DELTA would look at both spending cuts and revenue increases when faced with a debt DELTA problem and a desire to cut the debt load or slow its growth. But nobody in the GOP is talking about and tax increases, or even talking about cuts to the actually wasteful and exorbitantly expensive military spending… they are solely pushing cuts to the safety net programs, knowing that Dems will protest, to create a crisis. It’s all bullshit and you are spooning it up and dishing back out
 
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