Posted on May 7, 2023
Nevada treasurer calls the U.S. debt impasse a disturbing 'manufactured crisis'
1.32K
136
38
9
9
0
https://www.npr.org/2023/05/05/ [login to see] /even-with-efforts-to-raise-the-u-s-debt-ceiling-default-threats-impact-states
If President Biden and Congress fail to swiftly resolve a debt ceiling standoff, the federal government could default on its debt, running out of money to pay the bills as soon as June 1.
The Treasury Department says it's taking "extraordinary measures" to prevent a default, but some state treasurers worry about the impact on their budgets and residents.
Zach Conine, the state treasurer of Nevada, tells NPR's A Martinez on Morning Edition that the threat of default is affecting people's behavior. "Full faith and credit should be a promise that we don't need to wake up in the middle of the night thinking about."
If President Biden and Congress fail to swiftly resolve a debt ceiling standoff, the federal government could default on its debt, running out of money to pay the bills as soon as June 1.
The Treasury Department says it's taking "extraordinary measures" to prevent a default, but some state treasurers worry about the impact on their budgets and residents.
Zach Conine, the state treasurer of Nevada, tells NPR's A Martinez on Morning Edition that the threat of default is affecting people's behavior. "Full faith and credit should be a promise that we don't need to wake up in the middle of the night thinking about."
Nevada treasurer calls the U.S. debt impasse a disturbing 'manufactured crisis'
Posted from npr.org
Joe Biden
Budget
Congress
Government
Posted 1 y ago
Responses: 6
*sigh* ... both sides play football with the debt ceiling or budget when they are in charge of the House and the opposite party is in the White House. Little hope that the partisan brinksmanship of either side will stop, so the question is "who blinks first?".
What SHOULD happen is that both sides actually talk to each other and come to some sort of compromise, but in the political environment, each side just looks at the other's willingness to compromise as a weakness they can exploit.
As Dennis Goldford, a political scientist at Drake University in Iowa said, "Part of the coarsening of American politics has been that compromise has become a dirty word. If you make one move in the direction of your opponents, that's treason."
What SHOULD happen is that both sides actually talk to each other and come to some sort of compromise, but in the political environment, each side just looks at the other's willingness to compromise as a weakness they can exploit.
As Dennis Goldford, a political scientist at Drake University in Iowa said, "Part of the coarsening of American politics has been that compromise has become a dirty word. If you make one move in the direction of your opponents, that's treason."
(12)
(0)
MSgt Steve Sweeney
SFC John D. - Proven? You didn't "proven" anything with your inane ramblings - "The Trump era set the record for most debt added in a single four-year presidential term" - currently equates to 25% of the full U.S. National Debt. Covid or not, the spending happened during the Trump administration, and now the Trumpublicans don't want to pay the bill because someone else is in the Oval Office... typical right-wing spinelessness. They often let their mpouths write checks that their ass can't cash.
(1)
(0)
SFC John D.
MSgt Steve Sweeney - And you're doing it again. I was obviously referring to your comments that the Democrats would never do something like this, but this is typical of the hyper-partisan far-left - move off in another direction with misdirection. I get it - "Orange Man Bad! Gives Me Nightmares! Need Safe Space Now!" The "typical left-wing spinelessness" of Pelosi was evident before and her "I won't raise the debt ceiling unless you spend MORE money and get us deeper in debt" approach. The big difference between what she did and what the Republicans are doing now is that they want to reduce the spending. Going to be a large hill to climb because the Democrats have never met a social program they didn't think could buy them votes by writing checks their ass can't cash.
The last debt ceiling was in December of 2021 and it was raised by $2.5 trillion, so 'all that spending' by the previous administration was already accounted for ... but I forgot the typical left-wing loony response - "All Bad things are Orange Man's Fault". Biden spent $1.9 trillion with the American Rescue Plan and drove what became the worst inflation in 40 years and during his first two years in office, he oversaw spending that was 40 percent higher than the pre-COVID 2019 budget.
According to the CBO, Biden is going to match Trump’s addition to the national debt in just three years, reaching a total of $7.1 trillion over his four years. That would be $1.5 trillion more than Trump contributed during his term, which included the 2020 one-time COVID emergency spending. If Biden’s 2024 proposed budget actually passed, he would add as much to the national debt as Trump and Bush 43 combined.
The left always tries to portray the tax cuts from 2017 as a "gift to the rich!" and ignore the fact that there was a 43 percent increase in federal tax receipts from 2020 to 2022, thanks to the 2017 Tax Cuts and Jobs Act. In 2020, federal income tax revenues were $3.4 trillion. In 2022, they increased to a record $4.8 trillion. Revenues from both individual income taxes and corporate income taxes were the highest they have ever been. Individual income tax revenues were over $2 trillion in 2021 and 2022 for the first time — a 64 percent increase in 2022 over 2020. Contrary to Biden’s constant complaint that business doesn’t pay its fair share, revenues from corporate income taxes in 2022 were over $400 billion, also for the first time, and an increase of 101 percent over 2020.
The last debt ceiling was in December of 2021 and it was raised by $2.5 trillion, so 'all that spending' by the previous administration was already accounted for ... but I forgot the typical left-wing loony response - "All Bad things are Orange Man's Fault". Biden spent $1.9 trillion with the American Rescue Plan and drove what became the worst inflation in 40 years and during his first two years in office, he oversaw spending that was 40 percent higher than the pre-COVID 2019 budget.
According to the CBO, Biden is going to match Trump’s addition to the national debt in just three years, reaching a total of $7.1 trillion over his four years. That would be $1.5 trillion more than Trump contributed during his term, which included the 2020 one-time COVID emergency spending. If Biden’s 2024 proposed budget actually passed, he would add as much to the national debt as Trump and Bush 43 combined.
The left always tries to portray the tax cuts from 2017 as a "gift to the rich!" and ignore the fact that there was a 43 percent increase in federal tax receipts from 2020 to 2022, thanks to the 2017 Tax Cuts and Jobs Act. In 2020, federal income tax revenues were $3.4 trillion. In 2022, they increased to a record $4.8 trillion. Revenues from both individual income taxes and corporate income taxes were the highest they have ever been. Individual income tax revenues were over $2 trillion in 2021 and 2022 for the first time — a 64 percent increase in 2022 over 2020. Contrary to Biden’s constant complaint that business doesn’t pay its fair share, revenues from corporate income taxes in 2022 were over $400 billion, also for the first time, and an increase of 101 percent over 2020.
(2)
(0)
COL Randall C.
MSgt Steve Sweeney SFC John D. A reminder to the both of you to keep it civil. Stick to attacking the position and not each other. I get it, you're both passionate partisans for your respective ideology, but at least TRY to keep it somewhat civil.
(2)
(0)
4
4
0
The ball is in President Broke- back Biden's Court.
Let us not forget how Germany went from four marks to the dollar to 400 marks to the dollar to 4 billion marks to the dollar due to inflation caused by paying reparations to the European victors and having no income the weak German Weimar Republic had an attempted overthrow of the Nazis in November of 1923. Hitler seized power in 1933 when the Great Depression came in.
The Democrats are playing a dangerous game of chicken and let's not forget the 1923 Weimar Republic 1 billion dollar banknote.
SGT (Join to see) LCpl (Join to see) SP5 Philip McClure SFC John D. SFC (Join to see) Cpl Vic Burk COL Randall C.
In the 1970s, I had one of these high denomination banknotes given to me by my godfather who went to Germany. I don't know what happened to it.
Let us not forget how Germany went from four marks to the dollar to 400 marks to the dollar to 4 billion marks to the dollar due to inflation caused by paying reparations to the European victors and having no income the weak German Weimar Republic had an attempted overthrow of the Nazis in November of 1923. Hitler seized power in 1933 when the Great Depression came in.
The Democrats are playing a dangerous game of chicken and let's not forget the 1923 Weimar Republic 1 billion dollar banknote.
SGT (Join to see) LCpl (Join to see) SP5 Philip McClure SFC John D. SFC (Join to see) Cpl Vic Burk COL Randall C.
In the 1970s, I had one of these high denomination banknotes given to me by my godfather who went to Germany. I don't know what happened to it.
(4)
(0)
LTC (Join to see)
Correction, 1 billion Mark Bank. For a short time in germany, you need a wheelbarrows of money just to buy a loaf of bread.
COL Randall C. Cpl Vic Burk SFC (Join to see) SFC (Join to see) SFC John D. SP5 Philip McClure SGT (Join to see)
Hopefully we'll not have devaluations like Mexico did in the 1980s.
COL Randall C. Cpl Vic Burk SFC (Join to see) SFC (Join to see) SFC John D. SP5 Philip McClure SGT (Join to see)
Hopefully we'll not have devaluations like Mexico did in the 1980s.
(4)
(0)
SFC (Join to see)
LTC (Join to see) - You should know better than to bring facts to a discussion with Progressives and Communists, they will always ask where is your proof? or they will just try to dismiss you by saying your argument just isn't valid...
(3)
(0)
4
4
0
LTC (Join to see)
1. The master plan by Republicans is to spend by your means.
2. Republicans did not open the border and let in 2 million plus illegals that will often not show up 5 years from now for their hearing on requesting asylum.
3. Republicans DID vote (sometimes )to add 7 billion to the US budget (Democrats wrote those bills) after Biden came into office but the Republicans did come with a plan to wheel and deal with the Biden administrations.
4. Democrats JFK and President Clinton on his second terms lowered income taxes and taxes on investments and Dividends. Ironically, Communist China has lower income tax and invetsment tax rates than what Brokeback President Biden proposes.
5. Putin's prices are actually Biden's Prices.
6. Republicans are not perfect but they have a budget plan some Democrats in the House voted with them.
6. Chuck Schumer wants to propose a bill having NO Debt limit through the end of this Brokeback Biden 4-year term kicking the can of disaster to Kamela Harris or to whomever wins in 2024.
2. Republicans did not open the border and let in 2 million plus illegals that will often not show up 5 years from now for their hearing on requesting asylum.
3. Republicans DID vote (sometimes )to add 7 billion to the US budget (Democrats wrote those bills) after Biden came into office but the Republicans did come with a plan to wheel and deal with the Biden administrations.
4. Democrats JFK and President Clinton on his second terms lowered income taxes and taxes on investments and Dividends. Ironically, Communist China has lower income tax and invetsment tax rates than what Brokeback President Biden proposes.
5. Putin's prices are actually Biden's Prices.
6. Republicans are not perfect but they have a budget plan some Democrats in the House voted with them.
6. Chuck Schumer wants to propose a bill having NO Debt limit through the end of this Brokeback Biden 4-year term kicking the can of disaster to Kamela Harris or to whomever wins in 2024.
(4)
(0)
Read This Next
Continue with Facebook 
Continue with Google