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Debt Limit and Default

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Bryce
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Debt Limit and Default

Post by Bryce » Tue Oct 12, 2021 11:53 am

In today's Detroit News, Janet (Yoda)Yellen warned, "steps to stave off a default on the country's debts would be exhausted by Monday." This seems to me to be an outright lie and fearmongering.

Currently the Federal Government takes in about 320 billion dollars in income tax each month. The total amount of debt service payments to our creditors on money borrowed that has already been spent is about 40 billion dollars a month. That leaves 280 billion each month for the military , social security, medicaid, etc. with plenty left over.

This debt limit "crisis" isn't to pay for past debt, it's to pay for future debt. Instead of congress making some tough decisions on what to keep and what to get rid of, they just get permission to borrow more.

Why do people get sucked into believing the crap their selling?


"Never underestimate Joe's ability to F**k things up." ~ Barack Hussein Obama.

A regular Nostradamus ole Barry was

km1125
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Re: Debt Limit and Default

Post by km1125 » Tue Oct 12, 2021 12:05 pm

They gets lots of help from the MSM cheerleaders.



Matt
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Re: Debt Limit and Default

Post by Matt » Wed Oct 13, 2021 4:51 am

Janet Yellen is human garbage, as well as anyone else who supports the spying on Americans' Bank transactions greater than $600: https://www.foxbusiness.com/politics/ye ... d-cheating



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FakeAndyStuart
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Re: Debt Limit and Default

Post by FakeAndyStuart » Wed Oct 13, 2021 6:19 am

Matt - wash your mouth out with soap, you can disagree with anyone but that kind of vitriol doesn't advance your goals.
Bryce - check your numbers please

https://datalab.usaspending.gov/americas-finance-guide/

"In 2020, the federal government collected 3.42 trillion in tax revenue" - about 285 billion a month.
"In 2020, the federal government spent 6.55 trillion" - about 545 billion a month.

https://www.factcheck.org/2021/09/debt-limit-qa/

“Since 1960, Congress has acted 78 separate times to permanently raise, temporarily extend, or revise the definition of the debt limit – 49 times under Republican presidents and 29 times under Democratic presidents,”

You can disagree with the spending plans of the current Congress - I certainly disagreed with many of the tax cuts during the last Administration - but making the debt limit a hot button issue today is solely political and does not reflect real life.



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Bryce
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Re: Debt Limit and Default

Post by Bryce » Wed Oct 13, 2021 8:58 am

FakeAndyStuart wrote:
Wed Oct 13, 2021 6:19 am

Bryce - check your numbers please

https://datalab.usaspending.gov/americas-finance-guide/

"In 2020, the federal government collected 3.42 trillion in tax revenue" - about 285 billion a month.
"In 2020, the federal government spent 6.55 trillion" - about 545 billion a month.
Umm, it's 2021. My numbers are correct. Even if slightly off, our debt service is 40 billion a month which even with your numbers means we wouldn't have to default on our debt payments like everyone on the left claims. We would just have to make some difficult decisions like every household in America will have to do because of the loss of about 1,400.00 a year in buying power due to BidInflation.


"Never underestimate Joe's ability to F**k things up." ~ Barack Hussein Obama.

A regular Nostradamus ole Barry was

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audiophile
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Re: Debt Limit and Default

Post by audiophile » Wed Oct 13, 2021 10:06 am

The house passed the bill yesterday, it's headed to President's desk.

We're covered until December.

PS Yellen does to much Yellin' :lol


Ask not what your country can do FOR you; ask what they are about to do TO YOU!!

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FakeAndyStuart
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Re: Debt Limit and Default

Post by FakeAndyStuart » Wed Oct 13, 2021 11:52 am

Bryce wrote:
Wed Oct 13, 2021 8:58 am

Umm, it's 2021. My numbers are correct.
And would you care to source your numbers?

https://www.washingtonpost.com/us-polic ... -stimulus/

The Congressional Budget office says... "In 2021, the federal government is projected to spend $6.8 trillion — higher than even last year’s total — while collecting about $3.8 trillion in revenue. " Which again shows about a $250 billion per month deficit, before any sort of new spending happens. I'd be curious to know where your numbers come from.



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Bryce
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Re: Debt Limit and Default

Post by Bryce » Wed Oct 13, 2021 2:12 pm

FakeAndyStuart wrote:
Wed Oct 13, 2021 11:52 am
"In 2021, the federal government is projected to spend $6.8 trillion — higher than even last year’s total — while collecting about $3.8 trillion in revenue. "
3.86 Trillion dollars in revenue is, as I stated, about 320 Billion dollars a month. Our debt service on money borrowed is about 40 billion a month. Again, your strawman argument aside, we WOULD NOT have to default on our debt payment. They are selling a lie to keep funding programs.


"Never underestimate Joe's ability to F**k things up." ~ Barack Hussein Obama.

A regular Nostradamus ole Barry was

Neckbeard
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Re: Debt Limit and Default

Post by Neckbeard » Wed Oct 13, 2021 2:18 pm

Bryce wrote:
Wed Oct 13, 2021 2:12 pm
FakeAndyStuart wrote:
Wed Oct 13, 2021 11:52 am
"In 2021, the federal government is projected to spend $6.8 trillion — higher than even last year’s total — while collecting about $3.8 trillion in revenue. "
3.86 Trillion dollars in revenue is, as I stated, about 320 Billion dollars a month. Our debt service on money borrowed is about 40 billion a month. Again, your strawman argument aside, we WOULD NOT have to default on our debt payment. They are selling a lie to keep funding programs.
I think you're forgetting an important number in there buddy.



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FakeAndyStuart
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Re: Debt Limit and Default

Post by FakeAndyStuart » Wed Oct 13, 2021 10:25 pm

Bryce wrote:
Wed Oct 13, 2021 2:12 pm
FakeAndyStuart wrote:
Wed Oct 13, 2021 11:52 am
"In 2021, the federal government is projected to spend $6.8 trillion — higher than even last year’s total — while collecting about $3.8 trillion in revenue. "
3.86 Trillion dollars in revenue is, as I stated, about 320 Billion dollars a month. Our debt service on money borrowed is about 40 billion a month. Again, your strawman argument aside, we WOULD NOT have to default on our debt payment. They are selling a lie to keep funding programs.
And once again you spout numbers without a source. Bless your heart.



bmw
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Re: Debt Limit and Default

Post by bmw » Wed Oct 13, 2021 11:24 pm

FakeAndyStuart wrote:
Wed Oct 13, 2021 10:25 pm
Bryce wrote:
Wed Oct 13, 2021 2:12 pm
FakeAndyStuart wrote:
Wed Oct 13, 2021 11:52 am
"In 2021, the federal government is projected to spend $6.8 trillion — higher than even last year’s total — while collecting about $3.8 trillion in revenue. "
3.86 Trillion dollars in revenue is, as I stated, about 320 Billion dollars a month. Our debt service on money borrowed is about 40 billion a month. Again, your strawman argument aside, we WOULD NOT have to default on our debt payment. They are selling a lie to keep funding programs.
And once again you spout numbers without a source. Bless your heart.
Took me a whopping 3 seconds to google search it and confirm it. https://www.google.com/search?q=us+debt ... e&ie=UTF-8

And actually, the number is even a tad higher for 2021, at about 46 billion a month.



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Bryce
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Re: Debt Limit and Default

Post by Bryce » Wed Oct 13, 2021 11:45 pm

FakeAndyStuart wrote:
Wed Oct 13, 2021 10:25 pm
Bryce wrote:
Wed Oct 13, 2021 2:12 pm
FakeAndyStuart wrote:
Wed Oct 13, 2021 11:52 am
"In 2021, the federal government is projected to spend $6.8 trillion — higher than even last year’s total — while collecting about $3.8 trillion in revenue. "
3.86 Trillion dollars in revenue is, as I stated, about 320 Billion dollars a month. Our debt service on money borrowed is about 40 billion a month. Again, your strawman argument aside, we WOULD NOT have to default on our debt payment. They are selling a lie to keep funding programs.
And once again you spout numbers without a source. Bless your heart.
You know, I'm somewhat honored to be held to a higher journalistic standard than Brian Stelter and Rachel Maddow are held to.


"Never underestimate Joe's ability to F**k things up." ~ Barack Hussein Obama.

A regular Nostradamus ole Barry was

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Bryce
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Re: Debt Limit and Default

Post by Bryce » Wed Oct 13, 2021 11:58 pm

FakeAndyStuart wrote:
Wed Oct 13, 2021 11:52 am
"In 2021, the federal government is projected to spend $6.8 trillion — higher than even last year’s total
Well bless your heart.

What you fail to comprehend is the word "spend." That is money we are slated to SPEND in the future. It has nothing to do with the debt payment on money already borrowed, our debt service. WE WOULD NOT HAVE TO DEFAULT. We have plenty of money to pay it.

Lies and fearmongering.


"Never underestimate Joe's ability to F**k things up." ~ Barack Hussein Obama.

A regular Nostradamus ole Barry was

km1125
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Re: Debt Limit and Default

Post by km1125 » Thu Oct 14, 2021 7:52 pm

I just heard on the "news" tonight that Michigan has 6 BILLION dollars (UNSPENT MONEY) from the COVID funds and they're trying to figure out what **ELSE** they can do with this money, as it is "leftover" (and apparently was unnecessary because it wasn't/can't be used to "recover from COVID costs"). THIS is the exact example of what we're talking about in this thread. Some "use it or lose it" money that is being UNNECESSARILY SPENT. If Michigan alone has 6 BILLION laying around... how many other states do? How many federal departments have some BILLIONS too??



MotorCityRadioFreak
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Re: Debt Limit and Default

Post by MotorCityRadioFreak » Thu Oct 14, 2021 9:00 pm

It’s nice to be a Republican. Run about the bill under Trump and refuse to pay for it because Biden is in charge. Stupid Republicunts.


My mom taught me an ounce of prevention is worth a pound of cure. It's too bad Repubes don't believe in prevention for COVID, but they can deny someone water waiting in a line to vote.

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