US with problems to raise the debt ceiling... again - page 4.

AicecreaME

sr. member

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Quote from: paxmao on September 27, 2021, 05:08:07 PM

Again, the US Government has spent more than expected and now has to borrow more to pay the bills. If this was you, this is the closest to an overdraft on your account that a country gets. The problem is that the limit has to be raised by law, and it is not simple to do so in an age of exacerbated partisanship and little wide-angle vision about the needs of the country.

Incredible as it may seem, the US could actually default in its obligations.

https://www.nytimes.com/2021/09/26/business/economy/america-debt-limit-political-game.html

This is a problem that they need to address as soon as possible before it gets out of hand. I don't think raising the limit should be one of their top priority to pay existing bills. The US government has to learn good financial decision-making to avoid this kind of scenario. Surely they have their great accountants in the department of finance, it is just that the officials decided to take a wrong turn making a bad decision that cost this to happen. Hopefully, they'll be able to handle this. They are the US after all. They won't stumble that fast.

ven7net

full member

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Quote from: paxmao on September 27, 2021, 05:08:07 PM

Again, the US Government has spent more than expected and now has to borrow more to pay the bills. If this was you, this is the closest to an overdraft on your account that a country gets. The problem is that the limit has to be raised by law, and it is not simple to do so in an age of exacerbated partisanship and little wide-angle vision about the needs of the country.

Incredible as it may seem, the US could actually default in its obligations.

https://www.nytimes.com/2021/09/26/business/economy/america-debt-limit-political-game.html

There is nothing surprising in this, the United States has not fulfilled its obligations for a long time and what should it do the same this time. And all due to the fact that the US policy turned out to be erroneous and at the moment we see how all institutions, both in power and in finance, are crumbling. Which ultimately led to the fact that no matter how much new money was printed in the United States, it will only get worse. The same applies to the obligations that the United States has assumed, they can no longer comply and fulfill them, since there are no more resources for this either. As a result, the United States is currently on the path to collapse. Perhaps they will be able to hold out a little longer, but in the end, sooner or later, the system will come to a complete dead end and the inevitable will happen - collapse.

leea-1334

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Temporary forum vacation

Quote from: so98nn on September 28, 2021, 12:41:47 AM

It’s funny how governments work around the clock and still fails to accommodate the typical economic cycle. I’m wondering how country like US can go in debt if most of the income is from Home production and worth to note that they are the biggest supplier of biological products to high end machine and what not. They should be one giving out the loans and not borrowing to overcome their own situation.

Is it has got to do anything with money being spend on the crypto and taxes are not being filed? Could crypto be that effective to make the economic situation worst like this?

Actually,,, I always thought that governments are the ones working the least Wink

In my country now, you can get the least working hours simply by working for the government!

But jokes aside,,, if a government is well run and the economy is healthy, they actually do not have to work round the clock.

And the answer to your debt is war. You know the US government borrows from the Feds billions to go to war right? 6 Trillion debt in 20 years

China owns 1 Trillion of US debt by the way Grin

davis196

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Quote from: Sithara007 on September 27, 2021, 11:20:41 PM

The republicans did the right thing by blocking it. Biden just want to borrow trillions of USD and then spend a large part of it on the most unproductive sectors of the US economy. It is just like putting all that money in to a black hole. Unless the Democrats come up with a more unbiased plan, the GOP should block whatever bill they bring. The US federal debt has already crossed $28.8 trillion, and now stands higher than the GDP. GOP needs to oppose it, because when they get back to power in either 2024 or 2028, they will face issues from this ballooning debt.

I don't believe that the Republicans will be stupid enough to cause the default of the USA.Such default might cause a gigantic global financial crisis,maybe a new Great Depression,in times of a global Pandemic.
This seems like the perfect disaster,and the Republicans might take all the blame for causing such disaster,so I don't think that they will keep blocking the debt ceiling increase.
Like other members said,there will be some drama in the US congress,but both parties will eventually agree to an increase of the national debt,because there aren't any alternative solutions to the US debt problem.

aysg76

legendary

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Quote from: paxmao on September 27, 2021, 05:08:07 PM

Again, the US Government has spent more than expected and now has to borrow more to pay the bills. If this was you, this is the closest to an overdraft on your account that a country gets. The problem is that the limit has to be raised by law, and it is not simple to do so in an age of exacerbated partisanship and little wide-angle vision about the needs of the country.

Incredible as it may seem, the US could actually default in its obligations.

https://www.nytimes.com/2021/09/26/business/economy/america-debt-limit-political-game.html

The main problem is that government has no limits whether it's debt raising or money printing.Why? Because the lawmakers are the one running government and it's not the case with only US but if you monitor the charts you will find similar situations for most of the countries.The reason for it the same old one which is cost of living and inflation has been on significant rise from the past.The Dollar and Euro have lost major value after the Breton woods Agreement.The countries Debt to Gdp ratio has also been rising from long time as depicted in the charts:

You need to take care of your future safety and to have secured funds at that time so choose wisely as the government will not have an efficient solution for these problems.

Kong Hey Pakboy

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Quote from: ?? on ??

If the country fails to meet its borrowing limits within the current period to overcome the financial situation and economic problems, it will be a dangerous event that will have a dangerous impact on the developing world developing economies will also be hit if the US government fails to take action interest rates will rise confidence will decline and economic growth will slow. It will further worsen the economic situation in the united states.

It's a different story for US though, I think they have enough influence to not follow the stuff that most countries abide by when it comes to borrowing stuff. They already have the solution in their country, and that would be taxing the uber rich people and companies in their country.

Kittygalore

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They won't collapse that easily though, I am pretty sure that the government and it's oligarch friends is going to make sure that they're going to survive and the country they're exploiting is going to survive too. There's also that conspiracy that those debts that they had are already paid, and they just don't say it's already paid, that's why they're surviving doing this kind of thing.

so98nn

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It’s funny how governments work around the clock and still fails to accommodate the typical economic cycle. I’m wondering how country like US can go in debt if most of the income is from Home production and worth to note that they are the biggest supplier of biological products to high end machine and what not. They should be one giving out the loans and not borrowing to overcome their own situation.

Is it has got to do anything with money being spend on the crypto and taxes are not being filed? Could crypto be that effective to make the economic situation worst like this?

Sithara007

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Leading Crypto Sports Betting & Casino Platform

The republicans did the right thing by blocking it. Biden just want to borrow trillions of USD and then spend a large part of it on the most unproductive sectors of the US economy. It is just like putting all that money in to a black hole. Unless the Democrats come up with a more unbiased plan, the GOP should block whatever bill they bring. The US federal debt has already crossed $28.8 trillion, and now stands higher than the GDP. GOP needs to oppose it, because when they get back to power in either 2024 or 2028, they will face issues from this ballooning debt.

Poker Player

legendary

Activity: 1372

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Quote from: paxmao on September 27, 2021, 05:08:07 PM

Incredible as it may seem, the US could actually default in its obligations.

Yeah, but would anyone bet on it?

The normal scenario is that there will be a lot of debate and a lot of drama, but when two are forced to understand each other because if they don't the outcome is worse for both, they end up doing it.

Hydrogen

legendary

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Today's vote is against raising the debt ceiling.

I seem to remember the last shutdown occurring when Obama was President. Not everything closes down. Essential segments of the government continue running.

Quote

Government Shutdown Looms as Senate Republicans Block Debt Ceiling, Funding Bill

After clearing the House last week in a party-line vote, Senate Democrats failed to sway 10 Republicans to reach the 60-vote threshold needed to overcome a filibuster and move forward with the continuing resolution that would, among other things, keep the government funded at current levels through Dec. 3. No Republicans supported the procedural vote.

Monday's unsuccessful vote puts pressure on Democrats to rethink how they'll renew government funding over the next few days. If a short-term plan doesn't clear Congress and get signed into law by midnight Thursday, the government faces a shutdown the next morning.

https://www.msn.com/en-us/news/politics/government-shutdown-looms-as-senate-republicans-block-debt-ceiling-funding-bill/ar-AAOT0hw

On the bright side, if a shutdown occurs, they can't vote on or pass the infrastructure bill containing crypto regulation (which many disapprove of).

I'm surprised to see this much disagreement between parties. The current era could be the most centralized the US government has been in its history.

They have until thursday to raise the debt ceiling.

paxmao

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Do not die for Putin

Again, the US Government has spent more than expected and now has to borrow more to pay the bills. If this was you, this is the closest to an overdraft on your account that a country gets. The problem is that the limit has to be raised by law, and it is not simple to do so in an age of exacerbated partisanship and little wide-angle vision about the needs of the country.

Incredible as it may seem, the US could actually default in its obligations.

https://www.nytimes.com/2021/09/26/business/economy/america-debt-limit-political-game.html

Topic: US with problems to raise the debt ceiling... again - page 4. (Read 456 times)