3 things to know about the debt-ceiling farce

[Yo_Mama_Been_Loggin]

The most tiresome issue in American politics is back, thanks to Republicans who regained control of the House of Representatives in the 2022 midterm elections.

For the next six months or so, you’ll be hearing about the debt-ceiling standoff that could torpedo the U.S. economy. This isn’t some natural phenomenon or market abnormality we have no choice but to deal with. It’s a manmade construct that once served a purpose but has now become a mechanism for abuse of the majority by a radical minority.

Since 1917, Congress has set a limit on the amount of money the federal government is allowed to borrow. Federal spending and the borrowing that finances some of it normally rise over time, so Congress has to increase the borrowing limit every couple of years. This used to happen routinely, without fanfare. But during the last 25 years, Republicans have grown increasingly militant and used their votes on a debt-ceiling extension as leverage for other political demands.

That’s what they plan to do, again, in 2023. The Treasury Dept. says it will hit the borrowing limit of $31.4 trillion on January 19. If Congress simply voted to extend the borrowing limit, nothing notable would happen. But Republicans who now control the House say they’ll only raise the borrowing limit if Democrats agree to major spending cuts, which Democrats won’t. So the standoff is on.

-more-

https://finance.yahoo.com/news/3-things-to-know-about-the-debt-ceiling-farce-203126129.html

[Walleye]

1. I need to quit spending money so I will stop paying my electric bill, rent, and credit card

[BlueWaveNeverEnd]

2. GOP only cares about debt ceiling when Dem holds presidency

[Evolve Dammit]

8. Yes indeed

[inwiththenew]

4. We went through this during President Obama's term

The media is going to make it seem like we are on the edge of armageddon. There will be human sacrifice. Mass hysteria. Cats and dogs living together. Ultimately it will be raised with no default and with no major concessions because Republicans don't have enough votes to really hold the bill hostage. We'll then do it all over again in 2-4 years.

[Kennah]

5. Only this time they might actually jump

[MiniMe]

6. Why didn't they raise the debt limit before the election?

I know they usually raise it when the time comes, but it seems like they could have raised it in October to avoid this crisis

[jimfields33]

7. I agree. We had all three and could easily have passed it in the fall.

Especially knowing that the debt limit ceiling was just two weeks after the house session. Not sure why they left it to the republicans.

[W_HAMILTON]

10. Because Manchin.

[Evolve Dammit]

9. great question

[W_HAMILTON]

11. Because Manchin.

[Shipwack]

12. If I recall correctly...

Theoretically, It could have been passed, with only Democratic support, if all the Democrats voted for it.

However, Manchin stated that he was opposed to passing the limit this way because he wanted it to be bipartisan. To no one’s surprise, the Republicans all refused to cooperate.

The debt ceiling could have been part of a continuing resolution (is that the phrase I’m looking for?) spending bill, but the powers that be felt that there wasn’t enough time to put one together.

[BWdem4life]

13. Well, Manchin was right about one thing..

It SHOULD have been bipartisan..

[DallasNE]

14. Served A Purpose?

Isolationist Republicans were bound to tie President Wilson's hands by limiting how much he could spend on WW I. It was ill-conceived at the time and is counterproductive today. It simply needs to be abolished. The debt issue properly is addressed in the appropriation bill, not some artificial barrier.