Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member Latest Breaking News General Discussion The DU Lounge All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

hlthe2b

(102,119 posts)
15. Where is the money supposedly coming from? We have to service the debt we already have!!!!
Fri Sep 24, 2021, 08:33 AM
Sep 2021
https://www.nytimes.com/2021/09/23/us/politics/debt-limit-fight-yellen.html
WASHINGTON — When Janet L. Yellen was Federal Reserve chair in 2014, she faced a grilling from Republicans about whether the federal government had a plan if the nation’s borrowing limit was breached and measures to keep paying the country’s bills were exhausted.

Ms. Yellen, appearing at a congressional hearing, outlined a dire scenario in which financial institutions might try to make payments that they could not cover, because the Treasury Department was out of money, leading to a cascade of bounced checks. She pushed back against the notion held by some Republicans that an economic meltdown could be averted, warning that there was no secret contingency plan.
I don't think we have control over that. Patton French Sep 2021 #1
Why would there be a default if you pay the bill without a declared "debt ceiling"? Goodheart Sep 2021 #6
Where is the money supposedly coming from? We have to service the debt we already have!!!! hlthe2b Sep 2021 #15
Yes, exactly. (n/t) Patton French Sep 2021 #17
As illusory as the concept of money is Patton French Sep 2021 #18
It doesn't work that way. mahatmakanejeeves Sep 2021 #2
I don't follow your point. Goodheart Sep 2021 #5
If I have no money and default on my debt, who the hell do you think is going to lend to me? hlthe2b Sep 2021 #14
Really? "U.S. default this fall would cost 6 million jobs, wipe out $15 trillion in wealth" WAPO hlthe2b Sep 2021 #3
You need to re-read what I actually posted. Goodheart Sep 2021 #4
You wouldn't happen to have been issued a driver's license, would you? mahatmakanejeeves Sep 2021 #9
THAT is so NOT true. hlthe2b Sep 2021 #11
Tell that to democratic constituents who won't get their Social Security checks post-default. no_hypocrisy Sep 2021 #7
What? Goodheart Sep 2021 #8
Where the hell do you think the money is going to come from? Someone has to fund the debt hlthe2b Sep 2021 #12
I'm stunned. stopdiggin Sep 2021 #10
Ditto. hlthe2b Sep 2021 #13
Any other laws we can ignore at will? brooklynite Sep 2021 #16
That's the second time I've seen that here. Hard pass. FBaggins Sep 2021 #19
On the whole, it's not "Dems" who control the bank accounts, and would face the consequences muriel_volestrangler Sep 2021 #20
The debt ceiling is unconstitutional per the 14th Amendment meow2u3 Sep 2021 #21
This is a unique interpretation. NT mahatmakanejeeves Sep 2021 #22
Latest Discussions»General Discussion»My suggestion to Dems for...»Reply #15