Guest Post by Martin Armstrong
The Republicans and Democrats are refusing to agree on the debt ceiling crisis. The government will be unable to pay its bills and the US will default if an agreement is not reached. Yellen has reached out to every media outlet and large corporation in the US to warn of the “catastrophic” consequences. Of course, they’ve always managed to increase the limit in the past as America cannot afford to default on its debt obligations. The Democrats insist on spending with no end in sight, while the Republicans are demanding some sort of budget. Biden and McCarthy met on Monday to discuss, but neither side will budge.
Biden said the GOP is taking an “extreme position,” but what are they demanding? The GOP wants to set discretionary federal spending at $1.47 trillion for the next fiscal year, with an increase of only 1% in future years. The Congressional Budget Office (CBO) said this would reduce the deficit by $4.8 trillion in the next decade.
The promise Biden made to students must be repealed for the Republicans to accept the ceiling. Biden implemented this policy to buy young votes and had no fiscal plan in place to finance such a lofty goal. The GOP believes student loan payments are being unfairly subsidized by millions of American taxpayers, many who already paid off their own student debt. Biden’s plan also does nothing to address continually rising tuition costs. The CBO believes this cut will save taxpayers about $460 billion over the next decade.
Biden’s IRS Army must also be defunded. The GOP wants to rescind the $71 billion that the Biden Administration used to hire 87,000 new IRS agents. We never had a need for so many agents in the past, and it is unlikely that they will shakedown $71 billion from average American families.
The Republicans also want to take back unobligated COVID relief money. Six separate bills were passed between 2020 and 2022 and the government is still shelling out money for a pandemic that has ended. The CBO stated this would save the US $30 billion in spending over the next 10 years.
The climate change agenda is costly. Republicans are demanding that Biden eliminate some of the tax breaks his administration provides to green-friendly companies. They’re negotiating exactly how to position some of the perks for biofuel. In general, the CBO believes this will save the US $570 billion over the next 10 years.
Increasing America’s ability to become energy dependent is crucial. Biden ripped away America’s ability to function without energy exports on his first day in office. The country needs coal, natural gas, and oil to function and energy inflation remains a serious problem. The energy bill, labeled HR1 as it is of top importance, would also boost production of lithium, cobalt, nickel, and other minerals.
The Republicans would also like to limit social programs and government handouts. Able-bodied adults under the age of 50, without dependents, must work a minimum of 20 hours a week or they may lose their SNAP and food stamp benefits. Those who are unemployed but on Medicaid and able-bodied will also be required to work a part-time job. The CBO stated 15 million Medicaid recipients would be required to work part-time, and 1.5 million could risk losing federal funding.
Unsurprising since the neocons are on both sides, no one has asked Biden to end the blank checks to Ukraine. America has sent hundreds of millions to Ukraine and is receiving nothing in return. Our own border is overrun and yet we just pledged another $300 million of American taxpayers’ money to secure Ukraine’s border. The funding for this war will create unprecedented inflation and cripple our economy.
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Never a word from McCarthy – GOP about the Number One Threat to America.
Why not use the debt fight as leverage to secure the border ?
They are all looting the ship as she goes down.
As the bullshit games continue here is even more bad news.
The great Tina Turner has died,another great voice in the band in the next life along with one hell of a set of legs.
RIP Tina,thanks for your gift of a awesome voice and sharing it!
Very Nice.
anon,
i’m glad to see somebody else likes jamie wilson —
she & courtney patton singing gospel are pure pleasure to listen to —
This is the uncut, nonembellished set the talent free to do what they do…. Its awesome and some very talented people.
Ain’t no grave – one of my fav’s
One of my all time favorite performers. NOBODY had the energy on the stage as Anna Mae Bullock. Rest In Peace, lovely lady.
The Acid Queen!
Publicly execute every one of them on the National Mall as a cautionary tale for their replacements.
Giant human wind chime installation. The new modern art.
Smell the art!
This is like arguing with my wife. What is the point?
Deals will be made after the mandatory arguing and points being made and ass kissing and taxed income being allocated to GOV. whores spreading their legs.
The “can” will continued to be kicked down the road.
When has this NOT happened?
Eventually this will all end….but this time is not the time.
I predict that your marriage will end in divorce…or possibly murder/suicide.
Fuck the GOP.
https://media.vanityfair.com/photos/63cefaf9b7553545a25af863/master/w_2560%2Cc_limit/1454752823
Isn’t she the GOP shero? These folks are having way too much fun.
BTW, what color are shero’s eyes?
Yer gonna need a much bigger dick…but I’m rooting for you!
Fake money. Fake debt ceiling. Fake debate.
Remember when they would occasionally talk about a balanced budget? Yeah, me either. Now it’s just where to get the next free credit card. We’re doomed (not that such a prospect is horrible).
I thought Martin was an economist???
The US WILL NOT default if the debt ceiling is not raised. The government still brings in almost $5 Trillion and all of that can be spent paying interest on the debt and those obligations that have the highest priority. Current debt can be rolled over without requiring new debt
If the government cannot borrow any more money, they will be forced to stop spending recklessly and learn to live on their income just like we all do. The government needs a 30-40% “haircut” and this is a great way to get it.
Best comment so far, TN.
I’ll add that those 10 year projections from the Congressional Budget Office are worthless as tits on a boar!
Yep. 10-year projections are how they determined 87,000 new IRS agents would more than pay for themselves.
I’m just sitting here waiting for EBT to stop. That’s when shit gets real.
Do people actually believe this bullshit? Both parties are keen to borrow/print and spend all they can but need to convince the peasants that they care about the nation’s finances. As we bite our fingernails and fear the collapse of government with only minutes to spare a miraculous agreement will be “hammered out” where every insider gets what they want and the media whores will tell us it’s all proof that the system works.
I guess Marty’s computer doesn’t know that the House passed a bill that raises the debt ceiling last month. All Chucky and Joe need to do is pass and sign it.
It’s all theater.
Of course it will get raised, spending will increase (for the children) debt will never get paid down. I realize that is a shocking statement to all of yall /s