How Biden Could Bypass Congress to Avoid a Default | WSJ

[@hkmarhk]

This reminds me of an old Onion video in which the US government faked a coup against itself and all the debt documents were accidentally "lost".

[@iitchovereverything6020]

Onion news 😂they use to be so funny. They have lost a step over the years. Loved the voter machine Presidential election one.

[@ericmaher4756]

Sounds legit at this point

[@brettnelson7518]

I don't get it. They can't destroy the documents of the lenders so

[@hkmarhk]

@@brettnelson7518 kzbin.info/www/bejne/ioPKg61po7h6bdE

[@hkmarhk]

@@brettnelson7518 for some context this is the video I was talking about

[@boondoggle4820]

It’s important to remember that the debt ceiling is an arbitrary number set by politicians, and that any default at this point is entirely elective and a political decision, making it all the more ridiculous.

[@Geitir]

It’s not arbitrary though. It is literally equivalent to credit card debt. The conservative mindset is that they are not going to agree to increase the debit limit unless a plan to begin to reduce the debt is put in place, so they are holding out for these concessions.

[@boondoggle4820]

@@Geitir It is arbitrary. The number is picked by politicians based on whatever they feel like picking and they just pick a number. When the GOP was discussing different numbers in their last bill they were debating the politics of a round number vs one that ended in 69 which they didn’t want to do because of the insinuation, etc. That’s the kind of process they use to arrive at this number. To use your credit card analogy, it’s like the bank issues a credit card with a $20,000 limit, you declare that your personal limit is $1,000, and you decide to default because you spend $1,500 because it’s over the personal limit that you chose to set which the bank was not party to. You will be in default because of your personal decision which had nothing to do with the bank, your credit will be wrecked, your interest rate will skyrocket, and the bank could actually impose a much lower limit because of your elective default or it could cancel your card altogether. There’s nothing responsible about choosing to default on the debt to make a political point.

[@atishayritulpatwa7235]

@@boondoggle4820 It is responsible to use that default as a leverage against stupid spending that caused the debt crisis in the first place, if the democracts had not been so stupid in their spending then the celiing would have not been hit.

[@davidardjevanidze8406]

Ya so if i call my bank and tell them i cant pay off my credit card and just let me borrow more they will be cool with it?

[@boondoggle4820]

@@davidardjevanidze8406 They would likely cancel your card, close your account, and sue you if you did that. The better question is why would you do that, and why would you elect to default when you can elect to pay what you promised and not have that happen?

[@anadepina2696]

Maybe only competent people should be elected to Congress. This is the job of Congress, not the president’s or any other branch. Put the blame where it belongs.

[@robertwheeler5125]

On trump and his maga robots.

[@edwinarnold4865]

​@@robertwheeler5125 no it's squarely on biden and the woke fascist snowflake shoulders

[@edwinarnold4865]

By the way it requires the president signature to be put into law.

[@tioswift3676]

@@robertwheeler5125 I laugh every time you lemmings keep blaming and pointing fingers

[@royblack7305]

​@@tioswift3676 isn't that the maga trash way ?

[@cat-.-]

Tax code = Congress telling you you can have this much money Budget = Congress telling you you must spend this much money Debt ceiling = Congress telling you you can't borrow money to make up the difference

[@dormilon36]

Huh? Then tax code is failing miserably unless “this much money” = $200B

[@michaelvoelkl4015]

It’s not all of congress! It’s the radical MAGAts in the house! Let’s put the blame where it goes! On the treacherous traitorous treasonous trumpets puppets and the MAGAts in congress!

[@Cloud9ner412]

Balance

[@d.a.n.3086]

Not that easy smh

[@tiefblau2780]

What better to *spend* *to* *Marry* *also* *the* *thing* *you* *Marry* *ALSO* *SPENDS...* *TADAAAAAA* it comes with Debt/Degree *Also* *Refuse* *to* *work* What better way to keep spending while also giving low wages and shuffling Amazon Employee?

[@stevenz995]

I wonder if fed has enabled overdraft option. They could just charge a overdraft fee lol

[@phil20_20]

How about overdraft protection? 🤗🤑

[@Martinzz932]

Good idea!😂

[@chuckxu5910]

Y’all want to make America looking like Venezuela 🇻🇪, that’s not going to happen my liberal friends

[@social3ngin33rin]

Banks would charge the tax payers, collectively, $11T for their fee lol

[@gerlandkent6377]

If, it works go for it

[@drmode]

He should. GOP raised debt without cuts during Trump and both Bushes

[@24killsequalMOAB]

The difference is that the DNC raises the debt limit without considering the fundamental currency of the Economy, Energy.

[@deeinfl5600]

Trump had to deal with Speaker Pelosi for the 3rd debt ceiling increase. She held it hostage until she was able to get spending increases. George W. Bush had to deal with a divided government the first 2 years in office. GOP controlled the House but Dems controlled the Senate. Then in Bush’s second term the House throughout gained control for the last 2 years and he had a divided government. GOP wasn’t in the bargaining seat for much of the time. When they were no one in Congress was questioning spending or asking for cuts since we were in the Afghanistan War and Iraq War. Military spending had to drastically increase.

[@GermanShepherdDaphne]

Plus Trump did under a pandemic. Not just because he was taking taxes unlike this person in office

[@9753flyer]

@@24killsequalMOAB Bullkakka... the Bush and dRumpf tax cuts are the reason the Debt is where it is. The economy is taking a hit because of this fight, due to the uncertainty it creates. Removing the Debt ceiling and honoring the US debt shows stability and is healthier for the economy, both ours and the worlds. Every Democratic administration since Carter has lowered the Deficit, which would have then lowered the debt if the Republican administrations, ALL OF THEM, had not acted like children with an unlimited CC. Just like they are doing now, since they are refusing to pay for the meal THEY ORDERED when they authorized the spending in the first place. I have zero problem with negotiating a better, lower budget, but you do that BEFORE you order the meal, eat the meal, enjoy the meal... not after like the Republicans always try to do. BTW - if it's all the DNC's fault.. why did the Republicans vote to raise the debt ceiling 3 times under dRumpf??? You know, the guy who is responsible for 80% of the debt???

[@nsgate2412]

​@@24killsequalMOABElaborate???

[@statesoftheunited7049]

"If money means nothing it will be chaos" Money meaning something has brought chaos too....

[@StealthyDead]

If the US defaulted, it would cost those politicians too much money. They make a big hulabaloo about it, but they'll never allow it to default.

[@sds5502]

Not so sure. They will do anything to get TRE45ON back in power and this is a path they see. Also typical REPUBLICAN playbook, screw over middle and lower class for the " American 1% Billionaires"

[@unfilteredminds-zd4ig]

The U.S. defaulted twice already and it turned out to be a very good decision for USA.

[@screaminpman]

Kevin McCarthy: “The buck stops elsewhere!”

[@robertcoyner1530]

yep... it's all on the democrats and schumer in the senate... why hasnt he brought the house bill up for a vote yet? because it would liely pass , thats why... mc carthy should not be negotiating anything until the senate either votes on the current house bill, or passes a bill of their own.

[@user-ms4ef8xz9t]

If the clowns in Washington can't balance a budget, fire all of them.

[@joedutton3413]

Need to pass a law that no lawyer or lobbyist are allowed in our government or any lobbyist.

[@cogent211814]

We will never balance our budget. Never have, never will. When you buy a house your budget is no longer balanced. But the equity in the property and the future value makes sense. The same way with the government. When government borrows to build a water project a rail system or a university, there is future value in those expenditures. Where we fail is by building bombs, guns, & weapons systems. Once these are built they have zero future economic value. Boom and the bomb is gone. Its always back to guns versus butter. You can have one or the other but not both.

[@Weaseltube]

The debt ceiling isn’t part of any budget. It’s a needless and arbitrary pretense to argue that the government is overspending when in fact it has plenty of overhead for spending more if it needs to without incurring punishing interest rates. But the debt ceiling pretense allows Conservatives to spread fear about overspending, the same fear mongering they’ve been doing for decades despite it being Reagan in the 80s who unshackled debt expenses from all previous constraints of government spending.

[@joedutton3413]

@@Weaseltube thats true but debt is debt and with the trillions spent the interest will eat up the overhead leaving us with what more inflation and higher interest rates and no businesses. So lets have them send billion dollar checks to everyone if theres no limit on spending see how that works out. You cant spend your way out of bankruptcy period.

[@Weaseltube]

@@joedutton3413 There can be too much debt but some debt can be good if spent correctly. Any successful business or government runs on debt. The focus should be waste, not debt.

[@clocktowerhill8760]

There are good options. Cut spending.

[@hanzn6784]

I like how cutting goverment spending and raising taxes wasn't one of the options

[@whysoserious1978]

It’s called budget

[@meli4157cozy]

Only cutting veterans benefits and Medicare is on the table! ( And 5% on defense)

[@michawhite7613]

That's something only Congress can do. If they could do that, then they could just raise the debt limit.

[@ultra_magaman8009]

@@whysoserious1978 A budget can be adjusted - and the agency that uses it can be cut - Our Gov. is too big and too noisy

[@meltdown6165]

@@ultra_magaman8009 Or maybe not big enough? The IRS could surly use more workers to audit the taxes of multimillionaires and big cooperations. As you might know, they do not pay their fair share but use all kind of tricks to evade paying taxes as everybody else does. But IRS only has the resources to audit the average Joe because this is much easier than auditing huge opaque holding company constructs with offshore accounts. Btw, these are the same groups for which Trump cut the taxes, all the while everybody else who does real work (instead of living of the work of others) has to pay up.

[@Sirsantos]

A clean debt ceiling bill would be great - but we elect showmen over doers.

[@lindarushton6502]

Need to allow reality in.

[@muhammad-bin-american]

Wish I could just print a $10K coin or bill to pay off my credit card debt.

[@shanemooon]

We’ve already been here. Why are we talking about this like it’s some new, crazy issue? We’re not going to default. It’s a game of chicken.

[@lawyermahaprasad]

Cause many people in financial markets already know Chinese MSS has Leaders from both the sides in their pockets.

[@bngr_bngr]

Biden can’t even remember what country he is in.

[@weird-guy]

USA citizens need to turn off their TVs 😂

[@GermanShepherdDaphne]

Facts! Just to make the stock market go crazy imo

[@GermanShepherdDaphne]

Buy the rumors sell the news! Why do we have to suffer because these idiots can’t pay their bills with the money WE ALREADY GAVE THEM

[@politicrackedpodcast9868]

Why don't they mentioned we've already minted trillion dollar coins? This isn't a new idea.

[@kristensorensen2219]

Why can't the congress just do their job?!! This stuff is pathetic!! It is a train wreck that Nixon started by dumping the gold standard!!

[@JesusLoves0902]

I’ll tell you why cause there greedy the person that becomes rich ones more and more and yet we keep this people in power

[@irishangel1118]

Besides, they have tax revenue coming in it’s not in dire need to get this debt ceiling taken care of. She keeps pushing it back week after week. I have heard some people say that we have until September because of the tax revenue coming in so don’t fall for it.

[@pohkeee]

The best outcome is to fire a whole lot of the house…

[@madmachanicest9955]

The debt ceiling should be thrown out with the garbage. The use of the debt ceiling as political blackmail will never stops along as is a thing. Instead it the debt limit should be used as a trigger mechanism to lower government spending. Specifically corporate handouts at the military.

[@hernandezrobinsonr]

What If money is no wasted on war?

[@jaym9846]

The strength of US dollar depends on strength of US to win wars.

[@RobertStern-m4w]

Ask the gG O P THAT QUESTION

[@blackrocks8413]

he could stop spending like a drunk sailor...there's that

[@charlie-obrien]

You are referring to when Trump gave billionaires the Trillion dollar tax cut? Good point, since he is responsible (with only one 4 yr term) for 1/3 of our our national debt!

[@CEBGRACE]

This insane stuff started when Trump cut and protected Billionaires and business with huge tax cuts....and now Gop wants to starve children in low income households what a shame

[@robertcoyner1530]

@@charlie-obrien dont forget that nancy pelosi was speaker for two of those years, and pelosi during her two terms as speaker, increased the debt more than any one else ever had...

[@michawhite7613]

Congress decides the budget, not the president. It's kinda funny since Congress also decides the debt ceiling. And then they act shocked *shocked* that the president would spend this money that Congress legally required him to spend.

[@WalkOverHotCoal]

I really like to first option to mint a coin valued at $1 Trillions. In fact, I have a better idea, why not up the ante and to coin three of them. That way the politicians can concentrate on doing something really meaningful for the US and not have to worry about the debt ceiling for the next three years. On second thought, why bother with minting a coin, just write a note with $1Trillion on it?

[@Joseph-zd2ru]

WHY IS MCCARTHY TALKING TO PRESIDENT WHO HAS NO LEGAL AUTHORITY ON SPENDING.

[@igorwojtyna2158]

I remember the Orion news network suggesting ideas such as pretending to be canada or burning down the country for the insurance Money

[@phil20_20]

14th 😊 I don't see in the Constitution where the Congress has the power to default, only to collect the money and pay the debt. That is why the 14th Amendment was needed, to clarify the Constitutional obligation to pay the country's debts. Whether the debt ceiling is Constitutional or not, it is redundant in its intended purpose, that being to control expenditures, because that is already Congress' job when it enacts the laws that create the debt.

[@andrewreynolds9371]

actually, the 14th Amendment was passed in the wake of the Civil War so all the unpaid bills from that struggle would get paid, and no one could doubt the value of America's money.

[@johnnyulster5637]

The issue is the definition of "the Country's debts" and what exactly is compelled under the Amendment. Not all Democrat giveaway spending is covered by the Amendment. Running the government generally is. This is a Biden only issue. He is yelling about not being able to cover debts that he is required by law to cover, when he can do so very easily by NOT spending money on other items.

[@GreenBeanGreenBean]

@@johnnyulster5637 you have no idea what you are talking about, that much is clear

[@bloodwargaming3662]

​@@johnnyulster5637 democratic giveaway? 😂 . You mean 1.4 trillion infra spending, 2 trillion rescue package which saved the @$$es of millions of Americans , or green energy subsidy which has made America a leader in renewable energy

[@tesladrew2608]

​@@johnnyulster5637 you mean Trump's multiple COVID giveaways?

[@MrNintoku]

If they hit the debt ceiling then all that would happen is the discretionary spending would get cut to make up the difference. Mandatory spending like medicare would still go through.

[@SpynCycle57]

The very same people that passed the spending bills to cause the massive debt are now complaining as if this debt issue was unjustly thrust upon them to deal with. You've maxed all your credit cards and now you're crying that you can't buy a new iPhone, because your current iPhone is 6 months old.

[@Weaseltube]

The debt has accumulated for centuries, and today’s debt consists of many obligations that were undertaken by congress decades ago, with the sharpest rise beginning in the Reagan years. So no, it’s not the same people. Also the credit cards are nowhere near maxed out. The debt ceiling is self-imposed by congress for no reason except to alarm voters on a regurlarly scheduled basis into believing the government is overspending when it isn’t.

[@robertcoyner1530]

@@Weaseltube when we are spending 150 times more than our gdp... cuts need to be made... republicans in the house have already passed a bill to raise the debt ceiling... but schumer and the dems refuse to bring it up for a vote in the senate... because they fear it will pass.

[@jmlfa]

Question: If politicians can't spend our money freely, how could they possibly keep buying votes?

[@fiftyshadesofpam9470]

With the money the people donate...they actually live on it

[@madmachanicest9955]

I'd also like to point out that if fighting is smart to the second Congress goes on vacation and before the pro forma session can be performed. He can call her version see session of Congress enforce them to remain in the capital and in the Capitol building until they have negotiated the debt ceiling or voted to raise it.

[@Phantom-jv2io]

The trillion dollar coin sounds like a plan devised by Dr. Evil, LoL

[@Sulla2300]

This is pure nonsense. Trillion dollar coin? The 14th amendment says that the validity of the public debt shall not be questioned; it absolutely does not give the executive the right to increase the debt ceiling in order to finance more debt.

[@RedLgb-df9ob]

Stop giving all our money away and return money to social security that was borrowed.

[@HAPninKEN]

DEFAULT...it will hit the RICH WAY MORE......

[@meriliu8688]

Default will only makes the poor & middle income suffers! Rich still enjoy their lives!

[@tiagogomes3807]

You would starve to death before their dogs would notice a change.

[@Joseph-zd2ru]

If there were a Civil War sparked how many would die first week. Millions? People on streets?

[@GrayLensman51]

Congress already acted to raise the debt ceiling. It's now up to the Senate and pResident to get off their stubborn butts and deal with it. The people spoke in the 2022 midterm elections. Elections have consequences.

[@Fe22234]

That bill cuts funding for veterans by 18 percent.

[@VoodooV1]

do you negotiate with hostage takers? Cuz that's what this is. House bill is "gimme gimme gimme, or else I tank the economy and ill blame you when I don't get my way"

[@GrayLensman51]

@@VoodooV1 Surprise, Surprise... That's the way a bicameral legislature works. The DemTurds have been cramming bills thru for two years without any input or negotiating with Repubs. Turnabout sucks doesn't it?

[@HAPninKEN]

CALL THE BLUFF

[@thomastessier4529]

This is what a dictator would do instead of working within the system with the people who were voted into office by the people.

[@rconwell1]

The real option here is for the president and democrats to accept the very reasonable recently passed House Debt Ceiling increase of 1.5T dolla plus saving with reduced spending. A recent "CNN Poll: 60% say debt ceiling increase should come with spending cuts". Higher numbers for independants also agree. The President's default option has disaster written all over it for the Democrats.

[@YT-mp7ei]

GOP acting like debt ceiling is a democrat problem when they themselves are responsible for more raised debt ceiling than Dems in US history.😂

[@TonyLauLetta]

funny, dem presidents and full congresses started all our broken social programs....

[@DugEphresh]

Hmm, prove it. Blank statements like yours are moronic and fall in line with everything the democrats do right?

[@Henry-xu5jg]

Democrats are bigger Spenders

[@mr.majestic3851]

@@Henry-xu5jg Republicans raised it 30 more times then democrats , and they had the WHITE HOUSE more years in last 70 yrs .

[@YT-mp7ei]

@@Henry-xu5jg literally false if you look at any actual numbers lol. Budget deficits under GOP Presidents have been $4 trillion more than under Democratic Presidents since WW2.

[@Joseph-zd2ru]

14th Amendment says North's Civil War debt Validity can't be questioned. Was paid.

[@ScottJPowers]

Why doesn't the president just issue an executive order telling the Treasury to ignore the debt ceiling bill. Congress would have to take this to the supreme court to challenge it and the president could cite the 14th amendment as his justification. In the mean time, we avoid a default.

[@brianc1812]

Or..........................get this...........................actually cut spending. Welfare should be a helping hand and not a lifestyle. Military spending needs to be looked at with all the waste. Government spending is a joke.

[@kevinyaucheekin1319]

Will not work, the Federal Reserve need to buy in to that too & they most absolutely won't. That because the US gov general account (its the USA equivalent of its chequing account) is held in the Federal Reserve. The actual money has to be found somewhere, if Treasury has no monies (like tax revenue receipts or funds from sale of treasuries T bills/notes/bonds, fines, sales of oil/gas drilling lease) to put into the kitty (general account in the Fed) then Biden executive order be useless. Because even if the Treasury ignores the House, the reality is the checking account is empty.There need be money to fill the general account from slomewhere. Sales of leases, tax receipt revenues, plunder from war or other activities like letters of marque, excise & duties, fines & sale of treasuries T bills/notes & bonds. That be the US general sources of revenue.

[@deeinfl5600]

Biden doesn’t have the Constitutional authority to sign an EO to tell the Treasury to ignore a law passed by Congress. Biden will lose at SCOTUS trying to use the 14th A. That was passed regarding the debt from the Civil War. It was to acknowledge the debt accrued by the Union would be honored by the debt by the Confederacy wouldn’t be repaid. Also everyone is ignoring Section 5 of the 14th A which clearly states Congress shall pass the laws controlling this amendment. That overlooked section of the 14th A keeps the debt still under the control of the House which is clearly outlined in Article 1 Section 8 Clause 1 which says the power of the purse is in the House and is why all spending bills must start in the House. This video has misinformation and lacking context. It claims Social Security Medicare would be affected by a default. That’s not true. That money is mandatory spending and is paid out of a trust fund. Neither of those benefits are part of the debt ceiling borrowing. Lastly, the IRS receives more revenue than the amount of the monthly debt payments. They can still be paid without raising the debt ceiling. This is another reason why Biden would lose at the SC. There is enough money to service the debt without having the Treasury disregard the debt ceiling. The need to raise the debt ceiling is so the Treasury can continue borrowing to pay for the ridiculous discretionary overspending the government has done like expanding Obamacare subsidies, money to Ukraine for the war, foreign aid, NIH grants for studies (which are often frivolous like the study to see which moves faster a dead turtle or an alive turtle or effects of cocaine on love birds) and so many other government programs. Invoking the 14A to spend on daily government functions from Biden’s $6.8T budget for 2023 is not a reason to use the 14th A. That isn’t existing debt. That’s spending Biden wants to continue.

[@ruralhobo]

The Treasury can ignore the debt ceiling but who would trust the bonds it issues? Maybe courts will hold them invalid. There's no way to issue safe bonds without Congress approving of them.

[@ScottJPowers]

@@kevinyaucheekin1319 they can borrow more money like they normally would

[@honestbusiness1371]

Republicans pulled this in 2011 and America’s credit was down graded. This isn’t the pro America pro small business GOP anymore. Pay your bills dolts.

[@ORO323]

Wouldn’t using the 14th be something that needed to be done earlier? Like in January? Since I can totally see the GOP sue to hold it up in court.

[@joshrRealAmerican]

That would be horrible.

[@malteschaper3782]

How many votes does it take to get it through the congress? I did some research but it's rather hard to get a clear statement what exactly it needs to "pass congress". Anyone knows?

[@elroyla227]

Just basically needs an agreement that the MAGA wing of the Republican Party is willing to accept. They basically hold power over McCarthy and in turn the entire congress.

[@jamesbrown1645]

5 republicans votes are needed in the house but we saw what happened to Liz Cheney when you don't fall in line so its easier said then done.

[@AndrewBurbo-zw6pf]

@@elroyla227 a bill has already passed the house and republicans could pass a bill in the senate if uncle Festerman and Feinstein were taken off life support and didn't have people doing what their brains and bodies are arguably incapable of.

[@malteschaper3782]

@@jamesbrown1645 Yeah, in the current atmosphere five votes is a lot. Under different circumstances, five votes over the aisle shouldn't be such a big deal. Thanks for answering!

[@ghost_rider221]

@@elroyla227 Heres another dunce that has no idea what MAGA stands for lol

[@jamesparent1525]

This should of been taking care of a month ago and look at the spending and eliminate some start paying the det off dont backrupt usa we are already owe way to much stop wake up government dont waist our overcharge tax money!!!!

[@stevemclean9411]

Let them know they cannot hold the government hostage. Nor expect to pass ANYTHING.

[@andreagaisser4981]

I'm really liking that coin idea. How many times can we do that? Could we wipe out all of our debt with magic coins?

[@infinitytoinfinitysquaredb7836]

The magical coins created by surreptitiously feeding unicorns the blood of virgins are especially powerful. 😁

[@brianc1812]

You would crash the dollar

[@StephenRichmond89]

Legally, yes, the problem is that if you keep spending after you've used the coin then that money would circulate in the economy and it may be difficult for the Fed to control inflation. However, in practice, if that ever happened the Fed would likely charge interest on reserves instead and so, in practice, the Fed would borrow the money rather than the treasury borrowing the money... so in the end the Government would be borrowing it either way.

[@Burnlit1337]

Pretty sure it's like printing out large amounts of money . If the small increases to the inflation is already alot, then the sky high Inflation would destroy the world,

[@TheCrimsonOne508]

Hope you like hyperinflation

[@marcelandrey9579]

It cant interpreted debt ceiling is illegal.. That thing means.." You have a valid debt that has to be pay and not be question".. And that means to " you must pay the debt and not to reconstruct any debt".. Debt ceiling is the tool to make your debt not too much high..

[@bubblebobburst3502]

The only good outcome is to not spend more than you earn...duhh

[@mrcmid9132]

So what would you cut out of the budget?

[@jumbomuffin1316]

@@mrcmid9132social security, Medicare and military? 🤷‍♂️

[@dlewis895]

ALL GOP PRESIDENTS ALWAYS SPEND TONS MORE LEAVE WH IN MORE DEBT THAN WHEN THEY CAME INTO WH MFERS GREEEEED 1ST

[@AndrewBurbo-zw6pf]

@@mrcmid9132 a lot

[@AndrewBurbo-zw6pf]

@@jumbomuffin1316 SS is not in the budget, that's why it will not stop on the first

[@1940limited]

500 billion in tax revenue is on the way for Jun. They have plenty of money! The only way government defaults is if people stop paying their taxes. Maybe that's what needs to happen.

[@user-cw1ht6vc4k]

We can’t just keep on spending what we don’t have! This is unsustainable 🤦🏾‍♂️ 🤦🏾‍♂️ how do the so called experts not see this!

[@drmode]

So cut DoD, SS and Medicare

[@mrcmid9132]

So what would you cut out of the budget?

[@StephenRichmond89]

It's actually a little different with national finances. The Government budget acts a little but more like a bank where as long as the money the bank/Government lends/spends out creates more growth than the money spent it's fine. So it's better to think of it as: the economy grows every year (hopefully) and so there has to be a bit more money going into the system than the year before. This money comes either through lending to private companies and people or lending to the government. The lending itself is fine as long as it's the right size of lending but lending to governments has a lot of stability while private lending has a lot of dynamism. You need a mix of both to get a vibrant economy without big booms and busts. So it's not "spending money we don't have" it's gradually and slowly investing in the future. Just like a bank lending to a business to build a new factory. It's mostly good.

[@mrcmid9132]

@Stephen Richmond yeah but the biggest problem with wall street and government politicians is greed. This is why the country is screwed up. Someone will steal money and mess the system up while blaming someone else.

[@marioperez7375]

​@@mrcmid9132thier massive salaries and massive life pensions they live like kings and won't even consider that. How about the pay thier share of taxes they don't pay anything and they get paid too much to talk and do nothing then go ahead and buy a 1000 dollar meal this is ridiculous.

[@saundraking7168]

14th amendment has already been accepted. Just go ahead and implement it. No litigation is needed. NO STANDING!

[@9753flyer]

The 14th needs to be invoked.. the debt limit was never supposed to be there.

[@garciaglz3556]

Even Biden stated getting rid of the debt limit is a bad idea!

[@9753flyer]

​@@garciaglz3556 Really?? "Biden over the weekend signaled the 14th Amendment option isn’t completely off the table for the future. “It’s up to lawmakers,” Biden said in Hiroshima. “But my hope and intention is: When we resolve this problem, I’d find a rationale to take it to the courts to see whether or not the 14th Amendment is, in fact, something that would be able to stop it.” Biden might not like it, but being President is not about what you like, it's about what is best for the country. Biden knows this, unlike tfg and his supporters who are causing this entire fiasco in the first place... people who only have an issue with paying the bill for what they bought when their guy is not in the White House. There are a lot of people a lot smarter than you or I who agree that it should be removed for economic stability and constitutional reasons.

[@AndrewBurbo-zw6pf]

14TH AMENDMENT, SECTION 5 "The Congress shall have power to enforce, by appropriate legislation, the provisions of this article." the house has passed a bill, where's the senate?

[@jordanrosenberg9816]

Biden would rather bankrupt the grandchildren of the nation than agree to cut spending

[@robertcoyner1530]

@@AndrewBurbo-zw6pf im shocked at how many people commenting dont even know that the republicans in the house have already passed a bill to raise the debt ceiling... and that schumer is refusing to bring it to the senate floor for a vote, because it would likely pass

[@katnip6289]

Get rid of corporate welfare, and the problem is solved.

[@martinchitembo1883]

Raising the debe ceiling doesnt solve anything with debt and payment of bonds but buying you more time after a few years!, it was the same even under Obama.he was hopeful that it will be the last of raising it because of the measures his financial team had put in place.

[@CHMichael]

The usual theater to give voters a show. Would be so much easier if we had a budget.

[@robertcoyner1530]

a bill has already passed in the house to raise the debt limit... why hasnt schumer and the dems brought it up for a vote in the senate, or created a senate bill of their own that can pass? the republican bill just puts spending limits back to 2022 levels, before the onmibus was passed.

[@joselinogonzalez5504]

our government can do whatever it wants even disappeared Mccarthy they did with Jeffrey Epps I don't what they waiting for.

[@Ramcharger85]

Why dont we pay down the debt instead of adding to it? Just wondering

[@cuauhtopete]

Look at these dinosaurs running our country.

[@ghstdata6223]

Oh now the constitution It's taken serious.

[@chunpak1811]

You forgot the most correct and appropriate option and that is to not raise the debt ceiling and cut spending! The Federal Government must cut spending as soon as possible!

[@CEBGRACE]

Cut debt without starving innocent children 😢

[@chunpak1811]

@@CEBGRACE Spending money you don't have to give to the poor will only keep them in poverty by keeping them dependent on free money and increasing inflation. If you are not going to raise money honestly by raising taxes (which they won't because that will not get them reelected), you have to cut spending to restore the value of money. Listen to Peter Schiff.

[@harlovedeepsamra4182]

Cut it from the rich and wealthy who can afford it, the poor are just getting more poor

[@chunpak1811]

@@harlovedeepsamra4182 Government should not take money away from some people and give it to others. That is stealing.

[@SuperGman117]

@@chunpak1811 Oh great, you think the government should run on donations?

[@sandydixson7999]

No money, no power or authority,

[@Maj9183]

This is the weirdest take on the 14th amendment. Yes it does say the validity of the public debt shall not be questioned, but they completely skip over the verbiage in the middle of that passage… “authorized by law”. Only public debt authorized by law shall not be questioned.

[@robertcoyner1530]

yes, especially since the house has already passed a bill to raise the debt ceiling.....

[@VoodooV1]

@@robertcoyner1530 ...with the provision that veterans benefits be cut. Why are veterans being held hostage?

[@robertcoyner1530]

@@VoodooV1 how will veteran benefits be cut, if we are returning to 2022 spending limits? same goes for S.S. and medicare.. there wont be any cuts... mostly what will be cut are the wasteful tings that were in the omnibus bill that dems pushed through... just alot of dem fear porn being pushed by dems and msm.

[@darkking9800]

meh i will bet my entire fortune here they will just end up raising the debt ceiling again and again no need to be dramatic, it's america's burden, unlimited loop and unlimited money no need for one trillion coin.. they can just raised the debt ceiling

[@noblexavierrossom]

An here I am trying to pay off my Debt 😂

[@gerlandkent6377]

Let's, go fishing every day.

[@pattyandme8615]

its a nation security issue the effects of inaction vs action are detrimental to national security. let the GOP take him to court over it and do it with out the House

[@AlanTheBeast100]

The correct outcome is to destroy the debt ceiling law.

[@Foodies0147]

So what really happens to us dollar in th forex market if th debt ceiling reaches Default without been raised by congress . ? An how will it help th us dollar if Raised ??? I need answers urgently guys

[@avacadomangobanana2588]

Very excited to see the many uneducated Americans who never follow politics/ news discuss how we “just need to stop spending”

[@jd69420]

How about not funding foreign wars and over spending on millitary

[@jonathanbuckert9570]

Stop spending !!!

[@JohnRohlfs]

Bob Rohlfs ...passed away last year

[@Jsmith2024]

Make a trillion dollar coin and everyone's real money becomes valueless immediately. Horrible idea.

[@kevinyaucheekin1319]

Not a Yank, Singaporean. Putin thinks its a brilliant idea.

[@kcdiazWTV]

Instead of minting a platinum coin, how about creating a new digital currency?

[@AndrewBurbo-zw6pf]

printing more money is mostly how we got into this situation. it doesn't matter what you print it on. pardon me sir, do you have change for a trillion?

[@MrAnderson5157]

It's more like spending money you don't have with a promise to pay it later with interest. The "I don't have 20$ but let me "spend", spending usually equates to an exchange of goods, 20$ and ill pay you 25$ later." Then when later arrives you do it all over again. So you've spent 40$ but owe 50$, and it just compounds that way. That's inflation. What is worse those goods were acquired by some means of value, making that value unpaid as well. If I spent 5$ of my own to create that 20$ valued goods and I do not get compensated, only promises of such, there is money in but debt out. That becomes a bigger problem as a whole.

[@MercuryXV]

Orrrrrrrr, and hear me out here... We can stop spending money we don't have.

[@GermanShepherdDaphne]

Imo I’m SICK of paying high interest because Biden and his cronies take take take from us

[@TheMrDamp]

Lol

[@tiagogomes3807]

Kkkk If you pay too much its because the billionaires pay 7% taxes on their income.

[@aspireistoinspirebeforewee3519]

That’s not the President it’s the federal reserve it’s a complete different section of government

[@MrGuit12]

First Silly Con Bank can issue a credit card with no spending limits?

[@bones007able]

We have a deficit?...tell me where does that deficit $$$$$ end up?... in the pockets of corporations and big $$$$$ donors .... not in the average Americans wallets...why are they complaining?

[@timothyadams7638]

Yes Biden avoid guiding us into a financial emergency!

[@Gail49]

McConell says there will be no default

[@taipizzalord4463]

Just print the 1 trillion coin and watch the republicans mald!

[@SnowBalling]

Feds likely wouldn't accept the coin.

[@infinitytoinfinitysquaredb7836]

Watch Chinese yen replace the dollar as the world's reserve currency! Yippee!

[@joe.oneill]

Congress must approve the minting of a new coin.

[@UHaulShorts]

Or yo demonratz

[@bngr_bngr]

How much does it cost to mint that much platinum and who will take that as payment.

[@Thiennhantam99]

We are going for Cdbc. So we can lock or delete the the account, government debt is one account.

[@ruralhobo]

The ball is in Congress's court, not that of Biden or any other President or member of the Executive. It is Congress that passed spending bills, now it has to say how to fund them. A discharge petition wouldn't be needed if McCarthy allowed the House to vote on bills that could resolve the issue. He is the problem, not the debt ceiling.

[@johnnyulster5637]

Nope. Not correct.

[@andrewgeissinger5242]

McCarthy is simply doing what the Republicans want him to do. He isn't obstructing any legislation. Where would the votes come from for a discharge petition? The House has passed a debt ceiling bill which has been sent to the Senate. For a discharge petition to work, some of those who voted for that bill would have to change their position (sure that's possible, but seems unlikely at the moment). The Senate can pass that bill and send it on to the president. Or if the Senate doesn't like the bill, it can pass a modified version. Then the different versions of the bill would have to be negotiated in a conference committee of the House and Senate. That's how legislation works.

[@applepoop10]

@@johnnyulster5637 of course he is wrong, the house is willing to increase the debt ceiling but there has to be some control of spending. Democrats think the country had an unlimited credit card and they can spending whatever they want to fuel their personal agendas.

[@jordanrosenberg9816]

Biden would rather bankrupt the grandchildren of the nation than agree to cut spending

[@JesusLoves0902]

The depth is just a illusion but we’re not ready here this yet

[@MrTnylam]

When will the US live within its means? I can run a country running a trillion deficit spending per year.

[@StephenRichmond89]

I'm really uncomfortable with the framing here. It seems uncomfortably close to anarchy to phrase any of these as things the President has a choice in. Congress sets spending and taxes. If it also sets a limit on borrowing and that limit does not cover the expenses congress has set and also Congress does not fix that the President should not "choose" to mint the coin or use the 14th amendment. The president should simply use these options in the order they are most reasonably described as following the law. The executive branch ***does not set*** spending, taxation and borrowing policy. That’s not a choice, that's the law in the United States. If all other legal options are exhausted the President *must* use these options. If Congress passes alternative instructions that are within the constitution then the President *must* follow those instructions instead. This talk of choice is wierd and uncomfortable.

[@marcusbrown188]

The White House has always been more popular and represents the voters better than congress. Congress has a more ego agenda

[@infinitytoinfinitysquaredb7836]

Absolutely. Congress has clear constitutional authority over the debt ceiling and the president does not. The tricks described here are just that: unconstitutional tricks.

[@judymoore8841]

I assume you dont need your social security or medical care.

[@ssuwandi3240]

I hope he would so then comes Empeachment 😅😅😅

[@infinitytoinfinitysquaredb7836]

​@@judymoore8841 Social security and Medicare are covered by law. They would be the last items cut. But they make a good scare tactic for Democrats who are determined to drive this country off a cliff.

[@joackimbashizi9744]

This is all for show and the media is playing along

[@Scorpio-gb8ss]

Shall not be questioned!!!!!! What a Democracy....😅😂

[@Jonathan-dd7rq]

Respectfully.

[@karenbatastini9165]

Default. Time to do it. Everything is in a hot mess.

[@jmyjam9038]

No president should be able to bypass congress

[@StephenRichmond89]

They shouldn't have phrased it like that, it's misleading. Congress has instructed the President to spend a certain amount and tax a certain amount. If Congress sets rules that contradict each other (which they have) the President needs to first ask Congress to clarify (this has been done) and then if no clarification or further instruction is forthcoming then the President must try to work through the remaining legal options one by one as best they are able to. It's choosing what to do in that situation that's happening now. It is not "bypassing congress" and the video should never have made that claim.

[@Hkepfer]

No not quite -in this case the 14 Admendment is clear -the US Government "shall" pay its debts.

[@vincentdominicsamulde4052]

Raise the debt limit now without budget cuts, asap! --- China. 😂

[@coragoodwin344]

What has china to do with this? So oOoOO pitiful 😜. Homework needed.

[@mirnacollins6514]

As Nike slogan says, "Just do it!"

[@josephpiskac2781]

What about identifying the people responsible for the failure to act and charging them with treason?! Then place them under arrest and empower the next in line with authority.

[@Dan-hd7dc]

Better yet just stop paying social security checks in their districts first.

[@josephpiskac2781]

@@Dan-hd7dc stopping Social Security similar to forcing hundreds of thousands of Americans to live on the streets is simply NEO NATZI behavior.

[@Greg-yu4ij]

Stop with the talk of round ups and arrests. It only comes back to haunt you

[@Dan-hd7dc]

@@Greg-yu4ij no

[@DirkusTurkess]

Treason is a very specific charge. "Treason against the United States, shall consist only in levying War against them, or in adhering to their Enemies, giving them Aid and Comfort." You're an American so you're almost certainly an imbecile though.

[@eelcosterringa1374]

How about not spending that much and start paying off debt

[@strongmermaid4651]

Let it default

[@ryantetreault3447]

Fr

[@Djehoo]

lol

[@rollsroycenetwork1221]

My interest rates ain’t going up because of stupidity in politics in the US. My country’s currency is pegged to the USD. Whatever bs you guys do up there affects a lot more in the world. If you don’t want to be a super power anymore and let Russia and China gain influence then just say that

[@mrcmid9132]

Lol 😆 music to my ears!

[@vernon121]

They’re really debating about a 1T coin. Money is a gimmick made by these clowns. Invest in a backyard farm everyone and start to learn to become self sustainable before the house of cards tumble.