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Utopia Talk / Politics / US debt ceiling and the end of the world
murder
Member
Tue Oct 05 06:46:35
Biden plots debt ceiling blitz to focus the blame on McConnell

The president and his team foresee a dramatic ending at this point. And so, they’re planning to turn up the heat.

After months of playing it cool on the debt ceiling, the White House has quickly begun to turn the screws on Republicans in an attempt to shift blame for the financial brinkmanship squarely onto Senate Minority Leader Mitch McConnell.

President Joe Biden entered the escalating standoff on Monday to declare that Senate Republicans were being “hypocritical, dangerous, and disgraceful.” White House press secretary Jen Psaki charged that Republicans under President Donald Trump spent like “drunken sailors” and unveiled a chart comparing the debt they incurred. The White House is also planning to dispatch more surrogates to deliver their debt ceiling message on TV this week, with hopes of framing the debate as one between a Senate minority leader blocking avenues to avoid default while the administration offers swift resolutions.

The latest gambit comes after GOP lawmakers led by McConnell twice thwarted efforts to raise the debt ceiling to avoid an historic default, and continue to insist they’ll do nothing to make it easier for Democrats. And while Biden warned that fiscal cataclysm was a real possibility — entertaining the idea that the debt ceiling would be breached — his allies on Wall Street seemed fine, at least in the interim, with Democrats not backing down.

Read the rest here if you want to ...

http://www...ceiling-blitz-mcconnell-515107

murder
Member
Tue Oct 05 06:47:26
Democrats blame Republicans

Republicans blame Democrats

News @ 11!


So much stupid drama just for the Democrats to back down at the last minute.

jergul
large member
Tue Oct 05 07:14:17
A meltdown would actually do a lot to fix income and wealth inequality.

In real terms it would what? turn the clock back to 2005? Who cares?
murder
Member
Tue Oct 05 07:59:11

If just 1 Democrat had the balls to hold out, we could see a real show. But they will all fold.

murder
Member
Tue Oct 05 15:16:54

This makes me laugh every time we get into a debt ceiling standoff. The platinum trillion dollar coin speculation ...


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Trillion-dollar platinum coin could be minted at the last minute

A trillion-dollar platinum coin could be minted "within hours of the Treasury Secretary's decision to do so," Philip Diehl, former director of the United States Mint, tells Axios.

Why it matters: Congressional solutions to the debt-ceiling problem could take weeks to implement, especially if the reconciliation process is used — and time is running out. In case of emergency, a trillion-dollar coin could be deployed to bridge any gap between the money running out and the debt ceiling being raised.

How it works: The U.S. Mint, which Diehl ran from 1994 to 2000, already produces a one-ounce Platinum Eagle and has no shortage of platinum blanks already in stock.

* Producing a trillion-dollar Eagle would require only the denomination to be changed. "This could be quickly executed on the existing plaster mold of the Platinum Eagle," says Diehl. Then an automated process would transfer the new design to a plastic resin mold.

Even if Janet Yellen, the Treasury secretary, has no intention of minting such a coin, there is no reason for her not to quietly instruct the Mint director to take those steps a day or two in advance.

* At that point, a coin could be struck in minutes at the West Point mint. Even if it then needed to be physically deposited at the New York Fed, that's only a short helicopter ride away.

"Voila, we'd have bought ourselves the equivalent of a trillion-dollar increase in the debt limit, without any impact on inflation," says Diehl.

http://www...ba-47c9-b5f6-49a841d181de.html

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A trillion dollar platinum coin. As if it mattered wtf the coin was made of. lol :o)

murder
Member
Tue Oct 05 15:19:59

Hell, they could just launch their own trillion dollar shitcoin. I'm pretty sure there's nothing in the Constitution prohibiting that either.

Rugian
Member
Tue Oct 05 15:20:47
Is there any reason the Democrats are opposed to passing via reconciliation?

Trying to force another vote on the subject just seems to be them playing politics. Yeah, the GOP isn't going to vote for this, but that's been known for months now. Democrats can suspend the debt ceiling anyway, but they don't want to.
Dukhat
Member
Tue Oct 05 15:31:34
There's only so many reconciliation bills that can be passed per term. They need one for the infrastructure bill I believe.
murder
Member
Tue Oct 05 15:46:31

"Is there any reason the Democrats are opposed to passing via reconciliation?"

I believe there are three. They feel that Republicans don't want to take ownership of their share of the debt. They always vote for it when Republicans are in power. And I believe that they can raise but not suspend the debt ceiling through reconciliation.

But I'm not 100% sure.

As you can imagine, putting a number out there would have political implications.

But they are going to end up doing it anyway.

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