3 ms·

who would've thought!

by sampa 3y ago

thanatos519 3y ago
Indeed. There may be merit in a debt ceiling, and careful consideration in increasing it, but this regularly-scheduled crisis is sheer fnord farce.
- XorNot 3y ago
  There isn't though, at all. How much debt the US will take on is decided when the Federal budget is authorised. That's when it happens. The only thing the debt ceiling does is have the US arbitrarily go into default on treasury bills.
- deprecative 3y ago
  There is absolutely no merit to a debt ceiling. If you want to curb spending you do that when you set the budget. You don't do it when the bill comes. Can you imagine trying to get out of your mortgage payment because you said you wouldn't spend more than $500 this month? The bank would laugh at you and foreclose.
  - JumpCrisscross 3y ago
    One argument for the debt ceiling is budgets, when passed, contain many unknowns. That said, a sensible debt ceiling would be closer to a government shutdown; discretionary spending is halted while non-discretionary payments continue.
    - aziaziazi 3y ago
      What budget’s unknowns does a dept ceiling fixes ? Take this budget line: Education: 1M$ Here « education » may have unknowns but the ceiling is supposed to apply to the second par : « 1M$ ». I can’t see what may be unclear in this number. > one argument Mind sharing others ? I’d would be (sincerely) happy to understand why US needs this while the rest of the world does not.
      - votepaunchy 3y ago
        > What budget’s unknowns does a dept ceiling fixes ? A trillion dollars plus in student loan pauses and cancellations and starters. Also, for the recently passed IRA we now have “the uncapped tax credits will cost three times what Democrats claimed”. https://www.wsj.com/articles/inflation-reduction-act-subsidies-cost-goldman-sachs-report-5623cd29 https://www.wsj.com/articles/inflation-reduction-act-subsidi...
        deprecative 3y ago
        Then pass a new bill to adjust the budget. We shouldn't skip out on our bills. It makes no sense. I'll say it again. There is no merit to having a debt ceiling. Further, it's unconstitutional.

who would've thought!

by sampa 3y ago

who would've thought!

Indeed. There may be merit in a debt ceiling, and careful consideration in increasing it, but this regularly-scheduled crisis is sheer fnord farce.

XorNot 3y ago
There isn't though, at all. How much debt the US will take on is decided when the Federal budget is authorised. That's when it happens. The only thing the debt ceiling does is have the US arbitrarily go into default on treasury bills.
deprecative 3y ago
There is absolutely no merit to a debt ceiling. If you want to curb spending you do that when you set the budget. You don't do it when the bill comes. Can you imagine trying to get out of your mortgage payment because you said you wouldn't spend more than $500 this month? The bank would laugh at you and foreclose.
- JumpCrisscross 3y ago
  One argument for the debt ceiling is budgets, when passed, contain many unknowns. That said, a sensible debt ceiling would be closer to a government shutdown; discretionary spending is halted while non-discretionary payments continue.
  - aziaziazi 3y ago
    What budget’s unknowns does a dept ceiling fixes ? Take this budget line: Education: 1M$ Here « education » may have unknowns but the ceiling is supposed to apply to the second par : « 1M$ ». I can’t see what may be unclear in this number. > one argument Mind sharing others ? I’d would be (sincerely) happy to understand why US needs this while the rest of the world does not.
    - votepaunchy 3y ago
      > What budget’s unknowns does a dept ceiling fixes ? A trillion dollars plus in student loan pauses and cancellations and starters. Also, for the recently passed IRA we now have “the uncapped tax credits will cost three times what Democrats claimed”. https://www.wsj.com/articles/inflation-reduction-act-subsidies-cost-goldman-sachs-report-5623cd29 https://www.wsj.com/articles/inflation-reduction-act-subsidi...
      - deprecative 3y ago
        Then pass a new bill to adjust the budget. We shouldn't skip out on our bills. It makes no sense. I'll say it again. There is no merit to having a debt ceiling. Further, it's unconstitutional.