Yellen wrote a letter to House Speaker Kevin McCarthy on Thursday explaining the measures being taken, escalating pressure on Capitol Hill to avoid a catastrophic default.
Hardline Republicans have demanded that lifting the borrowing cap be tied to spending reductions. The White House has countered by saying that it will not offer any concessions or negotiate on raising the debt ceiling. And so far, Yellen’s warnings have failed to spark bipartisan discussion, with both Republicans and Democrats reaffirming their rigid positions over the past week.
OF COURSE, a woman's voice is muted and disregarded.....THIS "playing chicken" is a ploy that is going to implode in EVERYONE'S FACE (global).
So what's the controversy? Why the perennial debt ceiling fights?
A key point to remember: raising the debt limit is not about spending in the future. It is about meeting the cost of existing commitments the government has already made. The time to cut back future spending is in the budget and appropriation processes the government goes each year in anticipation of the next. That is where the future is determined. The debt limit is about owning up to the past, paying the bill that has arrived for previous purchases and commitments.
Last edit: 21 Jan 2023 13:24 by homeagain. Reason: add
The federal government spent 6.8 trillion last year. We are in debt 31 trillion, and adding debt of 1.3 trillion. The Democrat solution? Kick the can down the road. Let a future administration actually do something about debt levels.
Spend! Spend! Spend! Some leftists even want to permanently end the debt limit so the American people will not be reminded that the current level of spending is unsustainable.
Thomas Sowell: There are no solutions, just trade-offs.
