Biden Passes the Debt Deal, Avoiding Default

Should Congress abolish the debt ceiling?

  • 42.0k
    jimK
    Voted Yes
    01/20/2023

    The debt ceiling is a useless political artifact from a bygone era. It was a Congressional political stunt to get funding to support our war time efforts for, I believe, World War One.

    No other country requires a legislative vote to permit paying back borrowed funds that have already been expended. No Business, no person, no-one has the ability to declare that they have a limit on how much of the funds that they have borrowed will be paid back to those they borrowed the funds from. No-one.

    As articulated by Mitch McConnel years ago, the debt ceiling is a useful tool for the tyranny of the minority to use against the majority, by holding the full faith and credit of the US hostage.

    Even McConnell has backed away form this as the economic consequences of even threatening to use the debt ceiling as a political tool greatly risks the future of the US economy, the stability of world financial markets and the World economy.

    US currency has become the basis of the world economy becuase in our history, our country has never failed to repay it's debt. Our bonds are the world's safest investment in part becuase of this.

    The last time this game was even seriously threatened by Republicans, the economy took a immediate downturn, the stock markets dropped rapidly and our country's credit rating dropped. These things all directly and/or indirectly effect all of the people in this country.

    The MAGA morons in the House are mainly interested in getting media attention for their brazen stupidity as a means to raise funds; they really do not care about the damage they may leave in their wake.

    Once Congress approves and allocates funds the debt has been accrued and, in reality, must be paid back irregardlesss of whatever shenannagins are played with the debt ceiling. If the Congress wants to better control spending and the increased debt, then do so when legislative programs are passed and funds are allocated.

    The trump's tenure saw the largest national debt increases of late, just as George Bush's tenure did. The National debt has decreased during Obama's tenure and has been reduced in each of the first two years on Biden's tenure. Last year's reduction is on the order of $1.4 Trillion. Much of this reduction in National debt has come from the return on Biden's investments in the economic future of the country.

    Biden's investments are offering good returns in much the same way that good busiiness investments in the future are expected to provide positive returns. These will continue to reduce the national deficit as they have been doing as long as those who want solely to discredit their opponents do not choose to sacrifice the full faith and credit of our country to do so - which would result in a multi-generational economic disaster for our country.

    The debt ceiling is only useful as an economic weapon of mass destruction of our country should some morons choose to wield it.

    Eliminate the debt ceiling for our National Security primarily and for the stupidity of leaving this economic suicide weapon on the books for these many years. There are those currently in our governance that are willfully stupid enough to use this tool no matter the consequences to the future of our country. 

  • 3,039
    Dorothy
    05/24/2023

    The debt ceiling is arbitrary at best.  It's a waste of time and taxpayer money to have these staged political threats.  Abolish the debt ceiling and get on with business

  • 3,959
    Jim2423
    Voted No
    01/19/2023

    Some home we need to reign in our spending like a young person with their first credit card. I fully understand ful filling our responsibilities. But we are worse than the state of California in spending. Everyone wants money out of the trough, but there is only one pump feeding it. Our military budget is the biggest in the world and it all does not go to service members pay. It goes to dishonest contractors. Always has. I agree we need to reduce our spending, but this debt has been produced by Congress already. They don't even look or debate on budgets anymore, just rubber stamp anything in front of them. But this is my feelings. NDOW neither my Representative or two Senators could care less. So, why should I even address this, they won't. I have one who will go with the Republican flow and two who will vote us deeper in debt. Guess I should just be quiet and watch our country fold.

  • 5,232
    Adam
    Voted Maybe
    06/01/2023

    All things considered, I'm generally in favor of any debt ceiling legislation that:
    • Avoids a catastrophic default on our debts and worldwide financial chaos
    • Comes from bipartisan compromise, like how government is supposed to work
    • Helps Congress appear less dysfunctional
    • Retains most of Biden's landmark achievements
    • Annoys the extremists on both the right and the left

  • 9,415
    M
    Voted Yes
    01/20/2023

    This is a bit of a weird question given the current congress has made it clear in no uncertain terms they plan to take our country hostage and blackmail them into cutting social security and Medicare programs before they will agree to make payments on our debt (it's like refusing to make credit card payments). Because they don't care if they burn our country, its economy, and the world's economy down. They don't care if they violate the constitution. Seriously, anyone supporting the gop that still thinks they are supporting the constitution these days, haven't read it.

    However, if the gop does this, which seems likely, they only way to avoid this is for Biden to overrule Congress using the stipulation in the 14th amendment, stating the USA always pays its debits. Of course, this is basically a scorched earth unprecedented approach having the president overruling congress. It will be a huge hot mess, but it might be the only option if Congress decides to both blackmail us while playing a game of chicken against their constitutional duty.

     

  • 32
    Gloria
    01/21/2023

    The debt ceiling needs to be raised so that the government can continue to pay its bills.  It is being held hostage by the Republicans who are trying to negotiate cuts to Social Security and Medicare.  Those cuts would devastate the lives of American senior citizens who live on their meagar Social Security income and can afford health care through Medicare and Medicaid.  This is a dangerous game.  Not raising the debt ceiling for a length of time will lower the US credit rating and increase the interest on the debt as well as do great harm to the overall economy.  

  • 3,959
    Jim2423
    Voted No
    05/22/2023

    This is a political joke. Just like threatening to shut down the government. We have funded by every party to engage in wasted, useless wars. We exceeded our budget on those lost lives of our military members and innocent civilians. And now you play games with the American people. 

  • 205
    Larry
    Voted Maybe
    05/24/2023

    Raising the debt ceiling must not be allowed to be held captive for partisan amendments.  Budget negotiations must be separate from the debt ceiling!

  • 1,271
    justiceforamerica
    Voted No
    06/09/2023

    You idiots.. Get rid of McCarthy now.. I will work tirelessly taking all of your benefits and healthcare.  Only SS and Medicare.. Term limits and no immunity. All get audited.. 

  • 1,117
    Warren
    Voted Yes
    06/08/2023

    This has become to political like all government. If we don't stop MAGA republicans we won't have a country. They want The US to be like Russia run by them and crooked Donald Trump. Republicans put up or shut up about the all crimes Biden committed. Stop wasting my tax dollars on bullshit.

  • 8,104
    DaveS
    Voted Yes
    06/05/2023

    On 60 minutes show the gouging by corporate America through the military by inflated prices!how about breaking up the monopoly of corporations sense there is no competitive or free market in corporate America! Need to nationalize corporate America for a start in stead of attack social security and Medicare! The fleecing of America by corporate greed!

     

  • 49.9k
    Brian
    Voted Yes
    06/05/2023

    Now that this has passed and we have 2 years before another possible hostage crisis on the debt ceiling, let's get back to the business of passing real legislation that affects our country. 

    And you know, maybe sometime before September, Speaker McCarthy might actually propose a budget that will show his priorities for the country. 

  • 1,479
    Bonn77
    Voted Yes
    06/04/2023

    The debt ceiling debocile is a total waste of tax payers dollars. Paying congress wages to fight about money already APPROVED a and SPENT a is just stupid. There are so many more pressing issues to debate, like voters rights, womens rights over their own bodies, the right to publish and have books read, etc.! And, budget talks should have all parties come with substantial numbers and reasons for change, not all this garbage that's been out there. Tax changes should be on the table, fair taxation is required. It's time for congress to work for their supper so to speak!

  • 1,020
    JoeandPeggy
    Voted Yes
    06/04/2023

    abolish the debt ceiling.

  • 1,271
    justiceforamerica
    Voted No
    06/04/2023

    McCarthy and all who voted it should be gone. I am sure you all profit from it and we get screwed.  I will work the rest of my life to recind your special health benefits and retirement. You should at the most get plain old Medicare and Social Security. 

     

     

  • 743
    Robert
    06/03/2023

    The "Debt Ceiling" that is not found in the Constitution can be too easily weaponized, as proven by the recent actions of Kevin McCarthy and the so-called "Freedom Caucus" that should be renamed the."Malignant Control Caucus." Thus, it needs to be removed from the budgetary process.

    Here in Nevada, we are seeing Gov. Lombardo use the same weaponization tactics by vetoing the Appropriations Bill because our Legislature is challenging his "School Choice" program that gives public funding to private and charter schools. 

    We must not allow the current iteration of the Republican Party to use hostage-taking in the budgetary process.

  • 2,542
    Joan
    Voted Yes
    06/02/2023

    No other country has a debt ceiling. All decisions are made in the budgeting process and after a decision is made to incur an expense, there is no quesiton about paying the bills. It's stupid of Republicans to make this an issue, just abolish the process. 

  • 83
    Carol
    06/02/2023

    The House and Senate should agree to abolish the debt ceiling. This country has been hijacked by the Republicans in both Houses of Congress to hold hostage the full faith and credit of the U.S. and rile markets around the world. The debt ceiling is about paying past debts, which were increased dramatically when the GOP passed Trump's 2T dollar tax cuts skewed disproportionately to the wealthiest Americans. (The decades-old GW Bush tax cuts for the rich and the never-ending wars also added to this debacle.) The budget negotiations should not be connected to the debt ceiling debate, but the Republicans desperately wanted to use economic terrorism to pass draconian legislation that would further fuel instability and decrease every social program that is popular even with the majority of their own voters. It's time to rid ourselves of the arbitrary debt ceiling before the GOP causes a global depression. Beth Van Duyne in the House and Ted Cruz in the Senate are detriments to our Democracy. Vote them out!

  • 44
    evets
    Voted No
    06/02/2023

    Do we need a den ceiling?

     

    Keeping a debt ceiling accomplishes 2 points: 

    1. Periodically provides a current Congress - whose makeup did not cause the debt (entirely) - to review the overall financial state of affairs.

    2. Periodically causes an awakening of the media and We The People - taxpayers or not - about the overall financial state of affairs

    True, bills requiring the spending of money leading to increasing or decreasing the debt have already been passed. However: 

    A. Much of our annual spending is on auto-pilot via Non Discretionary categorization and needs a periodic national debate

    B. The national landscape - priorities, emergencies, unspent promises, and more and more importantly interest rates paid on our growing debt - constantly change after the spending has been committed further needing the national debate on the size of our indebtedness

     

    Thank goodness for these periodic debates!

  • 165
    Mel
    Voted Maybe
    06/02/2023

    I will not pretend to fully understand advanced economics. However, I can grasp how damaging it is to our economy that the ultra-wealthy and large corporations do not pay their fair share of taxes. It's a lot of money that could help pay some bills, folks.  Cuts to our social safety nets are a drop in the bucket in comparison. 

     

  • 9,037
    Charles
    Voted Yes
    06/02/2023

    Would have prefered a clean bill.

    The Budgets needed to be SEPERATE from this.

  • 2,947
    Arlys
    06/02/2023

    We should all live within our means without going into debt.  That includes all governments within our boundries and territories.  We are not the worlds police force and I for one, am sick and tired of tax dollars being wasted on trying to "keep the peace" when we can't even take care of our own country.  As American citizens, we are all family regardless of ethnic background or religious preference and "family comes first".  ALWAYS.  To hell with political parties and their big money controllers.  They are nothing more than a bunch of greedy, power mad control freaks who need to be ignored and removed from influence.  As the late Mother Thersea once said:  "We, the willing, are doing the impossible for the ungrateful.  We have done so much with so little for so long, that we are now qualified to anything with nothing."  Don't know about the rest of you, but I'm sick and tired of all the political grandstanding and game playing everytime an election is coming up.  It is nothing more than continueing BS no matter what is going on.

  • 49.9k
    Brian
    Voted Yes
    06/02/2023

    I'm glad the bill passed Congress and we will not have a default, but the price was still higher than acceptable. 

    The Mountain Valley Pipeline allowance and acceleration is unacceptable, and I hope progressives give lots of feedback to President Biden and the Democrats who allowed it to stay in the final bill. We cannot keep building pipelines while trying to incentivize green energy and reduce use of fossil fuels, and I hope Manchin loses his Senate seat to show that he's a failure in the pocket of the coal and gas lobby. 

    I'm disappointed that Senator Casey voted yes on this bill without removing the MVP, but I'm unfortunately glad we are moving forward from default. I hope we can protect the environment in every bill going forward.

  • 441
    Custom900
    Voted No
    06/02/2023

    Need to protect our credit rating. 

  • 564
    Donna
    Voted Yes
    06/02/2023

    The Debt Ceiling has not prevented Congress from authorizing an obscenely bloated Defense budget without crucial oversight. It hasn't prevented Congress from allowing tax loopholes for Corporations and super rich that would provide more revenue to cover our debts. It hasn't inspired Congress to pass legislation for Medicare For All which is both more humane and cost effective than any of our current approaches to medical care in America. The Affordable Care Act only adds to the profits of insurance companies with government funds while failing to address the health issues. It has done nothing to demand that the FDA and EPA sharpen their teeth against corporations that undermine our health. It has done nothing to pass the Green New Deal which is a pro-active approach to the peril our planet faces and the growing costs in the aftermath of "natural" disasters. 
    As far as I can see, it has only been used as a bargaining tool. The Republicans can rape the American people and the Democrats have an excuse to let them. That may be enough reason for Congress to keep the Debt Ceiling in effect, but you are doing a disservice to the voters who put you in office and the taxpayers who pay your salaries and benefits that they can't afford for themselves.

  • 772
    Jackie
    Voted Yes
    06/02/2023

    Would stop either party from turningbdebt limit into political folder.  Better yet let's abolish app political parties and make everyone run as independents.  Let's abolish all PAC and corporate donors.  Put severe limits on amounts any person can donate.  

  • 1,714
    Lesley
    Voted Yes
    06/02/2023

    We need to stop being held hostage because of it. Enough! 

  • 2,934
    Gdbondii
    Voted Yes
    06/02/2023

    Not in the constitution and a source of battle.  Why keep it and get rid of it.