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senate Bill S. 1301

Should the Debt Limit Be Increased by $480 Billion Thru December 3rd? (Amended)

Argument in favor

This bill would ensure the U.S. government doesn’t default on its obligations before December 3, 2021, which would be an economic catastrophe for the country because of the rise in borrowing costs and servicing the existing debt. Raising the debt limit until over the short-term would give the Democratic majorities in Congress and the Biden administration more time to pass a long-term debt limit hike.

Frank-001's Opinion
···
09/29/2021
THE HOUSE PASSED with Amendments Roll Call Vote 219 Yea , 212 Nay THE SENATE PASSED THE SENATE PASSED Roll Call Vote 50 Yea, 48 Nay Waiting for President’s signature. Yes. Raise the Debt Ceiling. In the long term, get rid of the debt ceiling. The process is absurd! ADDENDUM Why are we still playing around with the "Debt Ceiling'? It doesn't help the country. It is just a political hot potato. <Quote> The process of setting the debt ceiling is separate and distinct from the United States budget process, and raising the debt ceiling neither directly increases nor decreases the budget deficit, and vice versa. The Government Accountability Office explains, "the debt limit does not control or limit the ability of the federal government to run deficits or incur obligations. Rather, it is a limit on the ability to pay obligations already incurred." ... In January 2013, a survey of 38 highly regarded economists found that 84% agreed that, since Congress already approves spending and taxation, "a separate debt ceiling that has to be increased periodically creates unneeded uncertainty and can potentially lead to worse fiscal outcomes." Only one member of the panel, Luigi Zingales, disagreed with the statement. Rating agency Moody's has stated that "the debt limit creates a high level of uncertainty" and that the government should change "its framework for managing government debt to lessen or eliminate that uncertainty." <End Quote> https://en.wikipedia.org/wiki/United_States_debt_ceiling
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Jim's Opinion
···
09/29/2021
The GQP is openly embracing economic collapse and refusing to vote on approving to pay the bills for the debts they already obligated under the previous administration... which was all GQP! This political theater shows that they value petty party politics over the good of their constituents and want to spin some economic calamity to blame the Dems and score political points for the next election cycle. The grand experiment of democracy that once made this country an example to the rest of the world has been corrupted by the slow moving coup that started in the Reagan years and gave us the unseemly four years of growing the swamp under tangerine man... this is not responsible governance FOR THE PEOPLE
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Sean's Opinion
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09/29/2021
I get it. The GOP believes this is Civil War 2 and that means never cooperating with the enemy. But you aren’t hurting Biden or the Democrats with this nonsense. You are hurting American families.
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Argument opposed

Democrats shouldn’t expect support from Republicans in raising the debt limit over the long-term while they’re trying to advance a $3.5 trillion spending plan. The Democratic majorities in Congress have the capacity to raise the debt limit without a single Republican vote, so they should stop wasting time with bills like this when they could be making progress raising the debt limit through the reconciliation process.

davidf's Opinion
···
09/29/2021
I vote “no”, but not for the reason most people do. Raising the debt ceiling is necessary to pay the bills that were accrued under Trump between the last time the ceiling was raised and the end of his time in office. The debt ceiling needs to be ELIMINATED! It serves no useful purpose. We are the only major country has this kind of restriction. The debt ceiling did not exist here until 1917 when it was implemented in an effort to keep us out of WW1. It didn’t work then, it isn’t working now - unless your game is political brinkmanship and humiliation, or you’re stupid. Instead of raising the debt ceiling the opportunity needs to be taken to eliminate it entirely.
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jimK's Opinion
···
09/30/2021
davidf: Right on! The debt limit requirement is right there with buggy whip safety laws, a useless artifact from a bygone age. Why do something that continually hamstrings our government and can be so damaging to our country’s future when a Political Faction decides to weaponize it? The debt limit is something that no other peer nation uses because it is basically totally illogical nonsense. If our country borrows money for whatever our country pays it back. To not do so because some artificial limit was reached is nonsense. … … … A great part of our country’s role in the world is the strength of our currency and the integrity of supporting our debt. It is why sanctions we impose have so much clout. it is why so much of the world is willing to lend us money to finance our debt. If we start defaulting when the debt limit is reached next month - all of that begins to collapse, markets will rail and we would head straight into a recession as our influence in the world crashes as well. … … … McConnell and his Faction continues to play really dangerous political games with our country’s future. His and their increasing irresponsibly are putting our country’s near term and long term health in serious jeopardy - just because they feel that they can score some ‘political points’. … … … Davidf: I totally agree with you - take this weaponized tool away so no future irresponsible political party even has the ability to wield this useless law as a political weapon.
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Alex-B's Opinion
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09/29/2021
No , on principle !!! Does anyone even care about the debt , or is this a mute topic ? We owe the federal reserve more cash than we can ever afford, yet we create more debt with every law passed. Nothing will change until we make sequester a reality.
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What is Senate Bill S. 1301?

(Updated 10/7/21) This bill has been amended by the Senate to serve as a legislative vehicle for a bill to increase the debt limit by $480 billion to ensure the federal government can fund its obligations through December 3, 2021. In its prior form, the bill passed the House as a suspension of the debt limit through December 16, 2022, which would allow the government to borrow without limitation through that date, at which time the public debt limit would reset to accommodate the debt accumulated through that date. 

Impact

The national debt.

Cost of Senate Bill S. 1301

A CBO cost estimate is unavailable.

More Information

In-DepthHouse Rules Committee Chairman Jim McGovern (D-MA) offered the following remarks in support of this bill on the floor:

“Madam Speaker, having just sat through a Rules Committee meeting, it’s a pleasant surprise that the Republicans have now rediscovered the issue of the debt. Wow! Where the hell where you for the past four years? Where was your concern when you all passed a tax cut bill for the wealthy that the CBO projected would add $1.9 trillion to the deficit? That’s trillion with a “T”. And that’s even after taking into account any effects from economic growth. Give me a break! Madam Speaker, the question before us today is this: will the United States of America pay its bills? I wish that was hyperbole. We always have. The United States has never defaulted. Not once. But the actions of my friends on the other side have made the world seriously wonder about the full faith and credit of this nation. Defaulting on our debt would lead to economic catastrophe on a global scale. Unemployment would rise, the stock market would crater, interest rates would skyrocket, imports would become more expensive, and inflation would increase. Every single American would be hurt.”

House Rules Committee Ranking Member Tom Cole (R-OK) spoke on the floor in opposition to this bill and said:

“Today’s item does not come up out of a vacuum. Just last week, the Democratic majority in the House passed a continuing resolution to fund the government through early December. Unfortunately, that bill also included this same suspension of the debt ceiling through 2022. The inclusion of this item meant that not a single Republican in the House supported last week’s bill, and not a single Republican in the Senate supported it either. But today, not content with having run headlong into a brick wall once, the majority is now seeking to do the same thing again. As the baseball player and philosopher Yogi Berra once said, today is truly "déjà vu all over again." Madam Speaker, I don’t know how much more clear Republicans can be on this topic. So long as the Democratic majority continues to insist on spending money hand over fist, Republicans will refuse to help them lift the debt ceiling. This year alone, the majority has rammed through one partisan spending bill using reconciliation already. That bill spent $1.9 trillion, allegedly for COVID relief, but really about a laundry list of progressive policy priorities. And I remind my friends, they were offered a compromise of many hundreds of billions of dollars, but that wasn’t sufficient. Today, the majority is neck-deep in negotiations on an even bigger partisan reconciliation bill, this one supposedly $3.5 trillion, but frankly, likely to run much higher than that. If passed, this one would mean Democrats have pushed through $5.5 trillion of spending in one year, which is almost one and a half times the amount of normal yearly federal spending. And that all comes on top of our regular discretionary and non-discretionary spending.”

The public debt limit can be raised through legislation passed by Congress and enacted by the president. Congress can act to raise the debt limit through regular legislation that requires at least 60 votes in the Senate to overcome the legislative filibuster and would either suspend the debt limit through a certain date or increase the public debt limit to a set amount; or through budget reconciliation legislation that increases the debt limit to a specific amount and can pass both chambers on simple majority votes.

The most recent extension was a suspension of the public debt limit through July 31, 2021, as enacted through the Bipartisan Budget Act of 2021. Since that date, the Treasury Dept. is using “extraordinary measures” to fund the federal government’s obligations out of active accounts. The Treasury will be able to continue to use extraordinary measures through the “X-date” of October 18th, at which point those accounts would be exhausted and the U.S. would technically default if the debt limit hasn’t been increased. 

This bill represents Democrats’ second attempt to suspend the debt limit through mid-December 2022 by using regular legislation despite opposition from Republicans, who have said they will oppose Democrats’ attempts to suspend the debt limit and have urged the Democratic majorities to use reconciliation to raise the debt limit due to their pursuit of a partisan spending plan that also runs through the reconciliation process (although one isn’t dependent on the other and the spending bill is effectively separate from a debt limit bill).

Initially, House Democrats passed a bill on a party-line vote that would suspend the debt limit through December 16, 2022; funding the federal government from October 1, 2020, to December 3, 2020, to avoid a shutdown; and providing disaster relief. The bill failed to overcome the legislative filibuster’s 60-vote threshold on a 48-50 vote due to Republican opposition.

Using reconciliation for the debt limit would require Democrats in the House and Senate to approve a revised budget resolution with reconciliation instructions that raise the debt limit. They would then produce a reconciliation bill that raises the debt limit and passes both chambers on a simple majority vote. This process could occur while Congress is considering a CR and Democrats’ spending plan.

Democrats would prefer to not use reconciliation because they would likely have to specify a dollar amount for the new debt limit (the national debt is currently about $28.7 trillion); whereas a suspension of the debt limit as proposed in the House Democrats’ bill would allow the federal government to rack up an indefinite amount of debt incurred through December 16, 2022.

Reconciliation also could prove to be a painful process. The Senate would be required to hold an amendment “vote-a-rama” for both the revised budget resolution and the reconciliation bill, which would give GOP senators two opportunities to force votes on amendments and potentially consume a substantial amount of floor time. However, it’s possible that GOP senators may not request as many amendment votes as in a typical vote-a-rama and that they could yield back debate time.


Of NoteAs of late September 2021, the U.S. government has a gross national debt of about $28.8 trillion, of which more than $22.2 trillion is debt held by the public — which is debt issued by the Treasury as securities (i.e. Treasury bonds) in capital markets.


Media:

Summary by Eric Revell

(Photo Credit: iStock.com / Douglas Rissing)

AKA

Promoting Physical Activity for Americans Act

Official Title

A bill to provide for the publication by the Secretary of Health and Human Services of physical activity recommendations for Americans.

bill Progress


  • EnactedOctober 14th, 2021
    The President signed this bill into law
  • The house Passed September 29th, 2021
    Roll Call Vote 219 Yea / 212 Nay
      house Committees
      Committee on Ways and Means
  • The senate Passed October 8th, 2021
    Roll Call Vote 50 Yea / 48 Nay
      senate Committees
      Committee on Health, Education, Labor, and Pensions
      Committee on Finance
    IntroducedApril 22nd, 2021

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    THE HOUSE PASSED with Amendments Roll Call Vote 219 Yea , 212 Nay THE SENATE PASSED THE SENATE PASSED Roll Call Vote 50 Yea, 48 Nay Waiting for President’s signature. Yes. Raise the Debt Ceiling. In the long term, get rid of the debt ceiling. The process is absurd! ADDENDUM Why are we still playing around with the "Debt Ceiling'? It doesn't help the country. It is just a political hot potato. <Quote> The process of setting the debt ceiling is separate and distinct from the United States budget process, and raising the debt ceiling neither directly increases nor decreases the budget deficit, and vice versa. The Government Accountability Office explains, "the debt limit does not control or limit the ability of the federal government to run deficits or incur obligations. Rather, it is a limit on the ability to pay obligations already incurred." ... In January 2013, a survey of 38 highly regarded economists found that 84% agreed that, since Congress already approves spending and taxation, "a separate debt ceiling that has to be increased periodically creates unneeded uncertainty and can potentially lead to worse fiscal outcomes." Only one member of the panel, Luigi Zingales, disagreed with the statement. Rating agency Moody's has stated that "the debt limit creates a high level of uncertainty" and that the government should change "its framework for managing government debt to lessen or eliminate that uncertainty." <End Quote> https://en.wikipedia.org/wiki/United_States_debt_ceiling
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    I vote “no”, but not for the reason most people do. Raising the debt ceiling is necessary to pay the bills that were accrued under Trump between the last time the ceiling was raised and the end of his time in office. The debt ceiling needs to be ELIMINATED! It serves no useful purpose. We are the only major country has this kind of restriction. The debt ceiling did not exist here until 1917 when it was implemented in an effort to keep us out of WW1. It didn’t work then, it isn’t working now - unless your game is political brinkmanship and humiliation, or you’re stupid. Instead of raising the debt ceiling the opportunity needs to be taken to eliminate it entirely.
    Like (79)
    Follow
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    The GQP is openly embracing economic collapse and refusing to vote on approving to pay the bills for the debts they already obligated under the previous administration... which was all GQP! This political theater shows that they value petty party politics over the good of their constituents and want to spin some economic calamity to blame the Dems and score political points for the next election cycle. The grand experiment of democracy that once made this country an example to the rest of the world has been corrupted by the slow moving coup that started in the Reagan years and gave us the unseemly four years of growing the swamp under tangerine man... this is not responsible governance FOR THE PEOPLE
    Like (76)
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    Share
    davidf: Right on! The debt limit requirement is right there with buggy whip safety laws, a useless artifact from a bygone age. Why do something that continually hamstrings our government and can be so damaging to our country’s future when a Political Faction decides to weaponize it? The debt limit is something that no other peer nation uses because it is basically totally illogical nonsense. If our country borrows money for whatever our country pays it back. To not do so because some artificial limit was reached is nonsense. … … … A great part of our country’s role in the world is the strength of our currency and the integrity of supporting our debt. It is why sanctions we impose have so much clout. it is why so much of the world is willing to lend us money to finance our debt. If we start defaulting when the debt limit is reached next month - all of that begins to collapse, markets will rail and we would head straight into a recession as our influence in the world crashes as well. … … … McConnell and his Faction continues to play really dangerous political games with our country’s future. His and their increasing irresponsibly are putting our country’s near term and long term health in serious jeopardy - just because they feel that they can score some ‘political points’. … … … Davidf: I totally agree with you - take this weaponized tool away so no future irresponsible political party even has the ability to wield this useless law as a political weapon.
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    I get it. The GOP believes this is Civil War 2 and that means never cooperating with the enemy. But you aren’t hurting Biden or the Democrats with this nonsense. You are hurting American families.
    Like (65)
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    Republicans spent $2.3 trillion giving Tax cuts to the wealthy and corporations—-which was NOT paid for! Democrats want to spend $3.5 trillion over ‘10 YEARS’ lowering everyday costs and investing in climate AND it’s FULLY paid for and includes a middle class tax cut! BTC
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    Better yet, get rid of debt ceiling. Pass the infrastructure bill. Make the wealthy & corporations pay their fair share to pay for it. Reduce military spending by at least 10% Implement Medicare for All Then, balance the budget. Other countries that are not as wealthy as ours, are ahead of us & have a better quality of life! We can do better!
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    It’s just a political illusion used for political theater anyway. Frankly we should be rid of it. No other country has this absurd thing
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    1/3rd ($9T) of the current total national debt ($28T) was incurred by the Trump administration and the debt limit was raised 3x then suspended to accommodate deficits from 2017 Tax Legislation which did not generate additional GDP and new tax revenues tax to cover lost tax revenue from higher rates. Still a temporary measure as opposed to a permanent solution of getting rid of it or an automatic reset. 2017 Tax Legislation that increased the National Debt $7.8T to a total of $28T which expired July 2021 conveniently after that administration ended and the Treasury has been taking extraordinary measures until the debt limit is resolved. The debt ceiling established in 1917 has been raised 78 times, 49 times while a Republican President was in office, and 29 times under a Democratic President. And Mitch McConnell was Senate Majority Leader when 10T (34%) of it was incurred (2015-2020) so washing his hands of it now is hypocritical. It’s getting to be like a bad divorce where each side tries to run up the credit card so the other party can’t spend any money. 2021 28.4T Biden ? 2020 27.7T 2019 22.7T 2018 21.5T 2017 20T 2016 18.5T Trump +9T 2015 18T 2013 17T 2012 16T 2011 15T 2010 14T 2009 12T Obama +6T 2008 10T 2007 9.8T 2006 8.9T 2005 8T 2004 7T 2003 7T 2002 6.4T 2001 5.8T Bush +4T 2000 5.6T 1999 5.6T 1998 5.5T 1997 5.4T 1993 4.4T Clinton +1.4T https://www.npr.org/2021/10/04/1043051695/president-biden-breach-debt-limit-next-week? https://www.economist.com/the-economist-explains/2021/09/21/what-is-americas-debt-ceiling https://www.crfb.org/blogs/president-trumps-4-trillion-debt-increase https://www.facebook.com/100044557238708/posts/402856587876246/?d=n https://crsreports.congress.gov/product/pdf/RL/RL31967 https://crsreports.congress.gov/product/pdf/RL/RL31967 https://www.statista.com/statistics/187867/public-debt-of-the-united-states-since-1990/ https://thehill.com/blogs/congress-blog/economy-budget/574626-by-refusing-to-raise-the-debt-limit-republicans-are https://fortune.com/2021/09/28/debt-ceiling-2021-impact-social-security-child-tax-credit-medicare-veterans-benefits-wall-street-personal-wealth/ https://sgp.fas.org/crs/misc/R43590.pdf https://www.statista.com/topics/2171/armed-forces-of-the-united-states/#topicHeader__wrapper https://www.wsj.com/articles/child-tax-credit-expansion-when-does-it-start-who-is-eligible-and-how-much-is-it-11621369448 https://www.cnbc.com/2021/07/15/the-first-child-tax-credit-payments-are-out-to-35point2-million-families.html https://www.brookings.edu/blog/up-front/2021/09/28/how-worried-should-we-be-if-the-debt-ceiling-isnt-lifted/
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    "Sen. John Thune (S.D.), the Republican whip, celebrated that Democrats are “going after their own members right now,” and falsely said Democrats needed to raise the debt limit “to accommodate all that new spending." Senator Thune, you do realize that the debt ceiling needs to be raised to pay the interest on debts already incurred - especially under the previous president. You as a senator should know that, right? Or did you like that sound bite it created for your base? Remember all the tax cuts you approved for the rich? And yet you had no problem increasing the debit ceiling under the previous president, did you?
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    Senator Manchin does not want to create an entitlement society, I hear. 🤮🤮🤮 Really? Well, what are we in now? I see a society where the wealthy are entitled to EVERYTHING! The rest of us - NOT SO MUCH! So Manchin, how about giving us a few of YOUR entitlements, PLEASE? We’re not even asking anywhere NEAR the 7.5 + TRILLION HUMPY GAVE TO ALL OF YOU ‘Tards. Compared to you and your ilk, this is just pennies... And Sinema, if I were a constituent, I’d be freakin’ giving her a piece of my mind. Maybe throwing shoes at her would help! Get rid of the witch bitch. She’s the WORST KIND.
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    Debt limit serves no purpose but giving the disingenuous hypocrites in the Republican Party something to use to obstruct business. A cursory analysis of the debt would reveal those same liars created most of the expenditures coming due. Their base may be stupid but most of us aren’t and we are fed up with McConnell, Cornyn, Cruz and the rest of those obstructionists.
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    Republicans, THIS IS YOUR DEBT!!! You voted to decrease taxes on the wealthy (you, yourself), you spent a shitload of money on military (for what?), You voted for COVID relief only for your states to spend it elsewhere. GIVE ME A BREAK!!!
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    Just amazes me people think the debt limit is being raised for this administration. DUH! This is to help pay for the last administrations passed expenditures. So sad we have stopped government class in high school.
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    I would never let my country go broke before given a chance to get fixed.
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    Looks like a lot of people here think it should be suspended permanently. I agree. It’s just a relic of the past that needs to join the Ivory Billed Woodpecker as being officially extinct.
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    If trump and chumps had not been successful with the 2017 tax scams, the debt would be significantly less. I pay more taxes than ever and we are only middle class. Do whatever is needed so the government doesn’t shut down. Stop compromising with the republicans who refuse to participate and just want to ruin the next 3 plus years for everyone.
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    The debt ceiling needs to be removed completely. It literally puts a limit on how much debt we are allowed to pay, so as long at there is a set limit, that means we can’t actually pay back all the debt unless we continually raise it! If the debt ceiling has to be raised constantly, then just abolish it so our economy does not freak out over the possibility of default!
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    Yes, this is fine for now, but we need a better, more permanent solution to this perennial problem. We can't keep going through this every year or two when Congress decides to fight over it.
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    No , on principle !!! Does anyone even care about the debt , or is this a mute topic ? We owe the federal reserve more cash than we can ever afford, yet we create more debt with every law passed. Nothing will change until we make sequester a reality.
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