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What happens if U.S. defaults on its debt? Potentially, millions of jobs and trillions in wealth lost.

This would be catastrophic, no doubt. But if it would mean serious spending cuts to the defense budget I would be ok with that. We spend more than what, the next 20 nations combined? Need to get that in line too, or get more bang for our buck.
 
This would be catastrophic, no doubt. But if it would mean serious spending cuts to the defense budget I would be ok with that. We spend more than what, the next 20 nations combined? Need to get that in line too, or get more bang for our buck.
But Ohio would lose all of the tank money and tank related jobs. What should they do, make something we actually need or something?
 
Well we’ll never know if they would have caved with no concessions if they get concessions.

It’d be a hypothetical at that point
uhhh...wut? The previous debt limit increases did not involve cuts in spending to get GOP votes. The GOP has always caved as you noted. The Freedom Caucus is NOT like those people. They will take the country into default if they don't get their way because they have absolutely no interest in governing, responsibility, or this country.
 
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Let's just suppose that one political party added 8 trillion dollars to the budget deficit in just 4 years. And then let's suppose the 8 trillion dollars represented 25% of all the budget deficit in like 230 years.
LOL...as noted, Reagan nearly doubled the deficit and conservatives cheered so you can take your supposition and stuff it.
 
To ignore it do not happen is right from the playback.

what-huh.gif
 
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uhhh...wut? The previous debt limit increases did not involve cuts in spending to get GOP votes. The GOP has always caved as you noted. The Freedom Caucus is NOT like those people. They will take the country into default if they don't get their way because they have absolutely no interest in governing, responsibility, or this country.
I'm only taking a bet on default :)

They may get concessions but I'm just saying we won't default...take or leave the bet.
 
I have no problem saying it again. Deficits only matter when the Dems are in charges. You Rs bitching about this are so full of shit.
BAU

Kind of like how D's cared about the border when Orange man was in charge.

Politics.
 
uhhh...wut? The previous debt limit increases did not involve cuts in spending to get GOP votes. The GOP has always caved as you noted. The Freedom Caucus is NOT like those people. They will take the country into default if they don't get their way because they have absolutely no interest in governing, responsibility, or this country.

That‘s not true at all. Reductions in discretionary spending have been promised by dems several times. They have never actually followed through, but republicans have in fact received concessions on spending several times in the past.
 
That‘s not true at all. Reductions in discretionary spending have been promised by dems several times. They have never actually followed through, but republicans have in fact received concessions on spending several times in the past.
They got a "cap" on future spending that both parties studiously avoided. They have never gotten cuts in spending to get a debt ceiling increase, as far as I know. Feel free to post actual cuts that accompanied an increase in the debt limit.
 
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As I see it, most want others to bear the majority of burden of any solution while their favorite pork is protected.

This is why I have always favored an across the board cut of everything,.. There is no program, department, entity or individual unable to accommodate a small budgetary cut...
 
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Yes. This will be painful across many programs.

I am with you. We all need to be honest about this stuff. I am going through this now with elderly parents. Their care in the last year has to be in the millions. One had a 40 day hospitalization.

Lets be honest. Medicare is the 800 lbs Gorilla. with defense being the other.

Someone said in another thread that the US Government is a "insurance company with an army". Budget wise, that is pretty much spot on.

Stuff like the national parks, food stamps, housing programs, etc. are peanuts.
 
They got a "cap" on future spending that both parties studiously avoided. They have never gotten cuts in spending to get a debt ceiling increase, as far as I know. Feel free to post actual cuts that accompanied an increase in the debt limit.

Here you go. There were actually numerous times during Obama administration of promises to reduce discretionary spending.


Directly from obamas White House.

President Obama has led the way on forcing government to live within its means through a balanced approach that protects key priorities and ensures that everyone pays their fair share. In August, President Obama signed into law a bipartisan agreement that kept our nation from defaulting and achieved significant deficit reduction, including a down payment on reform of about $1 trillion, by reducing discretionary spending to its lowest level as a share of the economy since Dwight D. Eisenhower was President while protecting critical investments critical to our long-term competitiveness. And under this agreement, Congress must pass another $1.5 trillion in deficit reduction, or trigger massive cuts to domestic and defense spending, providing an incentive for both sides to come together. The agreement is consistent with the President’s values of achieving meaningful deficit reduction in a common-sense balanced manner, in which low-income and middle-class families do not bear the entire burden, in which the most fortunate Americans pay their fair share, and in which cuts are spread across both the security and non-security sides of government.




Obama plans to freeze non-security discretionary spending for five years, lowering the deficit by $400 billion over 10 years. That pledge, unveiled in Obama’s State of the Union address last month, means cuts in more than 200 federal programs. These will save $33 billion in fiscal 2012, which starts on October 1, 2011.
 
Middle class tax hike. A recent rich people tax cut. What's there to get?
Didn't agree with a tax cut in a already hot economy but....bolded just isn't true.

Income data published by the IRS clearly show that on average all income brackets benefited substantially from the Republicans’ tax reform law, with the biggest beneficiaries being working and middle-income filers, not the top 1 percent, as so many Democrats have argued.

A careful analysis of the IRS tax data, one that includes the effects of tax credits and other reforms to the tax code, shows that filers with an adjusted gross income (AGI) of $15,000 to $50,000 enjoyed an average tax cut of 16 percent to 26 percent in 2018, the first year Republicans’ Tax Cuts and Jobs Act went into effect and the most recent year for which data is available.

 
Didn't agree with a tax cut in a already hot economy but....bolded just isn't true.

Income data published by the IRS clearly show that on average all income brackets benefited substantially from the Republicans’ tax reform law, with the biggest beneficiaries being working and middle-income filers, not the top 1 percent, as so many Democrats have argued.

A careful analysis of the IRS tax data, one that includes the effects of tax credits and other reforms to the tax code, shows that filers with an adjusted gross income (AGI) of $15,000 to $50,000 enjoyed an average tax cut of 16 percent to 26 percent in 2018, the first year Republicans’ Tax Cuts and Jobs Act went into effect and the most recent year for which data is available.

Rumors are the Rs are looking to pass a middle class tax hike.

Good info otherwise.
 
Middle class tax hike. A recent rich people tax cut. What's there to get?

The statement I don’t get is “If it's true that a middle class tax hike is coming then seems like not all will be paying their fair share”.

Why does a middle tax hike indicate that not all WILL be paying their fair share?
 
The statement I don’t get is “If it's true that a middle class tax hike is coming then seems like not all will be paying their fair share”.

Why does a middle tax hike indicate that not all WILL be paying their fair share?
Some of rich people who got a tax cut are currently paying less in taxes than the middle class. Do you think that is fair?
 
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