Budget Bill Bluster, Debt Cap Turned Backwards.
By Gene W. Edwards.
Posted 4/28/2023.
A non-starter: McCarthy’s House of Representatives passed the debt-ceiling bill by a vote of 217–215, thanks in part to George Santos’s vote. Not in a million years will the Senate pass that bill, nor will Biden even look at it! It cuts the Department of Veterans Affairs (VA) by 22%, for instance. The cuts amount to 130 billion dollars over 10 years, and 130B is 130,000 million dollars. That ain’t chump change, bro!
I thought maybe I’d just been blindsided by the House, but I will resume to maintain my prediction that our nation’s public debt ceiling (national debt) will not be raised until the last minute: three days to one week before or after the money runs out between early July and early September, according to our clueless U.S. Treasury Secretary, Janet Yellen, the kind of person who plays cards by telling all the other players everything in her hand before each play.
Money already allocated — money bills already passed by Congress — shouldn’t be briggled with, as with in a shell game. As for new expenditures, I roundly object to public spending not completely covered by tax to pay for it, but nobody up there on the Hill (in Congress) wants to tax, or Sunset Bill, all expenditures (look at!), cutting amounts where necessary. Why not raise the capital gains tax, tax all stock transaction a little, etc.?
So — here I’ll pin down my debt ceiling prediction. I predict it’ll be in September before the bill passes. It will pass just before the money runs out, probably just before, three days before — before our nation’s full faith and credit goes bankrupt until further notice!
*****
The late great comedian Rodney Dangerfield used to work, as a young man, in carnivals and dive from a high diving board into a shallow pool, managing to do so without injury. Imagine diving and not knowing how deep the water is, and whether what looks like water, down below you, is just sea-colored but opaque blue tissue paper? Imagine our country diving into unremitting debt and never getting out — alive?
Partisan politicians playing games in such weighty matters is anathema to our nation’s financial survival and the furtherance of debt and money security at all levels in the world.
McCarthy’s House is a House on fire. Value your nation and its best interests and purposes. Utter chaos could result if there is no gold in the pot at the end of the rainbow!
— Gene
I write one of the most interesting, and best written, blogs in the world and am also highly skilled in: politics; health; humor; money; ideas; and intuitive psychic prophecy.
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