Debt Ceiling Debates
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U.S. Federal Debt Held By Public from 1900 to 2020, Source: https://commons.wikimedia.org/wiki/File:US_Federal_Debt_Held_By_Public_as_of_Sep._2020.png (Attribution: CBO, Public Domain license: https://en.wikipedia.org/wiki/Public_domain, Presented at: WindermereSun.com)
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U.S. Congress will be having debates and vote over whether to pay our nation’s bills (regarding whether or not debt ceiling will be raised), a discussion held by only 2 democratic nations on earth, the United States and Denmark. These are the only two nations with a debt ceiling written into their laws. Denmark avoided shutting down its government when it raised its debt ceiling in 2010.
To better understand Why Do Only US and Denmark Have a Debt Ceiling?, please click HERE.
In an exclusive interview with CNN’s Christiane Amanpour, US Treasury Secretary Janet Yellen lays out potential issues that could arise if the federal government exhausts extraordinary measures and fails to raise the debt ceiling, in the video published on Jan 20, 2023, by CNN, as “Hear Janet Yellen’s warning if debt ceiling agreement is not reached“, below:
The White House has sought to assure Americans that Congress will find a bipartisan solution to avoid a debt default. That’s after the country hit its $31.4 trillion borrowing limit on Thursday last week. Congress usually votes and agrees to raise the limit, as it did the last time in 2021. But the standoff in Washington this time seems significantly riskier. Some Republicans have declared they won’t raise the borrowing ceiling again unless President Joe Biden agrees to steep cuts in federal spending. So what happens next? And what effect does all this have on the global economy? In the video published on Jan 25, 2023, by AL Jazeera English, as “Will the US default on its debt?| Insided Story“, below:
To better understand Why Do Only US and Denmark Have a Debt Ceiling?, please click HERE.
To better understand United States Debt Ceiling, please click HERE also excerpt in italics, below:
Relationship to federal budget
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.”[20]
The President formulates a federal budget every year, which Congress must pass, sometimes with amendments, in a concurrent resolution, which does not require the President’s signature and is not binding. The budget details projected tax collections and expenditures and, therefore, specifies the estimated amount of borrowing the government would have to do in that fiscal year.[citation needed]
Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more, in the video published on Jan 25, 2023, by Forbes Breaking News, as “JUST IN: Rand Paul, Ted Cruzz Issue Blunt Warning For Biden About Debt Ceiling“, below:
CBS News business analyst Jill Schlesinger joins “CBS Mornings” to discuss the U.S. debit ceiling and how reaching it impacts Americans, in the video published on Jan 19, 2023, by CBS Mornings, as “How the debt ceiling impacts Americans“, below:
The United States government reached its debt limit Thursday, according to Treasury Secretary Janet Yellen. This means her agency must use accounting tactics to keep the government solvent while it waits on Congress to act. Congressional Correspondent Lisa Desjardins reports on what’s next, in the video published on Jan 19, 2023, by PBS NewsHour, as “U.S. hits borrowing limit as Congress debates raising debt ceiling“, below:
Chris Krueger, managing director at Cowen Washington Research Group, joins ‘Squawk Box’ to discuss the debt limit fight and its impact on markets, in the video published on Jan 20, 2023, by CNBC Television, as “Debt ceiling impact on markets could be worse than 2011, says Cowen’s Krueger“, below:
In House floor remarks last Wednesday, Rep. David Schweikert (R-AZ) warned of the dangers of deficit spending and the debt, in the video published on Jan 16, 2023, by Forbes Breaking News, as “‘If You Really Want To Understand How Much Trouble We’re In, Give Me A Few Minutes Of Your Time’“, below:
It is very clear, based on presentation from video above, that it will be necessary to reduce the cost of social security as well as medicare, if we want to avoid serious problems for the country in the future.
I. Consider reducing the cost of social security:
- By reducing COLA (cost of living adjustment) rate (which is based on inflation rate + additional percentage) of social security
- Re-evaluating the algorithm used to figure inflation rate to more accurately reflect reality
- Encourage seniors of baby boomer generation not to collect social security by giving those willing to forego social security a star on their homes and state ID cards
II. Consider reducing the cost of medicare:
- Utilizing technology (such as robotic Optimus & telemedicine) to triage for seniors’ health problems
- Establishing “Medicare Hospitals” similar to that of Veterans Hospitals format, allowing non-seniors to also participate in
- Emphasizing preventive care
- Recommending seniors over 75 NOT to agree to invasive procedures or screenings that would be both costly and risky (with much potential for negative side effects and little benefit afterward)
III. Consider introducing single-payer health care system not just for seniors but for every one
IV. Consider educating our general public (starting from elementary schools) to become savers rather than borrowers
Reps. Brian Fitzpatrick, R-Pa., and Josh Gottheimer, D-NJ, both of the Problem Solvers Caucus, discuss the fight over the debt ceiling, in the video published on Jan 26, 2023, by MSNBC, as “Congress at stalemate on debt ceiling legislation“. below:
These Congress people will have a tough time dealing with this issue because it is important to pay our bills and it is also important for our nation to learn to need less. The deficit needs to be addressed rather than continued being pushed into the future. The longer we wait to address the issue, the worse it will get! But we also need to pay our bills if our nation wants to remain credible. We all need to help our Congress rather than bitch and moan. We all need to tighten our belts. It is going to be tough for any one in the position of having to deal with this problem.
Gathered, written, and posted by Windermere Sun-Susan Sun Nunamaker More about the community at www.WindermereSun.com
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