Will US extend Debt Limit above $20,000,000,000,000 ????

E

errol43

New Member
Silver Stacker
The time is now! From recent reports the US has only $200 billion in reserves before it needs to again extend its debt. The Democrats will probably say No to make it harder for Trump. What will he do if there is no more money available ? The $200 billion will only last another month.

Will the USA come to a crisis level? Will the can still be kicked down the road?

Even if Trump is denied extra borrowings, he will just call on the Exchange Stabilization Fund to carry the day. :| Also Americans have to pay their installment tax in April...Lets hope that all the democrats pay up and don't refuse.

The next month or two will be very dangerous times for the US economy!!!!

Google the US debt clock and you will get the picture! While you are at it Google the Australian Debt Clock... Is Austerity BS?

Regards Errol 43
 
History Of The Debt Limit

The debt ceiling limit was first fixed by the U.S. government through the legislation of the Second Liberty Bond Act of 1917, with separate ceilings set for each instrument. The initial ceiling was fixed at $11.5 billion. A 1938 law set the first limit on the accumulated debt over all kinds of instruments at $45 billion, 10 percent above the total debt at that time.

In the 1980s the debt ceiling was raised to about $3 trillion from less than $1 trillion. This was subsequently doubled to $12 trillion in the 2000s. Following the Budget Control Act of 2011, the debt ceiling was automatically raised by $900 billion. It also vested the president with powers to raise the limit by an additional $2.1 trillion to $16.39 trillion.

Between February 2013 and March 2015, Congress suspended the debt limit three times, and in March 2015, the limit was set at the current $18.15 trillion. Suspension of the debt limit would mean that a ceiling is not in place for controlling the borrowing. Once the suspension period expires, the earlier ceiling would become applicable.

https://www.benzinga.com/news/17/03/9180707/how-the-debt-ceiling-works

debt-limit-history-data-for-web-2013-updated-rjr-chart1_large.jpg

https://www.benzinga.com/news/17/03/9180707/how-the-debt-ceiling-works

BUDGET CONTROL ACT OF 2011

https://www.gpo.gov/fdsys/pkg/PLAW-112publ25/pdf/PLAW-112publ25.pdf
 
Under Trump that graph will go vertical. He probably won't have much control over it. It is what it is.
 
Problem with debt, as the graph above shows, is that the more of it there is, the greater the interest and therefore the more the total debt continues to grow. The more it grows, the harder it is to pay back, or,to even meet the interest payment.

If a person has a debt pile that is escalating out of control, they start seeking alternatives, possibly changing lifestyle, or more likely bankruptcy. That option is not available for a country.

Other problems for countries is their "leaders" spend much of their time being concerned about their own welfare. Frugality will not get them reelected so they keep borrowing.

What used to save the day was inflation. Unfortunately inflation has virtually disappeared...
 
I watched a youtube video back in August last year on a american political professor who has correctly picked every president to date since the start of his career.
He also predicts that during Trumps office the debt level will be over the $30 Trill mark. He hasnt been wrong yet.

PS: cant not find the video.
 
barneyrubble said:
Ipv6Ready said:
About the same per capita to Australia isn't it?
Click to expand...

US is over 30 times larger per capita than AU
Click to expand...

Not sure to what ratio you are referring to at 30 times ... the different ways of measuring debt compiled below doesn't look that much worse than Australia, be it public debt per capita, Debt as a percentage of GDP or by total debt per GDP.

Having said that all that matters is that they can service the debt doesnt it? Its like having three million dollar mortgage if one is earning $40k a month.

https://en.wikipedia.org/wiki/List_of_countries_by_external_debt

https://en.wikipedia.org/wiki/List_of_countries_by_public_debt
 
Truth of the matter:


[youtube]http://www.youtube.com/watch?v=2_uwE0WkM7Y[/youtube]
 
I know I have brought this up to my family multiple times as to get there take. The political rhetoric in this country is at an all time high.

We have a senator saying they can't see anything they can work with Bush. Yes she said Bush, Pelosi may be cray cray.

We have a senator saying Trump will resign.

We have a senator saying Trump will be impeached.

As far as my view on the debt ceiling being lifted I want to say sure why wouldn't they want to expand the debt a little more. The reason I don't believe it will be lifted is Trump is the president. That and I believe the us $ is dying we have multiple countries that in fact will not touch it even for oil. So either war or the destruction of the dollar or the only options I believe are on the table.

Time will tell
 
SilverBum said:
As far as my view on the debt ceiling being lifted I want to say sure why wouldn't they want to expand the debt a little more. The reason I don't believe it will be lifted is Trump is the president. That and I believe the us $ is dying we have multiple countries that in fact will not touch it even for oil. So either war or the destruction of the dollar or the only options I believe are on the table.

Time will tell
Click to expand...

Trump won't need raise the debt ceiling, he will cut frivolous spending on unemployment benefits, education, aca and education.

Trump can save a couple of trillion dollars by cutting

Education should be for those great Americans that can afford it, there is going to be plenty of jobs in the coal mines and building the Mexico wall for not so great.
Unemployment benefit, won't be required with millions of great jobs in coal mines, building the Mexican wall and the plenty of good American jobs at Walmart and KFC for Americans.
All health care should be for American that are making American great again aka working, if you can't afford medicine get a job.

Trump is all for making the great American dream possible by "Making America Great again for great Americans"
Note: if you happen to be lower middle class, the poor or Mexican.... sux to be them.
 
betterinvestmentthanshare said:
I watched a youtube video back in August last year on a american political professor who has correctly picked every president to date since the start of his career.
He also predicts that during Trumps office the debt level will be over the $30 Trill mark. He hasnt been wrong yet.
PS: cant not find the video.
Click to expand...

He's prediciting impeachment
https://www.youtube.com/watch?v=0MWOHjt_3ms
 
Ipv6Ready said:
SilverBum said:
As far as my view on the debt ceiling being lifted I want to say sure why wouldn't they want to expand the debt a little more. The reason I don't believe it will be lifted is Trump is the president. That and I believe the us $ is dying we have multiple countries that in fact will not touch it even for oil. So either war or the destruction of the dollar or the only options I believe are on the table.

Time will tell
Click to expand...

Trump won't need raise the debt ceiling, he will cut frivolous spending on unemployment benefits, education, aca and education.

Trump can save a couple of trillion dollars by cutting

Education should be for those great Americans that can afford it, there is going to be plenty of jobs in the coal mines and building the Mexico wall for not so great.
Unemployment benefit, won't be required with millions of great jobs in coal mines, building the Mexican wall and the plenty of good American jobs at Walmart and KFC for Americans.
All health care should be for American that are making American great again aka working, if you can't afford medicine get a job.

Trump is all for making the great American dream possible by "Making America Great again for great Americans"
Note: if you happen to be lower middle class, the poor or Mexican.... sux to be them.
Click to expand...


Trump in his speech to congress some weeks ago unveiled a 1 trillion dollar plan increasing the military and all other things in his agenda. How could he possible implement anything without more money?

The debt ceiling is actually set at 20.1 trillion currently while the current debt is at 19.851 trillion and climbing. My guess is if they don't unless it is time to go to war.

Not that it matters but I would love to see him succeed however I feel he has about the same chance to walk to the moon on foot.
 
The one in power has the most powerful argument to extend and it has nothing to do with what is the most beneficial.
It is obvious to the opposition party blocking the extension that they will ultimately be the party that will be blamed once those reliant on government money ( probably half the population...:) ) do not receive their expected payment.
There is no 'high moral ground' as they are all politicians and make used car salesmen absolutely angelic in nature. They seldom act in the interest of the people. If this were true then they would not be 20 trillion dollars down the gurgler.
 
SilverBum said:
Ipv6Ready said:
SilverBum said:
As far as my view on the debt ceiling being lifted I want to say sure why wouldn't they want to expand the debt a little more. The reason I don't believe it will be lifted is Trump is the president. That and I believe the us $ is dying we have multiple countries that in fact will not touch it even for oil. So either war or the destruction of the dollar or the only options I believe are on the table.

Time will tell
Click to expand...

Trump won't need raise the debt ceiling, he will cut frivolous spending on unemployment benefits, education, aca and education.

Trump can save a couple of trillion dollars by cutting

Education should be for those great Americans that can afford it, there is going to be plenty of jobs in the coal mines and building the Mexico wall for not so great.
Unemployment benefit, won't be required with millions of great jobs in coal mines, building the Mexican wall and the plenty of good American jobs at Walmart and KFC for Americans.
All health care should be for American that are making American great again aka working, if you can't afford medicine get a job.

Trump is all for making the great American dream possible by "Making America Great again for great Americans"
Note: if you happen to be lower middle class, the poor or Mexican.... sux to be them.
Click to expand...


Trump in his speech to congress some weeks ago unveiled a 1 trillion dollar plan increasing the military and all other things in his agenda. How could he possible implement anything without more money?

The debt ceiling is actually set at 20.1 trillion currently while the current debt is at 19.851 trillion and climbing. My guess is if they don't unless it is time to go to war.

Not that it matters but I would love to see him succeed however I feel he has about the same chance to walk to the moon on foot.
Click to expand...

I was trying to be sarcastic, or at least my attempt at humour.

But it's as easy 1,2, 3 to lower the budget while at the same time lowering the tax and spending more on certain areas like military.... just have to cut spending else where.

Education sector is one, plus if all university's in American became private, trump uni will have less competition from state and 3 year colleges.

ACA is another, stop subisidying it and don't make it compulsory. Let individuals decide if they will get insurance or pay cash when the time comes they need medical treatment. The great American dream is to become a great rich American. Though it would sux if one got died of curable cancer because they couldn't afford it.
 
Ipv6Ready said:
SilverBum said:
Ipv6Ready said:
Trump won't need raise the debt ceiling, he will cut frivolous spending on unemployment benefits, education, aca and education.

Trump can save a couple of trillion dollars by cutting

Education should be for those great Americans that can afford it, there is going to be plenty of jobs in the coal mines and building the Mexico wall for not so great.
Unemployment benefit, won't be required with millions of great jobs in coal mines, building the Mexican wall and the plenty of good American jobs at Walmart and KFC for Americans.
All health care should be for American that are making American great again aka working, if you can't afford medicine get a job.

Trump is all for making the great American dream possible by "Making America Great again for great Americans"
Note: if you happen to be lower middle class, the poor or Mexican.... sux to be them.
Click to expand...



Trump in his speech to congress some weeks ago unveiled a 1 trillion dollar plan increasing the military and all other things in his agenda. How could he possible implement anything without more money?

The debt ceiling is actually set at 20.1 trillion currently while the current debt is at 19.851 trillion and climbing. My guess is if they don't unless it is time to go to war.

Not that it matters but I would love to see him succeed however I feel he has about the same chance to walk to the moon on foot.
Click to expand...

I was trying to be sarcastic, or at least my attempt at humour.

But it's as easy 1,2, 3 to lower the budget while at the same time lowering the tax and spending more on certain areas like military.... just have to cut spending else where.

Education sector is one, plus if all university's in American became private, trump uni will have less competition from state and 3 year colleges.

ACA is another, stop subisidying it and don't make it compulsory. Let individuals decide if they will get insurance or pay cash when the time comes they need medical treatment. The great American dream is to become a great rich American. Though it would sux if one got died of curable cancer because they couldn't afford it.
Click to expand...


Honestly I original thought was you were being sarcastic however it is hard for me to tell on the internet at times. As far as everything else over the next 10 years I believe the federal budget has another 10 trillion dollars baked into it. The only two ways I can see the us not surpassing the debt ceiling is up the limit or end the military along with nearly all government programs.

The nice thing is all we have to do is wait and see what ever ends up happening. I think tomorrow vote on health care will be the same result on the debt ceiling.
 
Also the problem with blaming parties if they don't up the ceiling being lifted is it won't just be one side of the isle. Chances are IMO that members of both parties could vote no then not one party could be blamed. Like both parties have no accountability for the 20 trillion debt to begin with.
 
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