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Congress must raise debt limit by Oct. 18. Failure to suspend or raise the debt limit would lead to the first-ever U.S. default and have severe consequences for the U.S. economy.

Congress must raise debt limit by Oct. 18. Failure to suspend or raise the debt limit would lead to the first-ever U.S. default and have severe consequences for the U.S. economy.



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28 Comments

  1. every time they raise the debt limit, this it’s the exact same story. there is zero chance of them not raising it, and the title explains why.

    the debt limit isn’t even a real limit. it’s political theater so they can keep pretending they are useful.

  2. We’ve been seeing this same story for years, if not decades. They’re obviously going to do it, but gotta make everything dramatic I guess (or gives them an excuse to shove some terrible rider that no one likes into a must-pass bill).

  3. I’m amazed they still even pretend the “debt ceiling” has any meaning whatsoever.

    May as well make the “ceiling” infinite, because that’s where the money printing is going.

  4. tldr; US Treasury Secretary Janet Yellen on Tuesday told House Speaker Nancy Pelosi that Congress has just under three weeks to address the looming debt ceiling and avoid near-certain economic calamity. “We now estimate that Treasury is likely to exhaust its extraordinary measures if Congress has not acted to raise or suspend the debt limit by October 18,” Yellen wrote in a letter to Pelosi. Failure to suspend or raise the debt ceiling would lead to the first-ever US default and have severe consequences for the US economy.

    *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

  5. Fuck it. Let this mf burn to the ground. I’m tired of the god damn games with everything. These politicians play with people’s lives and it is the most pathetic theater in existence. Let’s just move on to the revolution we know is brewing and start a new government.

  6. I am sixty. I’ve heard this drama dozens of times. They make it sound like this “might” happen.

    If you wrote a story with this theme, no one would believe it.

    The ceiling will be raised. Everyone will blame each other and then mutually jerk each other off when it passes.

    Don’t buy into the drama.

  7. Bitcoin solves this.

    If Bitcoin becomes new world reserve currency:

    – US Government will have to stop spending waaaaaay beyond its means, as the inflation rate would simply be too high. People would own and use Bitcoin for daily transactions, and the dollar would be consigned to a role of supplemental toilet paper. So the government would have to either tax to get their funds (unpopular), or try to borrow in Bitcoin. But borrow in Bitcoin and you start to run a high interest rate that must be paid back in Bitcoin, which the Fed can’t print. So…yikes! They would have to keep that spending under control. Which means they would have to keep the size of government under control and they’d lose control of all the 501(c)(3) non-profits that the government props up all the time. Smaller government!!!

    – Western Union and Moneygram would go the way of Blockbuster video. No need for their services any longer.

    – Large banks of all sorts would go the way of Blockbuster video. No need for their services any longer. Or they would simply become investment banks.

    – Because the US Government would become much weaker due to spending discipline enforced by Bitcoin and market, the petrodollar would die and the Arabs would sell their oil in Bitcoin now. China and Russia would transact in Bitcoin. If you want their goods/services, you pay in Bitcoin for them. International diplomacy would no longer involve sanctions, because no one controls Bitcoin. Which does remove an important diplomatic tool.

    – What other major changes would we see?

  8. Louisiana guy , stated since the majority is all democrats in all law making bodies. All they need is 50 signatures to amend the budget. It seems they want finger prints of republicans on the bill to blame later or vise versa.

What do you think?

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