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Treasury secretary to begin steps to avoid default on national debt

Discussion in 'U.S. Politics' started by The Scotsman, Mar 10, 2017.

  1. The Scotsman

    The Scotsman Well-Known Member

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    In his letter to Speaker Paul Ryan, Treasury Secretary Steven Mnuchin urged lawmakers not to delay acting.
    Letter 8th March 2017
    Once that happens, Treasury will use a variety of bookkeeping maneuvers to continue to finance government operations, including making interest payments on the national debt. However, the Congressional Budget Office estimated in a report earlier this week that those measures will be exhausted by sometime in the fall. So is it time for Trump to do away with the self imposed debt cap and move ahead with his planned funding for the spending on his projects?

    FYI The debt currently stands at $19.8 trillion.
     
  2. dogtowner

    dogtowner Moderator Staff Member

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    No danger of defaulting.
    You pay the debt service first.
     
  3. The Scotsman

    The Scotsman Well-Known Member

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    and then....
     
  4. dogtowner

    dogtowner Moderator Staff Member

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    You don't default.
    That is the subject of the thread, right ?
    It's always the scary lead but is never a risk.
     
  5. The Scotsman

    The Scotsman Well-Known Member

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    No. It's about discussing getting rid of the self imposed debt cap.
     
  6. dogtowner

    dogtowner Moderator Staff Member

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    Treasury secretary to begin steps to avoid default on national debt

    Guess I missed that part.


    Let's see.... leave politicians carte blanch to spend like drunken sailors can only dream of ? What could possibly go wrong ?
    Eight years, ten trillion new debt and eight trillion into the pockets of the .001%ers.
    And that's mostly with a cap.

    I'd prefer to keep it and no more increases. Start dialing it down instead.

    We are not getting 4 trillion a years worth of benefit.
     
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