>

Please, enlighten me then.
Democrats need to hold firm and not cave. It will never end if they don’t. >

What they need to do is a boss move by having the 1 trillion dollar coin minted. >

I keep seeing comments like this about a 1 trillion dollar coin. 
I know almost nothing about the debt ceiling. Can someone explain to me what minting a $1T coin would do? >

So... Print money to pay off your national debt? What a great idea, I wonder why nobody has tried that before...
I mean why stop at a trillion? They can make a coin with a face value of anything, just make the face value the same as the debt and boom, no more debt. >

That's what government spending does: it creates money.  Money is literally how all government debt is paid.  The only difference with the $1T coin is the president doesn't need congress to do it. >

You can keep adding edits, it won't make it true. Government deficit spending creates money, not all spending. Most spending is from the revenue pot of taxes, tariffs, fines, etc.
If it worked as you seem to think it does, there would be no need for debt instruments or taxes since you would just have the treasury directly print all the budget money you need. That idea was what I was literally mocking in the original comment.
The debt ceiling is a dumb idea to start with, which is why nobody else has to even debate this, but a $1tr coin is literally just a way of circumventing congress on a loophole to print money to circumvent congress. Printing money has consequences, even if you just use it to pay off debts directly. It also requires the federal reserve, an independent institution, to not spend the $1tr you give them to pay off the debt. There's no way of forcing them to stick it in a box in the treasury forever, it's their money once you've paid. They can do whatever they want with it. >

How do you think they are going to pay off the debt if they raise the debt limit other than by printing money?
Edit: the whole point of raising the debt limit is so they can continue to deficit spend. >

Taxes. The answer is taxes. Also, raising the debt limit doesn't make more debt. It allows for more deficit spending by the government, which increases the debt. You invest that money in the economy, increasing inflation but also creating growth. If you get more growth than inflation, congratulations, you aren't destroying your economy! You then tax that growing economy, and use the taxes to pay back the debt.
Printing money to directly pay off debt does not do that. It's crazy I have to explain something so basic. >

This is the answer to a very different question, should we spend this money? That was when the budget was done.
Congress has already decided they want to spend the money and that they don't want to raise taxes.
What is on the board currently is do we agree to pay for the things we have agreed to spend money on. >

Republicans want maximum damage and pain for Americans because they are totally insulated from the effects of their own actions since most of their voter cult members are addicted to Fox News propoganda. Fox will invariably blame Democrats and Biden, and Republican voters will blindly believe it. The more pain Republicans can cause, the more their dumb voters will be angry at Biden. We've seen this movie before. >

How is there no discussion in this Thread about a very discussible topic? Just bashing and insults from both sides. 
Raising the debt limit is an interesting proposition with pros and cons, especially in times of high inflation. Discuss that and stop throwing random phrases and insults around, make reddit an actual nice experience for once >

You mean have a polite and reasonable discussion with Republicans whose only goal is to destroy government so they can end taxation ? >

so 49% of the voting population is supporting exactly that? get out of your echochamber already man >

"Kill the pig.  Cut its throat..."
But 49% of the population means the boys outnumber the grownups. >

i mean for me personally both parties are unvotable, too many corrupt ideologists and criminals in executive positions. So i dont see an advantage in making this big ideological theme about supporters of either party. A person is not defined by who they vote for, its a choice just like sexual preference or proficiency. Everyone should be free to choose and not be discriminated for it. >

DoN't HoLd Me ReSpOnSiBlE fOr My ChOiCeS! >

This is just the stupidest thing ever. 
This would be like if you lived with a roommate and when the electric bill comes your like “okay yeah we got to pay this” and your roommate is like “woah woah woah woah wait now what are you going to do for me in exchange for paying this” >

If you know who you've been dealing with for decades,
And you're still not ready to move out or reduce your electric bill, that's your problem. >

Yeah okay I only have a mortgage and my entire family to think about.
Let me just move everything to a more egalitarian European country that might not even give me citizenship. I'm sure they won't be adversely affected by the world's most influential economic and military superpower descending into an ethnocentric authoritarian theocracy.
And if a wave of right wing populism takes hold there I guess I'll just relocate to the middle of the Sahara Desert. >

The sad part is that the Republicans can do this, directly cause the fallout, but then successfully blame the Democrats because a Democrat is President. Their Fox News zombie base will just eat it up. As long as the talking heads on the TV say it is Biden's fault, then it is. >


republicans spend 2 years campaigning on reducing inflation, improving the economy, and making life easier for the middle class 
Intentionally nukes economy because they don't get what they want, making life infinitely more miserable for not just the American middle and working class but for the entire world. 

The sad part is, sooooo many Americans approve of this and it makes me sick. Then they have the gaul to blame it on democrats
I used to be a Republican, this new GOP is ensuring I NEVER vote Republican again. >

Yeah, voting GOP is like sticking a cactus up your own ass. Years ago, I got caught up in their online reactionary nonsense, but I had a paradigm shift in all of my beliefs, changed my worldview, and now I make fun of them online. I'll never support any of their messaging because I can see through it now. >

This sounds a lot like what I went through. I voted for trump in 2016, gave him the benefit of the doubt that his behavior was just due to the fact that he was a privileged billionaire who didn't know how to speak well publicly. 
But the Charlottesville riots and his reply to that showed me everything I needed to see about him, and later events like Jan 6th showed me everything I needed to know about the GOP generally. 
My worldview today in 2023 is also much different than it was in 2016. Realized maybe I had been wrong about a few things, or maybe I had been misled/tricked by the online narrative you're talking about. 
Never again will I be fooled like that. >

Yeah, growing and changing should be a part of life. No one should be the same person that they were 6-7 years ago. It takes a lot to admit to yourself that you're wrong, and to see the world through an entirely different lens. I used to watch a lot of reactionary types on YouTube and somewhere started getting the nagging feeling that they were always showing me the "problems" with the world, but never the solutions. It's like they wanted me to be mad all the time but never actually offered true productive solutions. >

If they keep holding it hostage, even if it never defaults, the world will end up switching currencies rather than risk a default every year.  The US has a unique position in the world as the de facto standard of currencies and it gives us some financial tools other countries do not have.  A switch away from the dollar could have a devastating impact on the US. >

Oh, great. The exact last thing we need a political showdown over. Christ, I hope the GOP likes paying for their guns and Bibles in Chinese yuan... >

mint the coin >

"Give us everything we want or we'll nuke the economy"
"Give us Ukraine or we'll nuke the west"
These people sound very similar. "Give us what we want or everyone will suffer" >

It’s the budget that guaranteed how much more debt we’d incur. The debt ceiling is just the US agreeing it has X amount of debt to pay off. It’s like me telling Visa I don’t like how much my balance has grown. >

It’s kind of funny you can search “debt ceiling” on this sub, and in November of 2021 the same exact headlines were showing up, except in that case it was Mitch holding the debt ceiling hostage, and not the house. 
And in the end, the debt ceiling was raised. How much you want to bet that we’ll see the same headlines again in about a year and a half? >

The rank and file republicans will saber rattle about the debt cieling.  But at the end of the day they know better than to push it too far.  The 20 or so hard right house members I don't think really understand what they're messing with.  And as they have shown they have no problem banding together.  I think the red wave would have been way better.  That way the clowns wouldn't have control of the car.  A 50 seat majority and those 20 wouldn't matter at all.
​
Now they basically have the power.  Its kinda funny cause in other countries its usually the different factions on the left(left, socialists, communists) that have to appease each other to get something done.  Even when they have a majority.  I guess we'll have something to chuckle about as the economy crumbles around us. >

A red wave would not be better as that would mean the GOP would have more leverage. Also people here and the media are really overstating how much power the 20 wackos actually have. All that is needed is 5 GoP house members to be on board to raise the debt ceiling and that is it. Not even McCarthy is necessary ironically due to one of the provisions of the "rules package." >

Can you elaborate on the provision in the rules package? >

Tis but a short walk from hostage taker to slave holder. The authoritarian cult is well on their way to those ends. >

Who is the debt owed to? Who is being borrowed from? >

Government bonds and stuff ike that isn't  it ? >

No clue. So basically the taxpayer? >

Probably institutional investment types. Could be from anywhere in the world ... bonds are basically an iou with interest fixed into them over whatever term they are sold as say 3, 5 or  10 years.
. It's  a funds raising mechanism for governments and defaulting on them is very serious, who would  trust such a nation ever again and if they trust them they'd demand a huge increase in the interest paid on them. >

Here we fucking go. >

Print the coin joe.
Mint a 10 trillion coin with Obama's face, it will make their heads explode. >

Naw. Need a woman. Maybe someone like Eleanor R. >

Maxine Waters. Omfg I’d be psyched beyond description just to hear Tucker Carlson cry about it. >

Put Stonewall on the Tails facing side. >

Stonewall as in Pride, or the traitor shot by his own troops? >

Pride. Gonna be honest I've completely forgotten there was a Stonewall the person and I'll be relegating him to the back of my memory again after this. >

Hahaha sorry to bring him up. I was just confused for a moment and wanted to clarify 😅 >

It would be nice to avoid that situation in the first place. >

The GOP plan.


Cut taxes for the rich (tax cuts will pay for themselves, trickle down economics)


Explode the deficit (how did that happen?)


Demand big cuts to Social Security and Medicare


This has been going on since Saint Ronnie signed trickle down economics into law in the 1980s. >

Fixing spending is done during the regular budget negotiation process. But we all know, if the GOP were to actually do something about spending, they’d have to consider defense spending cuts, and Medicare. And we also know they don’t want to cut those lines.  
So, they put the entire American economy at risk so they can pretend to do something about spending while actually doing nothing.
I really do not like Republicans, at all. >

But it never does >

Republicans are the enemy of the average working people >

Why the fuck didn’t the lame duck House raise the debt ceiling on the way out the door in November? >

to make the republicans “own” the debt ceiling fight >

They never “own” it, even when it’s undeniably on their shoulders.  They openly break shit in plain sight, then say “the Democrats did it”.  Fox News agrees with them and the voters just accept it. >

Time to get rid of all partisan News channels! >

We all knew the debt would be an issue again for republicans since jan 2021. >

What are the republicans wanting out of this? >

So the game plan is to cause "dire economic consequences" for Americans and then blame dems, is that it ? >

As long as we start cuts with the military >

How about we cut their pay first..... 174k base just to be a useless ass hole >

Military pay or the “leaders” of America? >

The useless dipshits we call politicians >

Okay I understand. I’m in the military now, I make JUST under $25k a year and I’m on my last two months. A pay cut would suck. But, when the military is allowed to have an $800B budget and spend $4.6M on steak and lobster only so they can hit their budget, and get it increased the next year is absurd. We hardly see any difference in pay anyway when that budget gets increased by billions. >

Politicians should make minimum wage, period. 
I can hear it already. "Then nobody will want to do it." GOOD! Your not their to make money you fucking ass clown, your their to make your constituents lives better. >

This is the time for Biden and the Democratic party to have a giant fucking spine.
Call the bluff. Or let them light that candle. >

Republicans will literally intentionally nuke the economy, after spending 2 years campaigning on making life easier for the middle class and restoring the economy. 
And then have the balls to blame it on democrats, and you know what? Their voters WILL BELIEVE THEM. >

We know. The Republicans plan to ruin the economy and say look what happened on Biden's watch. They will say they can fix it as elections get closer. Then they will do some unrelated evil shit as soon as folks vote em back in. >

Or they could work like the rest of us instead of writing scripts :) >

The only madness here is that it's not unlawful to raise the "debt-ceiling". Some serious Tower of Babel shit.
We should all be protesting countries putting themselves and their citizens further into debt. >

So, you don’t know how a fiat currency works, fine. But just because you don’t understand it doesn’t make it bad. You think we should all get paid in chickens or gold nuggets instead of using dollar bills? What is you alternative plan? >

Whatever alternative plan that gets put forward, it has to begin by acknowledging that continuously raising the debit ceiling is not sustainable. Regardless of an alternative plan, we have to begin by acknowledging that this is unsustainable and there are unforeseen consequences to this. 
Do you know why the debt ceiling is in part being raised?
BECAUSE YOU DON'T HAVE THE MONEY TO PAY OFF YOUR DEBTS. Yes, I say you, because you and everyone else living in the United States, including future generations, is accruing increasing amounts of debt that will be increasingly more difficult to pay off (in taxes and other detriments to society). In fact, this really effects everyone in the world, because a financial system crash in the United States will effect everyone. My country (Canada) is doing the same stupid shit.
When I hit my 30k credit limit, AND I CAN'T PAY IT OFF, I don't start looking for more credit cards or lines of credit or loans to continue my lifestyle which is clearly unsustainable.
This is insanity running an entire financial system of people and countries on massive amounts of unrepayable debt.
But I will say this, either political or financial, a radical shift in spending priorities, new innovations, and/or a newly evolved financial system needs to be implemented and sooner rather than later.
I fully support not raising the debt ceiling and changing the narrative of the conversation to "how can we change the nature of our spending behaviour and systemic patterns to something more sustainable".
I oppose raising the debt ceiling any further. If this is the only way fiat can operate (and I doubt that), than something new and more refined needs to be implemented.
The legacy I'm leaving behind for my children and future generations is that I did not willingly support this madness. >

This is total nonsense, just shows you don’t understand fiat currencies.  The debt will never be paid. This is not a household. As long as the debt does not crowd out private debt it provides a boost to GDP more people working and making things rather then sitting home is good. If what you say is true we already would have been in a crisis along with every other currency.  Don’t worry about things you don’t understand and quit trying to equate the US government to a household. It’s not the same. >

They don't care. They will blame the Democrats and their supporters will believe them, as do all cult members. >

Maybe  if we stopped  sending  so much money  to other places/spending  soooo much, god dam money. 
There are American  homeless and veterans  that could  use the help, but the government  just shits on them constantly. Hell, they shit on all of us constantly .. both sides fucking  blow. >

They want to destroy the US government and bring down our economic system for what, to own the libs for their base? Also, greed. >

Republicans don’t care! >

Republican rats on a hampster wheel. >

It’s called a limit for a reason. Maybe they shouldn’t have given themselves a raise >

It’s good to have the adults in charge again, but I doubt they’ll be able to stop the train wreck the Dems have orchestrated. >

The train wreck is the fault of the Republicans. They really like making America worse for some reason. >

Republicans are the only reason this country still exists.