After a meeting of the Democrat caucus, Speaker of the House Nancy Pelosi (D-Calif.) focused on the debt ceiling. She wants it raised to accommodate her socialist spending bill.
They might try to give Biden’s Treasury Secretary the power to unilaterally raise the debt ceiling.
Democrats are reluctant to do it because it doesn’t poll well.
The Speaker said the government will default if the ceiling isn’t raised.
Pelosi said, would wipe out “trillions in family wealth” for middle Americans. Pelosi also warned that “Just the discussion of … failing to raise the debt ceiling [under the Obama Administration] lowered our credit rating.”
She continued: “This is not about future spending, this is to pay the bills that were incurred. Only 3 percent of this is about Joe Biden’s presidency. The bulk of it is under the previous president’s administration.”
Giving the president the authority to raise the debt ceiling appears to be very unconstitutional.
She will try to include raising the debt ceiling with the socialist reconciliation bill. Schumer rejected it but she’s challenging him. He risks a government shutdown if he doesn’t go along with her. Pelosi will bully anyone.
Laughably, Pelosi calls raising the debt ceiling a “tradition.”
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It’s time for Government to learn to live within it’s means. Trump had the right idea, expand the Economy. We can afford the Military, but it needs to be cut. We must make good on Social Security and pensions, but Medicare, Medicaid, and all Medical spending has to go. All aid has to go. The Federal Government needs to be downsized to 2% of GDP, the Military to 2%, Veterans Benefits, Social Security and Pensions will take up maybe 8% and another 3% needs to pay down the National Debt. The Total Federal Government needs to be reduced to no more than 16% of GDP immediately. We are over 32% right now and that can’t be sustained. The Government must be forced to expand the economy in order to spend more money. Redistributing Wealth is a receipt for National failure.
A reduction in the Size of the Federal Government will move most “services” to the State Governments where they can be supplied more efficiently. In 1900, the total cost of the Federal Government was under 4%. In the 1920s it was still under 4%. Then came FDR and the 1930’s and it increased to 10%. In the 1960’s under FDR it rose to 18%. It hit 22% in the Early 1980’s, but was down to 20% when Reagan left office. In the 2000’s, under Bush 43 it was between 18% and 20%, Obama with the help of a Democrat Congress took us to over 24%, and Trump averaged about 20%, until the Congress went insane last year pushing Federal Government spending to over 31% of GDP. One of the most prosperous periods in America was the 1950’s and Federal Government spending averaged about 16% which seems to be a sweat spot.
I would love to see Total Federal Government Spending at 4% again, but the commitment of Social Security makes that impossible. No one in America should have a personal tax bill over 30%, the bulk of Taxes should come from Business and Import / Export duties. That said, every Adult American needs to pay some Federal Tax. Of note is that a Democrat Congress spends significantly more than a Republican Congress.
Egalitarian equality of results for all when the dollar is toilet paper.