This should be the biggest story of next week

[louis c]

I have posted before about Democratic messaging as the Republicans tout their tax scam.

Next week the United States Treasury runs out of money earlier than expected, requiring a vote to raise the debt ceiling. This action is necessary due to the tax cut scam last year.

The deficit has increased from just over $500 billion last year, to a $Trillion this year. Nearly every economist attributes this situation to the tax cuts. When we poll the American public, who seem giddy over a $25 a week pay raise, we should ask them if they think that $25 is worth increasing the deficit from $500 billion to a $Trillion this year. Few, if any American; Republican, Democrat or Independent would think that's a good idea.

I haven't heard anything from our elected officials on the debt ceiling increase. That debate on the floor of the House and the Senate is a teed up soft ball for our side to excoriate President* Trump and the Republicans about the fiscal irresponsibility for a doubling of the deficit, when there is no economic urgency.

I really want to hear our side drive this point home, and the platform is laid out for us.

<snip>The U.S. government’s cash reserves are expected to run out faster than expected, the Congressional Budget Office said Wednesday, a result of lost revenue from last year’s tax cut law.

If the debt ceiling isn’t raised by the first half of March, CBO said, “the government would be unable to pay its obligations fully, and it would delay making payments for its activities, default on its debt obligations, or both.”

The White House and GOP leaders in Congress have repeatedly punted decisions on how to deal with the debt ceiling. This is in sharp contrast to the approach Republicans took during the Obama administration, when the GOP insisted on deep spending cuts in exchange for any vote to raise the debt ceiling.<snip>

Link:
https://www.washingtonpost.com/news/business/wp/2018/01/31/federal-debt-limit-deadline-moved-up-to-mid-march-adding-urgency-to-another-congressional-task/?utm_term=.fa1ee466ec6a

[still_one]

1. I don't know if the Democrats are out on front of this or not, because much of our press decides

what to highlight or not, but the OPs point in general is right on. The Democrats should definitely make this an issue as the deficit and shortfall become evident when they will need to vote on raising the debt ceiling to support this tax cut

[Progressive dog]

2. That's been the Republican game plan

since Reagan. The idea is to bankrupt the government sell it off to private interests.

[louis c]

3. that's why we need a Democratic Congress

That talking point is tipped on its head if we can keep driving home the deficit and debt is a result of an unneeded tax cut.

[Bayard]

4. Most people out there

Don't understand or care about the national debt, and debt ceilings. A trillion dollars is not a concrete concept for them. As long as they got their's, that's all that matters.

[not fooled]

10. Although

a lot of low-information faux bot puke voters seem to think the Federal government should be managed the same way as a family budget, i.e. "don't spend more than you earn." That's ignorant on its face but nevertheless they should be aware that the reason the U.S. is mysteriously "earning" less now is the puke tax scam.


And, OP, that's an excellent point. The snooze media will, however, no doubt by and large completely miss it and focus on some shiny object such as the none-es memo.

[MyOwnPeace]

11. I agree!

They'd rather be sure that everybody, including _______________ (pick whatever group you hate and insert here) is standing for the National Anthem and has their hand over their heart. THAT'S what gonna' make America great again.........................

[Pepsidog]

13. True, the public is unfortunately woefully ignorant on so many issues. The dumbing down of America.

It is not entirely the fault of the average Joe or Jill. The vast majority of Americans at all levels of income struggle to make ends meet. Working long hours leaves little time for current events. It’s not like when I was young when we all sat down to dinner at 6:00 and the local news was playing. It’s the enslavement of the American public while the aristocracy gets richer and richer. The greatest generation was followed by saddest generation. I weap for our country and hope for change.

[lindysalsagal]

5. Give the gop all the power: Watch how badly they govern.

We're broke.

[spanone]

6. K&R...

[left-of-center2012]

7. Trump likes to claim credit for everything

This should be named "the Trump deficit".

[FailureToCommunicate]

8. Budgets by Dems vs GOP? Let's review...

[smirkymonkey]

14. K&R

[ffr]

9. Deficits are deferred taxes. We have to pay them some time.

Conservatives always side with paying them later, because in the long run we're all dead, so why worry about today's deficits? Is that any way to run your country?

FUCK THE GOP! LOCK THEM UP!

[Duppers]

12. Watch, it'll be their excuse to cut "Entitlements"

That is the theives' goal.

They have hated and opposed any programs that have helped lower and medium income/middle class folks since the days of FDR.

[TomSlick]

15. It's not an excuse. It was the goal all along.

Ryan said at the time it was the goal. It may be happening sooner than they expected but it was the plan all along.

[Duppers]

17. I realize that but they need a "cover"

So the empty-headed, low-info voters will go along. Deficits don't mean horsehockey to them unless their masters at Faux say so.

[onenote]

16. The debt ceiling does not need to be raised next week

You are confusing the government spending bill and the debt ceiling.

The short term spending extension expires Feb 8 per the legislation passed by Congress. That is different than the debt ceiling.

As the article you linked to makes quite clear, it was expected that the debt ceiling would be reached in late March/early April, but because of the reduced revenues from the tax cuts, it is now anticipated that it will be reached in early March.

So, the debt ceiling doesn't need to be raised next week.

[louis c]

18. Country Running Out of Money Sooner Than Expected WP

It actually has been moved up to early March, but, according to the Washington Post, the revenue shortfall could make it even earlier than that.

It certainly is an issue that should be discussed with the budget and DACA.


https://www.washingtonpost.com/news/business/wp/2018/01/31/federal-debt-limit-deadline-moved-up-to-mid-march-adding-urgency-to-another-congressional-task/?utm_term=.7bdb401e7934

<snip>The U.S. government’s cash reserves are expected to run out faster than expected, the Congressional Budget Office said Wednesday, a result of lost revenue from last year’s tax cut law.

If the debt ceiling isn’t raised by the first half of March, CBO said, “the government would be unable to pay its obligations fully, and it would delay making payments for its activities, default on its debt obligations, or both.”<snip>

[onenote]

19. You are misreading the article

The CBO originally thought the debt ceiling wouldn't be reached until late March or early April: "CBO, a budget watchdog arm of Congress, had previously estimated that the government would be able to fund operations until late March or early April, but it said its new projections on the impact of the tax law forced it to make adjustments."

The "moving up" of the date referred to in the article is the CBO's forecast that it could be early March -- the line you ate about "earlier than that" is a reference to that later forecast not to some forecast that it will be sooner than early March.

So, again, the statement in your OP that "Next week the United States Treasury runs out of money earlier than expected, requiring a vote to raise the debt ceiling" is simply untrue.