Breaching the U S debt ceiling would be a ' disaster' for Americans expert says as possible showdown looms if Republicans win midterms Article_Normal - Debtceiling HEAD TOPICS

Breaching the U S debt ceiling would be a ' disaster' for Americans expert says as possible showdown looms if Republicans win midterms

10/21/2022 5:14:00 AM

With a debt-ceiling brawl potentially looming if Republicans take Congress budget expert Maya MacGuineas says Americans would face disaster if there' s a

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With a debt-ceiling brawl potentially looming if Republicans take Congress , budget expert Maya MacGuineas answered five questions about the debt ceiling, including why there is one in the first place — and what default would mean for Americans’ money. With a debt-ceiling brawl potentially looming if Republicans take Congress , budget expert Maya MacGuineas says Americans would face disaster if there's a... Policy analysts have been predicting for weeks that the GOP taking even partial control of Congress would heighten the risk of a debt-ceiling showdown next year, and comments this week by House Minority Leader Kevin McCarthy, a California Republican, reinforced that view. Speaking to Punchbowl News, McCarthy said: “You can’t just continue down the path to keep spending and adding to the debt. “And if people want to make a debt ceiling [for a longer period of time], just like anything else, there comes a point in time where, okay, we’ll provide you more money, but you got to change your current behavior.”In One Chart: Republican edge over Democrats in one key indicator rises to 4-month high Read more:
MarketWatch » 2022 Election: After disastrous primary, Pinal County overhauls procedures ahead of midterms Just 9% of Americans think democracy is working extremely well Biden 'worried' over Ukraine aid if Republicans win US midterms After disastrous primary, Pinal County overhauls elections

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With the electric vehicle market heating up, CNN's Peter Valdes-Dapena joins 'Nightcap's' Jon Sarlin to talk how Elon Musk can keep Tesla at the top. Plus, The New York Times' Lauren Hirsch on how the proposed Kroger-Albertsons could affect your grocery bill. And does Kanye West know what he's getting with his proposed purchase of Parler? The Verge's Makena Kelly on Ye's Parler trick. To get the day's business headlines sent directly to your inbox, sign up for the Nightcap newsletter. Read more >> The debt ceiling is infinite, because the Federal Reserve has to print more money, and a capped budget doesn’t allow that. M2 to infinity We don’t buy Bitcoin We earn Bitcoin from Mining I’m ready to show 10 lucky people on how to earn 0.1BTC ($1,907.84) and more daily ! No referral No withdrawal fees Interested people only .Kindly send me a DM ... vs, when the only buyer of US Treasuries remaining is the FED... 2022 Election: After disastrous primary, Pinal County overhauls procedures ahead of midtermsPima County, where a disastrous primary season was one of the year’s biggest U.S. election debacles, has gotten on track for successful midterm voting, an expert says. SOS is a failure and a racist. Just 9% of Americans think democracy is working extremely wellRepublicans were more likely than Democrats to say U.S. democracy is not working well. “Democracy is the worst form of government – except for all the others that have been tried.” Unfortunately, the city is what the city is because the people are what the people are… 'democracy' requires a top down distribution of government power. How else can any majority impose their will on a minority? A republic, the individual remains sovereign. There is a bottom to top ceding of (specified) powers for the common good. w/t/10th Amendment honored. Biden 'worried' over Ukraine aid if Republicans win US midtermsPresident Biden expresses concern over US assistance to Ukraine in case Republicans – who are divided on how to rein in Russia – win control of one or both houses of Congress in November elections. Same people who would vote to leave NATO, like Brexit, or whatever. Those same people are raising fears of a GOP led country again. Winning a skirmish via means Demo-Styles, or Republican; I don't mind either. Whoooooo😁😁😁😁😁😁😁😁 After disastrous primary, Pinal County overhauls electionsA rural Arizona county where a disastrous primary season was one of the year’s biggest U.S. election debacles has gotten on track for successful midterm voting, an expert said Wednesday. U.S. senator to hold EV battery hearing if GOP takes controlU.S. Republican Senator Lindsey Graham on Wednesday said he will hold a hearing on electric vehicle batteries and sourcing issues if his party takes control after the November midterm elections. 👏hydrogen👏powered👏cars👏 Will he call elonmusk to testify? Look at this pathetic rep. Hate and lies are eating his soul away. You can see it in the dimness of his eyes. Hi light is almost out now... A battle over the U.midterm voting, an expert said on Oct.Since the same poll was conducted in 2020, the number of Democrats expressing confidence in democracy has increased, while the number of Republicans saying so has decreased.Biden talks to reporters while picking up a meal at a sandwich shop in Pittsburgh. S. debt ceiling is brewing if Republicans take one or both chambers of Congress in the midterm elections on Nov. "You are on the right course now," Brad Nelson, the former longtime elections chief in neighboring Pima County, told Pinal County ’s Board of Supervisors, saying that many of his recommendations had already been embraced, including adding more ways for poll workers to get help with problems. 8, analysts say, and the thought of a possible default has one budget expert warning of disastrous consequences for Americans. The big picture: Democrats and Republicans highlighted different problems facing U. Policy analysts have been predicting for weeks that the GOP taking even partial control of Congress would heighten the risk of a debt-ceiling showdown next year, and comments this week by House Minority Leader Kevin McCarthy, a California Republican, reinforced that view." Nelson, an outside consultant hired by the county to review problems and overhaul election procedures, said faulty communications was the biggest issue he found in Pinal County’s Aug. Speaking to Punchbowl News, McCarthy said: “You can’t just continue down the path to keep spending and adding to the debt. It's a lot bigger than Ukraine. “And if people want to make a debt ceiling [for a longer period of time], just like anything else, there comes a point in time where, okay, we’ll provide you more money, but you got to change your current behavior. By about 6 a. About 77% of Democrats said gerrymandering is a "major problem," while 51% of Republicans agreed.” In One Chart: Republican edge over Democrats in one key indicator rises to 4-month high Democrats blasted other comments by McCarthy — who is seeking to become House speaker if Republicans win the chamber — related to entitlement programs, but he told CNBC on Wednesday that he “never mentioned” Social Security or Medicare in relation to the debt ceiling. The statutory ceiling is roughly $31. on primary day, he said, poll workers had already made 20 calls with problems to the same number.4 trillion. Methodology: This Associated Press-NORC Center for Public Affairs Research poll was conducted Oct. Also read: Why questions are swirling about who will buy most of the U. Earlier in July, erroneous ballots that left off municipal races were mailed to 63,000 voters. "That’s not true," Biden responded. S.’s $31 trillion in debt — and at what price With the debt ceiling back in the news, MarketWatch reached out via email to Maya MacGuineas, president of the Committee for a Responsible Federal Budget, a Washington-based nonpartisan organization. The margin of sampling error is ±3. MacGuineas, a veteran budget expert, answered five questions about the debt ceiling, including why there is one in the first place — and what default would mean for Americans’ money. Americans are likely going to hear a lot about the debt ceiling in the next Congress, or before. Why is there a debt ceiling, anyway? Congress created the debt ceiling to limit federal borrowing — it is the only limit we currently have in place. In the past, many increases have also included policies or processes to improve the fiscal trajectory, but more recently in our more polarized political environment, there have been threats of default, and the attachments have increased the debt rather than decreased it. We should consider replacing or reforming the debt ceiling, but it would be unwise to just drop it without anything else to help limit our borrowing. Has using the debt ceiling to achieve policy goals in the past had any results? Yes, both good and bad. Up until 2015, debt-ceiling increases were often accompanied by deficit-reduction measures or the creation of a process for addressing excessive borrowing. The 2011 Budget Control Act raised the debt ceiling while enacting more than $900 billion of savings, largely in the form of caps on discretionary spending. However, since 2015, policymakers have opted instead to accompany increases in the debt ceiling with deficit-increasing measures — mostly increases in discretionary-spending caps. It would be desirable to return to the practice of including measures that improve the fiscal situation as part of a smooth debt-ceiling increase. (It would also be desirable for Congress to start passing budgets and acting civilly.) What are some of the consequences of default that would hurt ordinary Americans? Breaching the debt ceiling and defaulting on our debt would be a disaster. Because many interest rates throughout the economy are pegged to the interest rate on government debt TMUBMUSD10Y, 4. 238%, borrowing would become more expensive instantly for ordinary Americans, the federal government would not be able to pay any of its bills, and the global economy would likely be rocked by a U.S. default. What would happen to U.S. stocks and government bonds should the debt limit be breached? If the debt limit were breached without any further way to avoid it (such as “extraordinary measures” that have been used in the past to manage cash obligations while the government was nearing its debt ceiling), the effects would be devastating for the economy and capital markets. The government would be unable to pay its financial obligations, credit ratings agencies would likely downgrade U.S. debt, and the stock market SPX, -0.80% would tumble on news of default of the largest government in the world. When push comes to shove, do you think either party would actually allow the U.S. to default? I like to hope not and I think the risk is lower than it used to be, but behavior in Congress continues to deteriorate. The fiscal issue threatens our economy and our national security — I do hope our leaders can have a drama-free debt-ceiling increase and simultaneously put in place a process to help deal with our unsustainable debt. .