Debt Ceiling (1 Viewer)

[Lapaz]

It is crazy that we may not raise the debt ceiling. It will destroy the economy. Does anyone think Republicans are justified? If so, explain why and let’s discuss it.

The Potential Economic Impacts of Various Debt Ceiling Scenarios | CEA | The White House

New White House analysis finds that if the U.S. government were to breach the debt ceiling, the economy could potentially lose millions of jobs.

www.whitehouse.gov

 

[Optimus Prime]

there was an interview on CNN before the deal was agreed to and said how sad it was that one side or the other can't do what they want through normal political means so they take the nation hostage during debt ceiling talks to get what they want.

Then she paused and said something like 'well, it's always one side and not the other'

 

[Optimus Prime]

President Biden’s capacity to overperform after an onslaught of negative press and Democratic hand-wringing is second to none. He did it with the Inflation Reduction Act, the Bipartisan Infrastructure Law, NATO solidification and expansion, and now with the debt ceiling deal. It’s hard to conceive of an outcome more favorable to Biden.

Recall where this began: the Republican House Freedom Caucus making promises such as repealing much of the Inflation Reduction Act (including eliminating $80 billion in new funds for the Internal Revenue Service), capping nondefense spending at fiscal 2022 levels for a decade and blocking Biden’s $400 billion proposed student debt relief. None of that happened.

When factoring in agreed-upon appropriations adjustments, the deal holds nondefense spending essentially flat in fiscal 2024 and increases it by 1 percent in fiscal 2025. According to White House aides, that’s a better outcome than a straight continuing resolution.

As for blocking $80 billion in new IRS funding — an expenditure Republicans had basically characterized as helping enlist an army of jackbooted thugs to knock down your door — the deal would repurpose $10 billion from fiscal 2024 and another $10 billion from fiscal 2025 appropriations, to be used in nondefense areas (further lessening the blow to nondefense discretionary programs).

But the IRS reportedly will have discretion to shift spending in the funding’s 10-year window so that the deal has little near-term impact. A decade from now, the country will have a new president, a new Congress and almost certainly a new budget framework.

To sum up: Biden brushed back the litany of outrageous demands, kept his spending agenda and tax increases intact and got his two-year debt limit increase. And in making a deal with House Speaker Kevin McCarthy (R-Calif.), Biden helps stoke dissension on the GOP side as the extreme MAGA wing denounces the agreement.


During the process, Democrats, as they frequently do, confused PR with substance. They fretted that McCarthy was getting more and better media coverage. They worried Biden was giving in to Freedom Caucus demands. Biden and his team understood something they did not: The momentary spin McCarthy produced is irrelevant. His right-wing crazies still hate the deal; Democrats still get the deal they wanted all along. Biden — like a prosecutor who lets his filings do the talking — lets his deals do the talking.

Moreover, Biden could not very well run to the press to tell them McCarthy wasn’t getting much of anything. The “play” here was to allow McCarthy to spin his way out of the corner that he and the Freedom Caucus had painted themselves into. Letting McCarthy boast that his great achievement was “getting Biden to negotiate” was a small price to pay for avoiding economic catastrophe and landing the best deal one could hope for in divided government.

The media coverage both during the process and after predictably took the frame of horse-race politics. Who won? Who lost? It’s hard to avoid the conclusion that Biden got a far better deal than the media expected or gave him credit for..............

https://www.washingtonpost.com/opinions/2023/05/30/biden-debt-limit-deal-making-skill/?utm_campaign=wp_post_most&utm_medium=email&utm_source=newsletter&wpisrc=nl_most&carta-url=https%3A%2F%2Fs2.washingtonpost.com%2Fcar-ln-tr%2F3a284cc%2F64761e9149fef7411dfab0b3%2F59813061ae7e8a6816fb1940%2F17%2F70%2F64761e9149fef7411dfab0b3

 

[UriUT]

The MSM has not been very accommodating to his successes. Barely any mention of inflation. Jobs a blip. Not to mention, the US has fared well recovering from covid compared to other developed countries.

I forget where or who made this quote: "We don't cover planes landing. We cover when they crash".

Manufacturing investment boon?

Manufacturing companies ramp up commitments under Biden "industrial revolution"

Manufacturing is a huge part of Biden's reelection message.

www.axios.com

Manufacturing flip-flop

U.S. manufacturing growth outpaced the rest of the world for the first time in recent memory.

www.axios.com

American manufacturing growth started outpacing the rest of the world's growth at the end of last year — for the first time in recent memory.

The big picture: The reasons for the surprising flip-flop are primarily energy and COVID-related, according to the Atlantic Council GeoEconomics Center.

• Production of renewable energy equipment saw a big uptick in the U.S. last year, and oil exports soared, too.
• Also: Domestic production of medical equipment like masks, gloves and pharmaceuticals grew.

 

[UriUT]

Not that Biden will get credit for this in a very red state. CHIPS act ftw? Remember how McConnell tried to play politics with that bill?

Ohio: Gaining New Ground With Capital Investment

In 2022, Ohio attracted the most corporate investment since JobsOhio, its independent nonprofit economic development corporation, was formed.

businessfacilities.com

Ohio kicked off 2022 by landing the largest economic development deal in state history—Intel’s commitment of $20 billion to build the Silicon Heartland in Ohio. Intel is actively building its state-of-the-art manufacturing campus on 1,000 acres in Central Ohio. The announcement drew global headlines for its size and because it will be the first semiconductor manufacturing facility ever built in Ohio and the first new build in the U.S. in 40 years.

 

[MT15]

The US economy is so strong right now. China just got a down financial report, and our inflation situation seems to be a lot better than Europe. The president often gets blamed for a down economy - more blame than they should, maybe, but it only seems fair to balance it out when things go well economically.

 

[CoolBrees]

My only real complaint with Biden is how poor his PR department is.

He should be spiking footballs daily with all his wins. Instead, the narrative is controlled by the right and they debate if tripping over a sandbag means he has dementia.

 

[GrandAdmiral]

My only real complaint with Biden is how poor his PR department is.

He should be spiking footballs daily with all his wins. Instead, the narrative is controlled by the right and they debate if tripping over a sandbag means he has dementia.

Because he wants bi-partisanship...

Whatever.

 

[Optimus Prime]

My only real complaint with Biden is how poor his PR department is.

He should be spiking footballs daily with all his wins. Instead, the narrative is controlled by the right and they debate if tripping over a sandbag means he has dementia.

That democratic messaging machine at work

do a thing and then move on to the next thing

i‘m all for a “get it done” attitude but sometimes you need to make sure people know what you did

 

[DJ1BigTymer]

That democratic messaging machine at work

do a thing and then move on to the next thing

i‘m all for a “get it done” attitude but sometimes you need to make sure people know what you did

Especially since their opposition are fixated on imaginary slights and one manufactured crises after another.

 

[Taurus]

My only real complaint with Biden is how poor his PR department is.

He should be spiking footballs daily with all his wins. Instead, the narrative is controlled by the right and they debate if tripping over a sandbag means he has dementia.

The "liberal media" is a lie. If they were truly liberal, you'd be hearing about these successes day and night and DJT would've gotten the Ron Paul treatment in 2015.