Will the debt ceiling be raised or will they default?
Apr 18, 2023 21:11:01 GMT
lucyg, Scrapper100, and 1 more like this
Post by onelasttime on Apr 18, 2023 21:11:01 GMT
I was enjoying my vacation when I saw rumblings about the debt ceiling. Apparently it needs to be done by the middle of August or the country will default on its debt. So the Republicans in the House are thinking it’s time to maybe come up with a list of demands that will hurt the average American.
President Biden has been asking McCarthy for a GOP Budget that would include what the cuts the right wants to raise the debt ceiling. McCarthy keeps saying he doesn’t know what the President is looking for. And then goes on tv using some silly credit card analogy on why cuts have to be made. The President in his State of the Union Speech effectively took the GOP’s choice for cuts of the table. That being Social Security and Medicare.
Keep in mind when trump was president the debt ceiling was raised 3 times with no conditions and trump’s tax cuts added to the debt bigly.
So after a meeting today it appears the new target for cuts is the Inflation Reduction Act that the President signed into law last August. Curious to see why this was the new target of the right I found a summary put out by The White House after President Biden signed into law…. link
My guess this part has a lot to do with why the GOP want it gone..
“MAKE THE TAX CODE FAIRER”
“The Inflation Reduction Act will make our tax code fairer by cracking down on millionaires, billionaires, and corporations that evade their obligations, and making sure the largest corporations pay their fair share. No family making less than $400,000 per year will see their taxes go up by a single cent. The Inflation Reduction Act will raise revenue by:
Going after tax dodgers, ensuring the wealthy and large corporations pay the taxes they already owe.
Cracking down on the largest profitable corporations that currently get away with paying little to no federal income tax, instituting a minimum corporate tax of 15%.
Imposing a 1% surcharge on corporate stock buybacks, to encourage businesses to invest instead of enriching CEOs or funneling profits tax-free to shareholders.
Making transformational investments in taxpayer service so that regular Americans can get their questions answered and access the credits and benefits they are entitled to.
The law’s tax reforms won’t just raise revenue to finance critically needed investments to lower costs for working families and combat climate change, they are also an important component of building an economy that rewards work rather than wealth and doesn’t let the rich and powerful get away with playing by a separate set of rules.”
&
“LOWER HEALTH CARE COSTS”
“President Biden has followed through on his promise to lower the cost of prescription drugs. The Inflation Reduction Act will protect Medicare recipients from catastrophic drug costs by phasing in a cap for out-of-pocket costs and establishing a$35 cap for a month’s supply of insulin. And, as an historic win, Medicare will be able to negotiate prices for high-cost drugs for the first time ever. For union members or family members who benefit from the Affordable Care Act, it extends health insurance premium subsidies.”
Typical of the Republicans that they want to protect the rich from paying not just their fair in taxes but pay any taxes at all at the expense of everyday Americans.
So the question of the poll is will thiscountry GOP default or raise the ceiling?
Keep in mind the GOP of today is not the GOP of even 20 years ago. This new crop, IMO, will do just about anything to make President Biden look bad regardless of the consequences to the people and the country.
President Biden has been asking McCarthy for a GOP Budget that would include what the cuts the right wants to raise the debt ceiling. McCarthy keeps saying he doesn’t know what the President is looking for. And then goes on tv using some silly credit card analogy on why cuts have to be made. The President in his State of the Union Speech effectively took the GOP’s choice for cuts of the table. That being Social Security and Medicare.
Keep in mind when trump was president the debt ceiling was raised 3 times with no conditions and trump’s tax cuts added to the debt bigly.
So after a meeting today it appears the new target for cuts is the Inflation Reduction Act that the President signed into law last August. Curious to see why this was the new target of the right I found a summary put out by The White House after President Biden signed into law…. link
My guess this part has a lot to do with why the GOP want it gone..
“MAKE THE TAX CODE FAIRER”
“The Inflation Reduction Act will make our tax code fairer by cracking down on millionaires, billionaires, and corporations that evade their obligations, and making sure the largest corporations pay their fair share. No family making less than $400,000 per year will see their taxes go up by a single cent. The Inflation Reduction Act will raise revenue by:
Going after tax dodgers, ensuring the wealthy and large corporations pay the taxes they already owe.
Cracking down on the largest profitable corporations that currently get away with paying little to no federal income tax, instituting a minimum corporate tax of 15%.
Imposing a 1% surcharge on corporate stock buybacks, to encourage businesses to invest instead of enriching CEOs or funneling profits tax-free to shareholders.
Making transformational investments in taxpayer service so that regular Americans can get their questions answered and access the credits and benefits they are entitled to.
The law’s tax reforms won’t just raise revenue to finance critically needed investments to lower costs for working families and combat climate change, they are also an important component of building an economy that rewards work rather than wealth and doesn’t let the rich and powerful get away with playing by a separate set of rules.”
&
“LOWER HEALTH CARE COSTS”
“President Biden has followed through on his promise to lower the cost of prescription drugs. The Inflation Reduction Act will protect Medicare recipients from catastrophic drug costs by phasing in a cap for out-of-pocket costs and establishing a$35 cap for a month’s supply of insulin. And, as an historic win, Medicare will be able to negotiate prices for high-cost drugs for the first time ever. For union members or family members who benefit from the Affordable Care Act, it extends health insurance premium subsidies.”
Typical of the Republicans that they want to protect the rich from paying not just their fair in taxes but pay any taxes at all at the expense of everyday Americans.
So the question of the poll is will this
Keep in mind the GOP of today is not the GOP of even 20 years ago. This new crop, IMO, will do just about anything to make President Biden look bad regardless of the consequences to the people and the country.
