Lew asks Congress for debt increase, says it’s 'not open to debate' | TigerDroppings.com

Posted byMessage
Interception
Providence Fan
Member since Nov 2008
11089 posts

Lew asks Congress for debt increase, says it’s 'not open to debate'


LINK

quote:

Treasury Secretary Jack Lew on Friday urged congressional leaders to raise the debt limit and insisted that the White House is not going to negotiate over the increase because lawmakers have "no choice."

"We will not negotiate over the debt limit," Lew wrote. "The creditworthiness of the United States is non-negotiable. The question of whether the country must pay obligations it has already incurred is not open to debate."

Lew said that while President Obama is willing to discuss plans to reduce the nation's deficit with Congress, those talks must be kept separate from any effort to raise the nation's debt cap.


quote:

Lew told lawmakers he was unsure exactly how long those measures would avoid a default, but said he was confident the government funding could last until after Labor Day.

"Nevertheless, Congress should act sooner rather than later to protect America's good credit and avoid the potentially catastrophic consequences of failing to act until it is too late," he wrote.

Lew was unable to pin down a more precise timeline for the debt limit due to a range of unpredictable factors, including the flow of tax receipts, changes in government spending due to the sequester, as well as the influx of funds from housing giants Fannie Mae and Freddie Mac.

With its finances improving as the housing market rebounds, Fannie told the Treasury earlier this month it would be making a roughly $60 billion payment in June to the government. The Treasury recoups all of the profits made by those agencies ever since they were bailed out by the government in 2008.

Lew also reiterated the administration's opposition to a plan put forward by House Republicans that they maintain would allow the government to prioritize key payments if the limit were reached. The White House has threatened to veto the measure passed by the House, and Lew called the bill "unwise, unworkable, [and] unacceptably risky."












Back to top
Share:
memphis tiger
LSU Fan
Memphis, TN
Member since Feb 2006
4232 posts

re: Lew asks Congress for debt increase, says it’s 'not open to debate'


CAn someone explain why we should care about the "debt ceiling"?

I am certainly not arguing for more deficit and more spending, but this "debt ceiling" seems to be a completely arbitrary number used for political talking points on both sides.

Id doesn't seem to have any real world meaning.






Back to top
MoreOrLes
LSU Fan
Member since Nov 2008
16552 posts

re: Lew asks Congress for debt increase, says it’s 'not open to debate'


LOL

The debt ceiling limit should not be raised. If it is i will vote for any anti incumbent.



I do not get rewarded when i hit my max credit......why should the gubbermint.






Back to top
Interception
Providence Fan
Member since Nov 2008
11089 posts

re: Lew asks Congress for debt increase, says it’s 'not open to debate'


quote:

CAn someone explain why we should care about the "debt ceiling"?


quote:

Id doesn't seem to have any real world meaning.


The downgrade of the US Credit score could cause a spike in mortgage and credit card interest rates, student loan rates, inadequate liquidity in local and state governments, and more pressure on pension plans.

ETA: Ultimately affecting corporate profits, jobs and growth



This post was edited on 5/18 at 1:02 pm


Back to top
Tigerlaff
LSU Fan
Member since Jan 2010
9661 posts
 Online 

re: Lew asks Congress for debt increase, says it’s 'not open to debate'


quote:

The downgrade of the US Credit score could cause a spike in mortgage and credit card interest rates, student loan rates, inadequate liquidity in local and state governments, and more pressure on pension plans.


We need all of this.






Back to top
GoBigOrange86
Tennessee Fan
Lowcountry, The South, USA
Member since Jun 2008
13319 posts

re: Lew asks Congress for debt increase, says it’s 'not open to debate'


quote:

“The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. government can’t pay its own bills. ... I therefore intend to oppose the effort to increase America’s debt limit.”


- Barack Obama, 2006






Back to top
themunch
LSU Fan
At home/ at work/ it's all the same
Member since Jan 2007
9239 posts
 Online 

re: Lew asks Congress for debt increase, says it’s 'not open to debate'


Mo Money





Back to top
Chrome
LSU Fan
Walker, La
Member since Nov 2007
3128 posts

re: Lew asks Congress for debt increase, says it’s 'not open to debate'


quote:

Treasury Secretary Jack Lew on Friday urged congressional leaders to raise the debt limit and insisted that the White House is not going to negotiate over the increase because lawmakers have "no choice."


Dang! Arrogance squared. Jack doesn't know jack.






Back to top
Wally Sparks
USA Fan
Atlanta
Member since Feb 2013
7131 posts

re: Lew asks Congress for debt increase, says it’s 'not open to debate'


quote:

The creditworthiness of the United States


Should be junk status at this point.






Back to top
NC_Tigah
LSU Fan
Member since Sep 2003
50521 posts

re: Lew asks Congress for debt increase, says it’s 'not open to debate'


quote:

Treasury Secretary Jack Lew on Friday urged congressional leaders to raise the debt limit and insisted that the White House is not going to negotiate over the increase because lawmakers have "no choice."
quote:

Lew also reiterated the administration's opposition to a plan put forward by House Republicans that they maintain would allow the government to prioritize key payments if the limit were reached. The White House has threatened to veto the measure passed by the House, and Lew called the bill "unwise, unworkable, [and] unacceptably risky."
Sounds like . . . the nitwit is . . . negotiating.






Back to top
Taxing Authority
LSU Fan
Houston
Member since Feb 2010
22098 posts
 Online 

re: Lew asks Congress for debt increase, says it’s 'not open to debate'


quote:

'not open to debate'
The only people afraid of debate, are those that know their position will not survive it.






Back to top
gatorrocks
Florida Fan
Lake Mary, FL
Member since Oct 2007
8565 posts

re: Lew asks Congress for debt increase, says it’s 'not open to debate'


Yep. If you don't want to debate it means you're afraid to lose the debate when people smarter than you (and there are MANY smarter than Lew) will show that your plan is complete shite.

My prediction? Congress will tell him to go frick himself... And it won't be up for debate.



This post was edited on 5/18 at 2:40 pm


Back to top
Tiger n Miami AU83
Auburn Fan
Miami
Member since Oct 2007
33697 posts

re: Lew asks Congress for debt increase, says it’s 'not open to debate'


quote:

quote:


The downgrade of the US Credit score could cause a spike in mortgage and credit card interest rates, student loan rates, inadequate liquidity in local and state governments, and more pressure on pension plans.




We need all of this.


Yeah, great idea. Definitely need.

Sorta funny this board often says we shouldn't raise the debt limit and acts like we have a choice. Sorta comical actually.

Here is a clue, the debt limit will be raised and Lew is exactly right. It is not negotiable.






Back to top
GoBigOrange86
Tennessee Fan
Lowcountry, The South, USA
Member since Jun 2008
13319 posts

re: Lew asks Congress for debt increase, says it’s 'not open to debate'


quote:

Yeah, great idea. Definitely need.


By all means, let's continue to duct tape and slap band-aids on the problem.






Back to top
Tiger n Miami AU83
Auburn Fan
Miami
Member since Oct 2007
33697 posts

re: Lew asks Congress for debt increase, says it’s 'not open to debate'


quote:

By all means, let's continue to duct tape and slap band-aids on the problem.


Not for that.

I am for the GOP to get real about tax increases. They are going to happen. And no, the tiny increase on those making over $400k is not the end of it. The GOP needs to go ahead and accept the obvious.

#2, the Dems need to put entitlements on the table, period. They need to come to grips with reality as well.

Arguing about whether we will or should increase the debt limit is a joke. We have no choice as Lew stated.






Back to top
GoBigOrange86
Tennessee Fan
Lowcountry, The South, USA
Member since Jun 2008
13319 posts

re: Lew asks Congress for debt increase, says it’s 'not open to debate'


quote:

I am for the GOP to get real about tax increases. They are going to happen. And no, the tiny increase on those making over $400k is not the end of it. The GOP needs to go ahead and accept the obvious.


If we're going to raise taxes, we need to raise them on everyone. A flat tax + the elimination of the IRS would be a good start.

quote:

#2, the Dems need to put entitlements on the table, period. They need to come to grips with reality as well.


Agreed.

quote:

Arguing about whether we will or should increase the debt limit is a joke. We have no choice as Lew stated.


I think you and I are probably in more agreement than disagreement on a lot of things. It's time to stop dancing around the real issues and make the hard choices. It's going to hurt. It's not going to be pleasant. But it's absolutely necessary.

We can continue pumping morphine, or we can start chemotherapy.






Back to top
Tigerlaff
LSU Fan
Member since Jan 2010
9661 posts
 Online 

re: Lew asks Congress for debt increase, says it’s 'not open to debate'


quote:

I am for the GOP to get real about tax increases. They are going to happen. And no, the tiny increase on those making over $400k is not the end of it. The GOP needs to go ahead and accept the obvious.


Yeah, frick that. Americans pay too much in taxes.






Back to top
Tiger n Miami AU83
Auburn Fan
Miami
Member since Oct 2007
33697 posts

re: Lew asks Congress for debt increase, says it’s 'not open to debate'


quote:

If we're going to raise taxes, we need to raise them on everyone.


Agree. And people that make less than $10k or $15k or whatever and pay nothing need to start paying something, period. Everyone needs to share the pain until it is fixed. The pain is coming one way or another. Only stupid people would rather suffer a LOT later rather than a little more now.

quote:

A flat tax + the elimination of the IRS would be a good start.


I'll just disagree here. A flat tax will never happen in the U.S.

quote:

It's time to stop dancing around the real issues and make the hard choices. It's going to hurt. It's not going to be pleasant. But it's absolutely necessary.


That has always been my point. Suffer now, get it over with, move on.

The debt ceiling arguement is just ignorant and annoying. Everyone with any sense knows it must and will be raised, period.






Back to top
Wally Sparks
USA Fan
Atlanta
Member since Feb 2013
7131 posts

re: Lew asks Congress for debt increase, says it’s 'not open to debate'


quote:

Agree. And people that make less than $10k or $15k or whatever and pay nothing need to start paying something, period. Everyone needs to share the pain until it is fixed. The pain is coming one way or another. Only stupid people would rather suffer a LOT later rather than a little more now.


Elimination of the EITC would be a big step in the right direction.

quote:

I'll just disagree here. A flat tax will never happen in the U.S.

More likely is having 2-3 brackets max with few deductions.






Back to top
Tiger n Miami AU83
Auburn Fan
Miami
Member since Oct 2007
33697 posts

re: Lew asks Congress for debt increase, says it’s 'not open to debate'


quote:

Elimination of the EITC would be a big step in the right direction.


Totally agree. Most annoying credit there is IMO.






Back to top


Back to top




//