SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Politics : Formerly About Advanced Micro Devices
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: Bill who wrote (1403921)5/24/2023 11:28:59 AM
From: Wharf Rat1 Recommendation

Recommended By
pocotrader

  Read Replies (1) of 1578499
 
"You said repubs don't want to honor existing debt. "
They don't want to honor existing debt which is above the limit.

--

"All repubs are committed to paying the existing debt that exists under the existing debt limit."

No, they aren't. We've already authorized the spending, but they won't let us borrow additional money to pay the bills.

What is the national debt?

The national debt is the total amount of outstanding borrowings by the U.S. Federal government, accumulated over our history. The Federal government needs to borrow money to pay its bills when its ongoing operations cannot be funded by Federal revenues alone. When this happens, the U.S. Treasury Department creates and sells securities. These securities are the debt owed by the Federal government. There are many different types of Treasury debt; bills, notes, and bonds are the most common ones. The various types of debt differ primarily in when they mature—ranging from a few days to 30 years—and in how much interest they pay. The United States has not run an annual surplus since 2001, and has thus borrowed to fund government operations every year since then.

What is the debt limit?

The debt limit is a ceiling imposed by Congress on the amount of debt that the U.S. Federal government can have outstanding. This limit has been set at $28.4 trillion since August 1st, 2021.

It is also important to note that the debt limit is not a forward-looking budgeting tool that reveals what policymakers think are ideal levels of spending and revenue. Rather, it reflects the spending and revenue decisions debated and enacted in prior years by prior Congresses and Administrations; in fact, 97 percent of the current national debt stems from policy choices made before the Biden Administration took office in January 2021—choices made by both parties on their own and in a bipartisan fashion. The debt limit is the amount that the U.S. Treasury can borrow to pay the bills that have become due based on these prior policy decisions.

whitehouse.gov
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News