Moneymoney

Thu Feb 28, 2019, 01:12 PM

Default Not An Option

Powell told Congress the United States should take its national debt situation very seriously. He said not raising the debt ceiling and failing to meet America’s financial obligations should not even be considered.

“It's beyond even consideration. The idea that the U.S. would not honor all of its obligations and pay them when due is something that can't even be considered," Powell said.

If Congress does not act to raise the debt ceiling once again before March 2, the potential for the U.S. to default on its debts will once again come into play.

https://finance.yahoo.com/news/fed-chair-powell-prepared-adjust-200106417.html

2 replies, 80 views

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Reply Default Not An Option (Original post)
uncledad Feb 28 OP
quad489 Feb 28 #1
uncledad Feb 28 #2

Response to uncledad (Original post)

Thu Feb 28, 2019, 01:17 PM

1. Why is Pelosi not wanting to raise the debt ceiling?

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Response to quad489 (Reply #1)

Thu Feb 28, 2019, 01:40 PM

2. House Democrats Try to Ease Threat of Battle Over Debt Ceiling

House Democrats are moving to make good on Nancy Pelosi’s promise not to use the nation’s debt ceiling as a political weapon to avoid jeopardizing the U.S. credit rating.

As they take power Thursday and elevate Pelosi to speaker, Democrats plan to pass a rule stating that if the House adopts a budget plan for the next fiscal year, the debt ceiling would automatically be increased. But that would eliminate only one hurdle to raising the debt limit -- the GOP-controlled Senate and President Donald Trump also would have to agree.

The House had a similar rule for 31 years until House Republicans repealed it in 2011, ahead of that year’s crisis in which House Republicans tried to force Obama to accept spending cuts in exchange for raising the debt ceiling. According to the nonpartisan Congressional Research Service, the House used the rule 20 times to pass a debt ceiling boost, resulting in 15 increases enacted into law.

https://www.bloomberg.com/news/articles/2019-01-02/house-democrats-try-to-ease-threat-of-battle-over-debt-ceiling

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