RandyBrian Loc: Texas

Everyone is making the assumption that if the debt limit is not raised, then the USA will go into default.
Not necessarily.
As we all KNOW, whether we will admit it or not, the Federal government (state governments, too) are bloated and immensely inefficient.
If the debt limit is NOT raised, then the USA has the option of immediately and drastically cutting expenses, or default on some (not all) of our commitments.
Now, I am not an economics expert, though I seem to know more of the basics than most of our left leaning friends, so I do not pretend to know what is the best areas to cut. But how about everyone in a political office take a temporary 20% pay cut until a balanced budget is passed? That would be a start. Another one that could be passed quickly is cut EVERY NON MILITARY budget by 10-15-20%....wh**ever amount would free up funds to pay our debts payments.
I leave the specifics to the students as a class assignment.
I will say this.....If I were Speaker McCarthy, I would NOT agree to one penny of debt limit increase until a legally binding document was signed by President Biden that by end of this year, a balanced budget will be passed NO MATTER HOW much the cutting hurts.
Because the lying, despicable, anything-goes Democrat leadership, with the willing support of the ignorant and unwise mainstream Democrat v**er, will only do what they have always done......blame the Republicans and conservatives for every piece of pain that THEY have caused the American people. So I think the best thing is to do the RIGHT thing NOW, so that Americans will see the results before they v**e in 2024.
Can you imagine how a balanced budget would force increases in government efficiencies, boost the economy, create better jobs, and boost the stock market? It might even help drive down Bidinflation.
And don't let them lie to you......a balance budget can be easily achieved WITHOUT cutting Social Security, Medicare, Medicaid, or any other social programs. Trump had the right idea....drain the swamp of unneeded redundancy, both in people AND in regulations.
Give it some thought, and if you agree, let Speaker McCarthy know how you feel.

SeaLass Loc: Western Soviet Socialist Republics

Although I'd love to fully agree with you, I can't make the math work out. Currently tax revenues are only enough to pay roughly 2/3 of current expenses (~ $4 trillion out of ~ $6 trillion) meaning that some 33% of the budget would have to be trimmed if there are no tax increases. Social security/medicare/medicaid + military spending + interest payments = ~ 80% of expenses, something would have to give and it would be painful for the general public no matter what.

RandyBrian Loc: Texas

I am having a hard time determining accurate estimates of what percentage of the USA budget is spent on purely administrative costs. I have seen estimates ranging from 13% to over 40%. It is almost as if the information was being deliberately obfuscated! Imagine that.
I see your point, though. But if you are right, then we either need to raise taxes OR go ahead and default because otherwise we will continue to just get deeper and deeper into the pit. Maybe we should bite the bullet before it becomes an artillery shell.
This is a very VERY rough estimate:
330 million people in the USA. GDP per capita about $62,000. Total government expenditures of approximately 4.829 trillion. If I did the math correctly, then it is costing each US citizen just over 23% of their income/year to finance the federal government for that year.
So, why not go to a simple flat tax for everyone making more than $12,000 per year? 20% will cover it, with the savings gained by eliminating the need for an IRS or tax attorneys. NO loop holes whatsoever. NO corporate taxes. ALL government financing eliminated except for the flat tax. NO NOTHING except minimal fees and tariffs that are needed for purposes OTHER than a revenue stream. Such fees and tariffs can be designated to support hospitals and other charitable endeavors.
The size of the government could be cut in half. Tack on an extra 5% for 10 years or so to pay off our debt, and pass an amendment MANDATING a balanced budget except in time of a declared war by Congress. In a decade or less the USA would be debt free. The flat tax percentage could then be reduced to 15% or lower due to the increase in efficiency of our government.
Please note: This is all an amalgam of information from articles I have read over the past two decades. All engineers know the concept of K.I.S.S....Keep It Super Simple, and this idea is simply applying that principle to economics and tax collection. Remember, complexity is the enemy of freedom and honesty.....it allows lawyers, politicians, and other bottom feeders to game the system. So K.I.S.S.
There are many proposals from economists similar to this one, and they delve into the details.....so far our government has ignored all of them.
The point is that politicians, from both parties, are driving our country into bankruptcy through greed, seeking power, and corruption. It can NOT go on.

American Vet

👍👍

Milosia2 Loc: Cleveland Ohio

Here’s the thing ,
The debt ceiling is separate from the
Budget .
The budget is a different discussion entirely.
McCarthy and his idiocy has been trying to twist these two separate things together .
They are separate still .
Trump created this debt by giving tax breaks to morbidly rich people who didn’t need it .
And now the many are expected to pay again for the follies of the Few morbidly rich.

joe momma

.........like yer brain and reality.......seperate from each other.....

RandyBrian Loc: Texas

No, HERE's the thing: You are, as always, full of baloney.
The debt has been there since I can remember...it was a subject of discussion in my classes on government 45 years ago, which you apparently have never attended. You can not blame it on Trump OR his tax cuts. ANYone who reads you saying this knows it is a lie.
As far as the budget and debt being "twisted together"----Good Lord, Milosia! Where have you BEEN???......the Democrats have been doing the same thing continuously for 40 years or more. It is called using leverage to get what you want politically. Republicans are not particularly ethical about doing so.....except in comparison to what the Democrats do.

SeaLass Loc: Western Soviet Socialist Republics

I do have to agree with you that politicians seem to intentionally go to great lengths to blur the distinctions between "debt", "deficit", "budget", "revenue", "expenditures" and "debt limit/ceiling" probably with the intent of confusing people. Blaming any one person or group for a problem that has taken decades to develop however is missing the point. The debt has to be paid someway someday and although there maybe several possible options they are all going to prove very painful. Instead of worrying about who dug how deep, let's figure out a way to start filling the hole back in.

RandyBrian Loc: Texas

Instead of constantly digging it deeper!