296 Comments

I have commented several times in recent days on the debt calumny that Heather so chillingly describes. Over the past generation the Republicans—Newt Gingrich, Mitch McConnell, and Donald Trump—have six times pushed the country into temporary financial closure and employed the raising of the debt limit as their shibboleth. This is the height of fiscal irresponsibility. A temporary financial shutting down of government would abruptly suspend virtually all payments, including Social Security, FEMA, compensation for vital employees, and more. Refusal to expand the debt limit to permit payment for expenditures already authorized by Congress is nihilism to the highest degree.

At one time I was responsible for rating the credit of debt issued by sovereign states and corporations worldwide. Debt default (technically the non-payment of interest or principal on the promised date) is a most serious matter. A few years ago Standard and Poors dropped the credit rating of the U. S. Government below it’s top (AAA) level because of it’s concern about the ‘full faith and credit’on the U. S. Government.

Mitch McConnell is playing a game of chicken with the finances of the U. S. Government. In such an event, it is possible for the Democrats to prevent debt default unilaterally. This may ultimately be necessary, but McConnell’s irresponsibly partisan gun-to-head approach is simply further evidence that he and his sycophants are playing Russian roulette with the financial credibility of the United States. Trump has boasted of six major bankruptcies in which he stiffed his banks and investors and siphoned off major tax credits for himself. McConnell is following in the footsteps of his master.

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I was thinking that the Republicans are taking a page out of Trump’s playbook by refusing to pass debt ceiling legislation. They have always been such liars about spending. Forget calling them disingenuous; they LIE about spending. 1) When in power the R’s cut taxes but continue to spend money as though the revenue stream were the same. Such action is tantamount to quitting your job and going on a spending spree. 2) When

Democrats are in power, they have to raise taxes and spend money to fix all the things the Republicans broke.

3) Republicans are not the fiscally responsible party they claim to be. For crying out loud, they voted to NOT ENFORCE tax laws on the books to hold wealthy tax cheats accountable.

The list is endless.

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The rethuglicans lie about EVERYTHING!

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They have followed the Jude Wanniski and the Two Santa Clauses theory to sell supply-side economics. https://www.commondreams.org/views/2009/01/26/two-santa-clauses-or-how-republican-party-has-conned-america-thirty-years

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Where are the voices of corporate America, who have a vested interest in Republican default and debt ceiling? Are they okay with this Russian roulette?

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No. They just want to have their cake and eat it to. Get political advantage that McConnell is risking the country for, count on President Biden’s admin and Dems to keep govt running and deal with debt ceiling later because the Dems will and not put the country at risk, benefit from the investment spending tremendously that the infrastructure bills actually represent, make a shitload more money, and then pay higher rate of tax grudgingly because of the “spendthrift irresponsible Dems” until they can get next administration in to cut the tax again. So they can make more money.

That’s the way of greed. Play every angle to advantage. No side except the money side.

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Republicans are the real irresponsible spendthrifts.

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Ellie I once was part of the corporate world. With rare exceptions (Merck has been one, several Atlanta-based corporations were obliged to take a stand on an issue), corporations are monoliths who are focused on profit , not public policy. Of course they do support policies that support their bottom line and, to this end support lobbyists and friendly members of Congress. The reality is, if they take a stand on a controversial issue, they risk a boycott from an aggrieved group. They have been corporate boycotts of some cities or states on a specific issue—ie. Georgia had such an issue. Also, some corporations stopped booking into Trump properties.

Simply watch corporate stances on increased taxes. They love the Trump tax giveaways in 2017 and want no tightening. The idea that 35 of the Fortune 500 not paying federal income tax is Jim dandy for them. There is an Arab saying: ‘Never mind his eyes, my dear, watch his hands.”

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"With rare exceptions (Merck has been one, several Atlanta-based corporations were obliged to take a stand on an issue), corporations are monoliths who are focused on profit , not public policy."

Professor, I need to differ.

I worked on several major pieces of legislation for Citibank. Wrote the policy.

30 years on Wall Street showed me how it's done.

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No doubt legislation that pads their bottom line. Don’t their lobbyists help write bills that affect them? Typical fox guarding the hen house.

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We wrote the Regulations and our attorneys wrote the Tax Laws.

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I hope to hear from you this morning.

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Plato wrote:

"No one is more hated than he who speaks the truth."

I know how he felt.

But he did have a way more pleasant demise than his teacher.

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NmR, Because you LIKE Truth, here's the truth of it:

Socrates, condemned to death for corrupting the young, drank hemlock amongst his friends as described in Plato's Phaedo (399 BCE).

Plato either died while being serenaded by a Thracian flute-playing girl, at a wedding feast, or in his sleep. (348 BCE)

As I mentioned, I know how Plato felt.

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q.v., the stock market

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Keith, thank you for posting early this morning. Your financial experience including sovereign debt related matters & countermeasures will be very important through the end of this month & into October. Keep us posted (no pun intended).

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I heartily concur. Financial expertise in this matter is a welcome contribution (coming from someone who walks through the world where numbers do not make sense.)

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Ally I have long walked through the world of numbers which, in recent years, make less and less sense. A 10-K, back in my heyday, provided a clear indication of a corporation’s financial condition. Now with ‘good will’ and other suspect ‘assets,’ I no longer bother to read those suckers. Ditto with our national debt, a goodly portion of which we owe to ourselves. Have you ever tried to figure out the Pentagon budget? It it a maze that would gobsmack a CPA. I am reminded of the cartoon: “Numbers are very confusing.”

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"Ditto with our national debt, a goodly portion of which we owe to ourselves."

Borrowed from the Social Security Fund.

George Carlin was the expert.

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"A 10-K" is no better than an Annual Report.

Pure propaganda.

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Can you explain how the Dems can avoid debt default unilaterally? Thanks

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Doreen There is a legislative machination that McConnell accepts and highlights that would permit the Dems to expand the debt limit without Republican acquiescence. This would re-enforce McConnell’s specious argument that expanding the debt limit would principally support the Dem’s grandiose infrastructure plans. In fact it covers past expenditures approved by congressional appropriations AND the physical infrastructure bill already approved by the Senate (about $560 billion over the years in new spending.)

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I worry about the Repugnican's long game. They are giving the Democrats every reason to end the filibuster. People are clamoring for just that, and it will seem a perfectly justified action if done. But what have the Repugs up their sleeve? I wonder.

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No doubt Rs would run roughshod over us without the filibuster when they’re back in power. But, then it would be clear to all who is responsible for their legislation. Time to let each majority party show what they have to offer and let voters decide what they want.

The filibuster only obscures who stands for what and keeps us at a stalemate.

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Of course we would have the potential of loading McConnell’s shot gun, were the Republicans to win the Senate and House [a prediction that. I am NOT making] and beyond. My hope is that they can nibble at the filibuster to get the John Lewis voting bill passed.

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I have no doubt that as soon as the Rs have the Senate majority, they will end the filibuster and do whatever they want for their donors. We can’t waste this opportunity.

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If the Senate filibuster if ended or curtailed by the Democrats, were McConnell to again become Senate Majority leader in 2022 or 2024, he would utilize the 50+ non-filibuster Senate like the bandit that he is. That is one reason why the 2022 election is so important.

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And I believe that's the reason for Biden's hesitancy to end the filibuster.

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It's time for Democrat and Independent lawmakers to wake up; no reading between the lines necessary as McConnell is doing exactly what he promised to do. Solution? Double down in the best possible way. More carve outs for the filibuster on voting rights. Pass the necessary funding bills quickly by whatever means available. Take complete ownership of the Biden economic agenda now. The real risk is delay. The country needs time to see and experience the positive effects of the Biden agenda prior to November 2022. The time for hope and hand wringing is past. Delay gives Republicans more time to foment the chaos they believe will help them achieve their reactionary, discriminatory agenda.

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I agree. It does not matter what democrats do and how they act in this moment. Republicans will howl regardless and it will do nothing to change the outcome of 2022. Do what you can now and let the chips fall where they may. This would take a tremendous amount of bravery on all sides of the democratic party. It makes me wonder if they would actually win some points with some voters for going for it.

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Exactly

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Yes! It's now or never.

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When McTurtleneck claims that "the Dems hold all the power", I laugh. Just another BIG LIE. The dems may be in the WH and have a slim majority in the House, the Senate rethuglicans, led by dear Mitch, hold the power. Each day I hate this man more and more (and I don't like the feeling of hatred). It's time for the dems to shoot out his platform and send him to the raging common folk who dislike him as much as I do. It's time for the Dems to take control and be the grown-ups in the room. Change the filibuster and get the infrastructure and voting bills passed. Come-on folks!

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It almost seems like the establishment democrats don’t want to pass these measures even themselves. They make a lot of noise about these different bills, but when it comes time to act they just drag their feet, hoping that nothing happens while making noise about the measure.

Like, they beat the drums about it, but when it comes right down to it , they hope it dies of the filibuster or other means, and if you will notice, it’s the establishment dems that are doing it!!!

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Hate to say this, but maybe? its time for a new head of the Dems "power". This foot dragging when it comes down to the wire seems to happen more & more.

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Long past time to seize the day!!

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Well said and totally agree. Unfortunately, the Dems in power seem powerless and impotent. What's actually holding them back? Manchin? Nonsense! Get rid of the filibuster and move on with budget reconciliation and whatever procedures that get the job done.

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There is no getting rid of the filibuster without Manchin and Sinema. It requires 50+1 Democratic votes to get rid of it.

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Thank you for this reality check. All of the above comments are correct in spirit but don't take into account Manchin and Sinema. Of the two, Sinema is proving to be the most loathsome.

Does everyone remember that over-the-moon feeling when Democrats won control of the Senate with the two victories in Georgia? Finally, all good things seemed possible. Then, drip by drip came the truth. Manchin and Sinema revealed themselves to be Republican wolves in sheeps' clothing. Which mean McConnell still had the power.

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Are some Dems holding themselves in check because of mega donors? Unsavory alliances? Secret deals?

Please tell me absolutely not.

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Follow the money!! The Democratic centrists/corporatists are up to their eyeballs in unsavory alliances.

We should all be talking about this more. Given the system and given how important money is to winning, and given how hard it is to get enough moolah from people like me, most politicians from both parties are forced to fundraise for maximum return - a.k.a. hit up the wealthy often and hard. Of course, the wealthy know the system and in a real way, they created the system to make sure the politicians are beholden to them. When for example, oil companies or coal companies stand to make billions from decisions made by lawmakers, you can bet they are glad to fund campaigns to the tune of millions.

The Build Back Better legislation is going to hit the wealthy in their pocketbook. Solution? Pay off a couple of Democrats to kill the bill. Wash, rinse, repeat.

Most people don't trust politicians. Is there any wonder why?

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Don!!! Youre supposed to rell me “absolutely not”!!!!

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It appears true of Sinema, at least. And Manchin has interests in Coal.

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I have had to give up not hating certain people thanks to death star donny and the grim reaper. No Rs who goes along with this crap can call themselves patriots despite all the flag waving and complaints about the anthem and the pledge. That McCon would be willing to destroy the country and the well being of millions, economic and otherwise, speaks to how loathsome he is.

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Loathsome doesn't begin to describe this being. (Can't call him human because he doesn't have a human bone in his body!"

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He may have some bones (for example, in his head), but I'll warrant he lacks a spine, and he's missing a heart.

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I am running out of words.

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Hate is pointless. Remove him by whatever means necessary and move on with making America great for the first time.

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Usually I do not waste my energy on hate, but these two invoke a visceral hatred. We do what we can by donating and voting. I know lots of people who are not comfortable with hating people, but acknowledge that some people are so awful that they cannot help it. The hatred does spur people on to action as well. It's not either/or.

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Sep 28, 2021
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Maybe blame, not hate. All obstructionist politicians are enabled by voters. Finding a strategy that opens their eyes and exposes the damage done to democracy - that's the challenge.

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Ever since July, McConnell has been saying loud and clear that since the Democrats hold all the power, they have all the tools needed to deal with these issues. Schumer and Pelosi and Biden ignored his warning , even after seeing how McConnell outplayed the Democrats on the Supreme Court nominations.

The Democrats sit around the campfire singing Kumbaya and making S’mores while McConnell torches the forest.

Wake up, Dems. This is no surprise. It’s classic McConnell hardball. He will not cave. Not going to happen.

Stop whining and do what has to be done.

Day by day a big loss during midterms is looking more likely.

It’s now or never with the Biden agenda.

Now or never.

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It is disingenuous for McConnell to say that Democrats hold all the power. If they did, he could not be threatening the way he is doing. The filibuster is still in place.

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You said a mouthful, “ the filibuster is still in place “ , and they aren’t doing away with it because it is key to stopping good progressive legislation. They .

make a lot of noise about all of these measures, and even support them to a point, and then rely on the filibuster to stop it .

Politics by stalemate!!.,

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Sad but true

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Reconciliation avoids the filibuster. That’s the Dems way out.

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It should not have to be. Time to get rid of the filibuster so that a majority vote can prevail.

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But if they use reconciliation to raise the debt ceiling, they can’t use use it for infrastructure this year. McConnell keeps playing chess while Democrats are playing checkers and pretending we’re all on the same side.

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Raise the Debt Ceiling and Democrats look good.

Let the Republicans kill Infrastructures\ with a slow, painful death. Republicans look bad.

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You still have Manchin and Sinema. She’s worse than him because she’s skipping around collecting high dollar donors and refusing anything that would make thing work. Arizona Democrat party has said if she does get voting rights and bogeys passed they will give her a vote of no confidence. Fat lot of good it will do when she was just re-elected.

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I read a note somewhere the other day that said that now Sinema is saying she will not back any legislation that modifies Trumps tax cut to pay for the legislation.

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Don't you mean "...if she does not get voting rights...passed..."?

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Yes. I see I somehow mad a mess of that whole response. I’m not sure what bogeys was supposed to be but I’ll go with budgets/bills.

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Like in a previous post, they beat the drums, and make a lot of noise, but when it comes to getting anything done, it’s almost like in reality they don’t want it themselves. And I think it’s the bought and paid for, establishment, D. N. C. Dems that are doing it!!!

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The progressives are the only ones that are ready to move!!!

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There's money to be made by both sides of the aisle.

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And if the Republican regain the White House and congressional majorities, McConnell won't bat an eye as he nukes the filibuster.

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With friends like these, who needs enemies? The worst aspect of the GOP spending roadblock is that citizens will actually suffer financially so that Mitch & Company can “win.” Ridiculous, craven, and irresponsible, if not precisely criminal.

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Why are we allowing and negotiating with seditionists in our government firmly putting their knees on the neck of our entire country?

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Yes, why?

I understand why but don't get it.

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My 457-B and IRA plans are aching just at the thought of what is coming if the default and shut down are allowed to happen. They took large hits when Trump did it a few years ago. McConnell seems to have set up a "damned if you do, damned if you don't" situation for Democrats. The chaos created by the default will only solidify Trump's base and likely weaken the Democrat's moderate/left coalition. Bypassing the Republican filibuster and raising the debt ceiling will allow them to paint Democrats as spendthrifts.

What Republicans are REALLY afraid of are the successful programs that will be funded by the bills currently being put forward by the Biden Administration. For all of McConnell's brilliance, he still seems to be a two dimensional, either/or thinker. The third dimension - the Z axis, if you will, for Democrats is to at least temporarily suspend the filibuster NOW (it can be reinstated later - it's been modified by Republicans a lot over the past several years, so why not?), then message the daylights out of what the default would mean to average people - and who is behind it, and what the infrastructure and other bills would mean for them as well. Heavy lifts, requiring a lot of truth-telling, a lot of money, without a lot of time, unfortunately.

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Since I don't understand your filibuster rules ( Canadian here) how is it that McConnell can use the filibuster here ( seems arbitrarily in this case) but the Dems don't suspend its use re: voting rights bills? Dems in my opinion are too weak. They have a short window of time to prove to citizens good govt can work but they sit back. 2022 is just around the corner

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You make a very good observation here. The establishment, I/e D. N. C. dems make a lot of noise about these different measures to get votes, the drag their feet and rely on things like the filibuster to kill the measure, like they promote something and the hope, and bet on it not passing.

After all, the establishment dems actually work for the same special interest masters as the republicans, the big money people!!!

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My thoughts too. Why don't the establishment Dems act decisively? Why...cuz they benefit too from keeping the status quo

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Did you see “The Last Word with Lawrence O’Donnell last night? It was the 11th anniversary of his show in 2010. The last 3 minutes had then Vice President Biden talking about the Republicans intransigence and how they were threatening to default the government on bills that they had already incurred. Sound familiar? He said they were against everything but for nothing. In 11 years, nothing has changed.

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McConnell used that same faulty logic 8 years ago. Polling showed that the public blamed repubs for the shutdown, he folded like a cheap suit, and ACA passed.

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I think they’ve reached the point of not caring what the public wants.

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Oh, that point was reached a long long time ago. Once the leather wingtips hit the Senate floor, the wishes of the "public" fly out of their heads. This is all about greed and power, while the rest of us are praying they don't do something stupid to erase our little savings accounts (IRAs) that we will be counting on for retirement in (hopefully for me) just over a year. They don't care about any of us. They have their bank accounts padded and their heads full of power and we are just the lowly voters who are expected to continue to put them in office. For once, I would love to see a mid-term where the Democrats are put back into power and these fat-headed greed mongers are sent home packing. I voted early just to say I am trying to help that effort.

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So afraid you are right, Sonya.

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Thanks for that bit of hope.

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Thank God for history teachers like you, who help us understand why action needed to be written into the Fourteenth Amendment about the national debt. Evidently the white supremacists in Congress are unfamiliar with that provision.

This article from Smithsonian Magazine https://www.smithsonianmag.com/history/medieval-map-of-north-america-identified-as-20th-century-forgery-180978751/ confirms what has been long suspected - that the Vinland map is a forgery. And it reveals that the map was created in the 1920s, at a time of strong anti-Catholic sentiment, in this case aimed at Columbus. 😔

Maybe replacement theory is right. Maybe old white people like me do need to be replaced by people like my biracial grandson. Maybe one day the color box won’t need a “pink” flesh colored crayon and the world’s people will be one golden glow.

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“…one golden glow”…That cant be said too often.

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Thank you, Susan. I’ve said it for years, even before my precious grandson was born. I hope it will come to reality, and it’s why I’ve never changed my yellow people emojis to pink. 🙋‍♀️

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Suzanne, thank you.

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Namascar, Suzanne

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🙏 Namaskar Laxmanji

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Morning, all!! Morning, Dr. R!!

She says, "McConnell maintains that he does not want the U.S. to default on its debt; he just wants to force the Democrats to shoulder the responsibility for handling it, enabling Republicans to paint them as spendthrifts."

IMO even if Democrats were able to deny funds likely to benefit their own constituents while at the same time direct funds towards Republican voters only, they'd still be called "spendthrifts." So as my dear departed Daddy used to say, "If I'm gonna have the name, I'm gonna have the game." Let the spending begin!

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Game on, baby. Game on. And I want Janet Yellen on my team, not McConnell. ⛹🏻‍♀️⛹🏼‍♂️🤺🤾🏽‍♂️🏄🏾‍♀️🤸🏿‍♂️🤾🏾‍♀️🏋🏽‍♀️

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No one wants McTurtleneck on her team. He cheats at everything, including the truth.

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There is a BIG TEAM that scouts for cheaters.

(Hint: It's a major U.S. Political Party)

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We be standing alongside you, Team Christine!

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Morning! Republicans are accustomed to staking out the extreme position while Democrats invariably seek moderation. Then when it comes time to negotiate, Democrats are starting from the middle and immediately compromise further to the right. Haven't we all seen this happen countless times? If Democrats were to follow Lynell's dear departed Daddy's advice, it would flummox the Republicans. Democrats should start from the left extreme, and then compromise a little toward the middle. This is a lesson on bargaining Democrats never seem to learn which brings to mind this sage bit of advice - the definition of insanity is doing the same thing over and over and expecting a different outcome. "Let the spending begin!"

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This be musical, Don...thank you for the nod, and Morning!

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This be! How about some mesmerizing music to give your mind a rest? https://youtu.be/2QMH_9EzNDo

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Thank you, Don. I'm indeed mesmerized. This was wonderful.

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And a very good sun-shiny day to you, Lynell, and to all our LFAA community!

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I'll take that good wish, Rowshan, and try to make good with it. Morning!

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