This is why Iâm putting as much cash as possible in my savings account since I expect Trump Shutdown #4 and this one will go for a long long time.
This is the biggest ball Democrats are dropping. Half the regular appropriations should be passed by now, and they should all have automatic continuing resolutions and automatic debt authorizations built in! The ball should be unambiguously in the Republicansâ Senate court why nothing can ever get done right.
The budget is one thing but as mentioned so is the debt ceiling. We have already hit it so the old games of delyaing pension payments and other tricks can continue for awhile. In the meantime the Treasury is no longer borrowing money. It is helped in this because it had a huge surplus in its âaccountâ which stood at $285bn Friday. Down from the near $400 billion it had been carrying for most of this year.
The Treasury out of the markets with new borrowing is a gift to the financial markets as not having to absorb that supply other things can be bought. When the ceiling is raised then the Treasury will be back in the markets with a gigantic new supply of Treasury paper. Without fail during these periodic debt ceiling dog and pony shows the entire world says that the debt impass is bearish and settling it is bullish. In fact the opposite is the case because of how the lack of Treasury supply or the flood of it after settlement has a large impact on market liquidity.
The budget is careening out of control and woe be if we enter a recession. That is why there is all this call for more QE. The Fed in coming years is going to do QE Infinity to fund the deficit. There is no choice, It is an existential necessity for the system.
You can keep score at home on the Treasuryâs cash position here
https://www.fms.treas.gov/dts/index.html
and the Feds borrowing schedule here.
https://www.treasurydirect.gov/instit/annceresult/press/press_cashpydwn.htm
agreed - generic logic would say that the shutdown stuff has been played out for now ⌠but we are dealing with Trump - the ultimate sore loser - and a vindictive sore loser - so there is a very real possibility that Trump would want to take another swing at winning the âshut downâ game ⌠count on him manipulating things to incorporate some truly painful and damaging elements into the mix this time around -
Trumpâs twisted vengeful nature compels him to settle scores - and his mental illness leads him to demonize any and all individuals who may have bested him in a legitimate interaction - he is incapable of recognizing the boundaries between normal & illegitimate competition - for example - if you beat him in a tennis match at the country club - to him it would be entirely OK to key your car & slash your tires
The four congressional leaders are meeting with Treasury Secretary Steve Mnuchin, acting OMB Director Ross Vought and acting White House Chief of Staff Mick Mulvaney Tuesday morning at House Speaker Nancy Pelosiâs (D-CA) office to talk budget.
Whatâs with the âactingâ OMB and âactingâ WH Chief of Staff? According to the Wiki Mulvaney is still the Director of the OMB while also acting as WH Chief of Staff. So much âactingâ in this administration.
A lot of acting, not much good acting. More like Razzies! acting.
I wonder if all this âactingâ heads have their equity cards?
Same. We mostly got by on 1 income last shutdown, so we started building an easily accessible war chest with at least a few months worth of mortgage payments in it. With that, I think weâd be pretty alright if I couldnât go into work for a month or two. I miss the days when civil service was considered stable work.
Dems gotta pound on the billions of dollars being paid to farmers hurt by the tariffs being âpaid for by the Chineseâ and other such examples of Spankeeâs âbusiness acumenââŚ
Can Trump go to war with moths in his pocket ? Pelosi should tell him, go to war and we will zero out the budget for the Centcom operations. No tickee on washee !
With regard to the Debt Limit, the Dems should tell Mnuchin to produce Trumpâs tax returns or no negotiations, period, dot.
Finally, sequestration is a good thing - the Dems should embrace it to reduce the budget deficit and preserve domestic spending. Give no ground to the GOP who only want to spend money on their donors - budget deficits be damned.
A new budget should be no problem with the billions and billions of dollars that Jina is paying us in tariffâsâŚ
Oh wait. Bolt-onâs war with Iran. The ego wall. The on-going grift.
Never mind, weâre screwed.
It is time for the House to pass a budget and send it to the senate. Letâs see how the senate reacts. Budgets must arise in the House, so do it. And while they are at it, end all use of private jets for cabinet secretaries. They can fly coach like the rest of the little people they serve.
Fly economy, like the real little people.
Democrats should state they wonât be negotiating with any âactingâ people on matters as important as the budget. If Trump wants progress on them, then he needs proper (and confirmed, where applicable) people in those positions.
This is a good comment by rapier, but Iâd like to quibble with one of the fine points. âThe Fed in coming years is going to do QE Infinity to fund the deficit.â While Quantitative Easing and Printing Money are similar in some respects, funding the deficit would be printing money. Quantitative Easing is the central bank buying securities to put more money into circulation. Printing money is the treasury issuing new currency to pay the governmentâs bills. It causes hyper-inflation.
An âactingâ President surrounds himself with âactingâ cabinet/department heads to produce an âactingâ budget.