Trump is very concerned with stock market performance. Could this be a result of that?
Do “Donald + Chuck” (2017) = “Ronnie + Tip” (1981)?
I hope not.
House Speaker Paul Ryan (R-WI) on Thursday rejected the idea of eliminating Congress’ need to vote on raising the debt ceiling.
“There’s a legitimate rule for the power of the purse in Article 1 powers, and that’s something we defend here in Congress."
The power of the purse deals with Congress establishing and voting on a budget. It does not say Congress can refuse to open its purse and not pay for what it’s already agreed to spend for the needs of the country.
Rather unfair of that “pushy”†Sen. Schumer to take advantage of Donald when nobody’s been able to tell El Bufon what he thinks regarding the sacred Power Of The Purse!!!
†-(Get it?, nudge,nudge, wink,wink)
Ryan and his Freeedumb Caustic pals are getting their panties in a twist over nothing. This so-called president is the bigliest, bestest negotiator, the likes of which the world has never seen, and he will renegotiate the US debt. The problem is that, based on what we’ve seen to date, his ability to negotiate means that we will owe our creditors more than we currently do.
Sad!
OT- 'jasee Charlie Dent is quitting?
Edit-It’s up now on front page.
Wow! Well, good! Too bad that his district is solid Tramp Country. Can the Dems find a great candidate?
If we can’t get it together and find one now, we never will. Luckily, we can no longer be sure “Tramp” and “GOP” are synonymous.
Honestly he probably DOES understand the need and ability to borrow money and take on debt. His life is financed by debt. Of course then he often refuses to pay for things… So…
There’s a legitimate rule for allowing asshole Republicans from safely gerrymandered Red State districts to grandstand and extort the entire country on a regularly recurring basis.
Fixed it for Ayn Rand fanboy and legislative lightweight Paul Ryan.
The debt limit is probably the stupidest law ever passed. Congress passes one set of laws, specifying how much we’ll tax. They pass another set of laws, specifying how much we’ll spend. The debt created by these laws is determined by subtracting the amount taxed from the amount spent.
But, Congress also passes a third law, the debt limit, which specifies the amount of debt WITHOUT REGARD TO THE MATHEMATICAL LAW OF SUBTRACTION. They might as well pass a law saying pi is two and a half.
Bill Leiner is running for the seat on the Dem side. Don’t know much about him, but here is a brief statement from him.
https://www.crowdpac.com/campaigns/328539/bill-leiner
Its R+4, so definitely in play.
The stock market is going to experience some waves of selling due to insurance companies who invest in the market having to sell stocks to pay out damages. If Florida hurricane damages exceed over 150 billion, half of it will be uninsured losses but still insurance companies will need to sell stocks for the other half. Due to lack of widespread flood insurance in Florida, our economy will take a hit because of those uninsured losses. I feel our honeymoon with very cheap gas is coming to an end also. It has been three years this month since oil tumbled, over 110 billion barrels have been used up globally since the price fall. Globally, we consume about 35 billion barrels per year. I read that a Houston car dealer said no one wanted cars after the hurricane, everyone wanted trucks and SUVs. Vehicle buying habits like that will make sure demand stays robust for quite some time.
Thanks so much for that, daveyjones. He sounds good based on his statement, especially
My perspectives are yours – father, grandfather, husband, steelworker, union leader, nurse leader, local mayor, and county commissioner.
We need to get to work for single payer Medicare for All health insurance, strengthen collective bargaining, provide relief to students debt, strengthen social security, stop privatized prisons, get to work to help our veterans get the health care they deserve, end child hunger, fight fascist hate, and vote out career politicians.
@bonvivant - when, not if, gas prices skyrocket, Tramp owns it. He has never learned that he shouldn’t brag about successes he had no hand in because, when they falls apart, he will own the blame.
I hope they do eliminate the debt ceiling. It’s a stupid notion, that leads directly to Constitutional problems. And idiot thinking like this:
“There’s a legitimate rule for the power of the purse in Article 1 powers, and that’s something we defend here in Congress,”
Its not. Congress gets to appropriate funds and determine how they will be spent. They don’t get to retroactively refuse to pay for past appropriation bills. More specifically, they don’t get to refuse to pay debts that the United States incurs, including those needed to pay for their previous appropriations. If Congress has a problem with the deficit, they can either raise taxes, spend less, or both. THAT is their power of the purse.
That probably has more to do with people reacting directly to the Harvey, than to lower gas prices. Trucks and SUVs are better suited to carrying supplies and debris, and are, at least for bigger ones, more reliant in damaged/flooded areas.
But the larger point is correct. The auto industry has long moved hand in hand with the oil industry regarding gas prices. If gas prices decline, the auto industry starts selling bigger gas guzzlers. And when gas prices rise, they are much slower about selling more efficient vehicles.
The oil industry’s game is actually pretty simple…Keep demand high, and keep as much oil in the ground as possible, while JUST meeting the demand. Maximize profits for a limited resource.
Eliminating the debt ceiling will be a very good move for the Dems. While they will lose out on opportunities to potentially win some stuff from the Repubs it’s worth it to get rid of it now purely because Dems actually care about the country and cannot plausibly threaten to not pass a vote to extend it. On the other hand, the Freedumb caucus positively hates the US, so they have no problem blackmailing a future Dem president on the debt ceiling.
The debt ceiling stuff is kind of nonsensical anyways. Congress should worry about this when they pass legislation which causes the deficit to increase (mainly due to massive tax cuts passed over the years). For them to say they will pass legislation without considering it, and then every year play chicken with whether the treasury can actually fund their legislation is a ridiculous idea.
If Dems+Trump get this done it will be a huuuugge game changer for the good. Take the Republican tool away and move on to other important business.
Schumer’s getting in so tight with Trump, his old bff Putin has to be getting jealous.