The debt ceiling is the legal limit on what debt the federal government can accrue, and right now that includes $24.5 trillion of debt held by (owed by) the public and the roughly $7 trillion the government owes itself due to inter-agency account borrowing (Social Security and Medicare funds).
Today, the debt is beyond its authorized limit and the government is taking extraordinary actions to avoid being in a default position, with the U.S. Treasury unable to borrow money to make payments.
The U.S. House and Senate, when they return next week, will face this grim fact of their own making and will have to deal with it before summer. Conservatives want to see spending cuts, while liberals, including the president, want to raise the borrowing limit. It will not have been the first time Congress has faced this test.
FiveThirtyEight.com senior analyst Geoffrey Skelley believes Sen. Lisa Murkowski is one of the most likely of Republicans to vote for an increase to the debt ceiling. She has a record of voting to raise the limit. In fact, Murkowski has voted to raise the debt ceiling nearly seven out of 10 times.
“When it comes to which GOP senators are most likely to be involved in passing a debt limit increase, we unsurprisingly start with the chamber’s two prominent moderates: Sens. Susan Collins of Maine and Lisa Murkowski of Alaska. Collins has voted for three-fourths of debt ceiling bills since 2001, while Murkowski has voted for nearly 7 in 10. But in looking for other potential votes, some other names may surprise. Sens. Kevin Cramer of North Dakota and Mike Rounds of South Dakota have supported two of every three debt ceiling bills that have come before them. And indicative of his common involvement in dealmaking on the debt ceiling, McConnell has supported 65 percent of the bills that have come before the Senate since 2001,” Skelley writes in FiveThirtyEight.com.
Murkowski votes in favor of President Biden positions 65% of the time, according to FiveThirtyEight.com, while Alaska Sen. Dan Sullivan votes with Biden just 45% of the time. In 2021, Sullivan voted against increasing the debt ceiling, while Murkowski voted for it.
In the House, Alaska Rep. Mary Peltola, in Congress for just five months, is in the 100% Biden category, already on record saying how she will vote: “Not raising the debt ceiling is reckless and irresponsible. We have to do it.”
Thirty years ago, the national debt was less than $5 trillion. Much has happened in those years, including inflation, the war on terror, Obamacare, the Covid pandemic, the influx of 10 million illegal immigrants per year, and an overall national population rising from 260 million people in 1993 to 332 million people in 2023. Add to that presidents and members of Congress unable to cut spending, and it appears the nation is heading for a debt that will be 126% of the national gross domestic product by this time next year. It ended 2022 at 122% of GDP.
Romney
McConnell
Graham
Sullivan (he does what Princess says)
Daddy’s Little Princess is a firm subscriber to the Chilkoot Charlies mantra … “We cheat the other guy and pass the savings on to you!” Too bad she’s hasn’t developed into a true Republican, complete with humility – honor – integrity – reason – logic – common sense, and most of all, a selfless prescription to the AK GOP Platform positions. The only thing true about her is that she’s a complete fraud and guilty of false claims as a Republican.
It’s really a shame that Sully can’t knock some sense in her, so that they could work together for Alaskans and Alaska, representing the overwhelming conservative population of constituents.
As for the “Gene & Mary” show (aka – Team Graft), it’s quite apparent of what’s really going on there, and doesn’t benefit Alaskans and/or Alaska at all.
I can remember my young daughter’s comment while my wife and I were explaining that we could not afford whatever the item was that she wanted….”why don’t you just write a check?”
Murky is bought and paid for. In for a penny and for a pound. She can’t go back now. She has to vote for an increase. At this point it’s not so much about secret bank accounts offshore, it’s about power, real power. Power to influence, power to threaten. Yes, she learned well when feinstein had her backed up against the wall shaking her finger at her. That little reminder from the left set her back on course for her truth path.
Greg; Ronald Reagan proved that large deficits don’t matter.
Reaganomics as it turned saved money and lives by bankrupting The USSR. What was the cost of ending the cold war?
Deficits and debt are two very different things.
It is perfectly OK to go into a deficit situation for a period of time. Everyone does it.
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What is not OK is the deficit spending we have been doing over the last 20+ years. At some point, deficits turn into debt, and then servicing that debt takes up a larger and larger portion of your revenue.
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So, Reagan was correct when he pushed a few years of large deficits.
What was bad was he, and subsequent Presidential Administrations continued to have massive deficits, adding to the overall debt.
I may differ with you on other matters, Greg, but here I have to agree with you 100%.
Gregory, who honestly cares about the national debt among those of us on the outskirts of “fine” society? We’re all out to scam somebody! What do you think life is all about–making sure the other guy gets a fair shake? Wake up: it’s “feeding” time!
Not worthy of a response.
Then why did you? Must be a real slow day for you.
There is not doubt the debt ceiling will soon be raised but we can hope voices and actions are taken to reduce the size and scope of Government in doing so….somehow the voices for fiscal restraint must be raised and heard in the process…and those voices must be raised not only Nationally but State and local as well…our Governments do not have a revenue problem they have spending problems and need to cut Government..back to functional levels…
We are going the same way as the Soviet Union. Spend until it’s all gone then watch society collapse.
The main difference between us? They were honest about their Socialism. We are and tell ourselves we’re not.
Revenue and spending start in the US House, the US Senate can concur, or deny. Senator Murkowski has voted to concur 7, out of 9 times. The debt ceiling was raised twice with no objection during the Trump Administration
False. Trump cut federal fat and big dem spending to record low levels. Our economy was great, buying eggs was easy, and to say otherwise is to call night, day.
Twice! TWICE!!!!
My God! How can the country survive.
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By the way, how many times was the debt ceiling raised under the Obama, Bush, and Clinton administrations?
And that makes it a good thing how?
Johnny beat up a homeless person, so it’s OK for me to do it, too, is a very poor defense.
Both sides are screwing us. They all want more and more money. They will and are spending us to bankruptcy. I can’t wait until all the fed free loaders don’t get their handout some day. This will affect the whole world and it’s going to be ugly. Law will not matter when 330 million people are looking for food medicine, and fuel. Look back as far as you want and government has been stealing from its people. The rich will isolate them self’s from us when this happens. So remember they have what we want including politicians.
A significant number of Rs and Ds will approve it. Don’t be mislead.
Cornyn will be right in with the RINO herd. Romney will lead the charge with his Fedzilla charge card
Is Lisa medically not well? Her recent photos speak of a woman who looks much older than her actual age. She has been under terrible stress during the past two election cycles, and that stress is evident in recent photos.
You’re being entirely too nice. She looks like the soulless desicated hag that she is.
It’s her diet. She is skin and bones. I know. I’ve had my hands on her 8 years ago.
Greg! ?
It may be her diet but honestly she does look more drawn and emaciated than ever.
The stress is from her guilt. Enriching herself, family and friends, while selling out the people she supposedly represents.
Lucky you, Mr. Forkner. She cut me off 19 years ago, then again back in 2010 after Joe Miller beat her in the Republican Primary. Vindictive as hell, that woman. But she does get daddy to pay all of our bills. It still keeps me from having to go to work.
Once again, who’s her daddy? Is it Joe or Frankie? Joe uses funds from China. Frankie uses interest from old Alaska Longevity Bonus accounts. But, what difference does it make to Lisa?
Please quit bringing up the Longevity Bonus checks. All of those people are long dead and I saved Alaska a lot of money by eliminating that program. Old Alaskans never deserved the Longevity Bonus checks. It was a stupid program. Look at me. I’m almost 100 and I still buy milk and Depends with my own money. Nancy helps out with lobster, Alaska King Crab, and top sirloin ever night.
Probably the most telling thing here is the assumption Princess will vote as a Democrat.
Thanks RVC, and the drive time talk show host who pushed it.
Not another dime to support Biden’s crime syndicate in Ukraine. He ignores our border and the USA Chernobyl in East Palestine, Ohio. We need to remove the criminals from Washington, pronto! Crimes against humanity, while pushing WW3. Arrest them all.
Lisa is all about money. I taught her how to do this. Bring as much money to Alaska as possible, in the form of welfare, social programs, more government, etc. The Democrats will always back you. Try to be a little flexible with your social leanings. The RINOs and 1/4 of other Republicans will support you. This will keep you in office for 30 or 40 years. Lisa may have flunked the state bar exams too many times to count, but she has a lock on Democrats and RINOs. She can preach abortion rights all day, promote LGBTQ in the public schools and still attend Catholic mass. Her daddy taught her well.
Are we talking about Joe, again?
I thought that was a settled issue, Nancy. Unless you have more explaining to do.
Stop calling her a Democrat! She is a sheep in wolves clothing
“Much has happened in those [30] years, … the influx of 10 million illegal immigrants per year, and an overall national population rising from 260 million people in 1993 to 332 million people in 2023.”
Starting with 260 million population in 1993, accounting annually for births and deaths, we easily accumulate (MS Excel is you friend here) a 2023 population of 302 million. It’s a lo ball estimate because legal immigration is not counted nor are defectors. Now add the 30 years times 10 million illegals per year you put forth as fact and we arrive at 602 million 2023 population – 270 million more than actual estimated by the census bureau. Where are those 270 million hiding that they were not counted? The truth IS truly limiting, eh?
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