{"id":9842,"date":"2024-12-20T11:48:18","date_gmt":"2024-12-20T18:48:18","guid":{"rendered":"https:\/\/jasonsblog.ddns.net\/?p=9842"},"modified":"2024-12-20T11:49:16","modified_gmt":"2024-12-20T18:49:16","slug":"trump-wants-to-scrap-the-us-debt-ceiling","status":"publish","type":"post","link":"https:\/\/jasonsblog.ddns.net\/index.php\/2024\/12\/20\/trump-wants-to-scrap-the-us-debt-ceiling\/","title":{"rendered":"Trump Wants to Scrap the US Debt Ceiling"},"content":{"rendered":"\n

The OCGFC, Owners and Controllers of Global Financialized Capital, of which Trump is a member, enrich themselves from tax dollars and running up the national debt. So as in his first term, Trump shows no regard for the health or future of the country, so we’ll take a look at the debt numbers. Some important numbers to look at is the budgetary item of servicing the debt, now over $1 trillion of the $5 trillion the government earns in tax revenue. Breaking the debt down by taxpayer, $271,790, and by citizen, $107,090. If you were spending 20% of your income servicing debt while acquiring twice that much in new debt, how long would you be able to continue functioning? And notice that we, the highest spending military nation (which is security for the OCGFC’s operations and resources worldwide), are spending more servicing debt than the incredible amount we spend on the military (and much of that also enriches the OCGFC and their defense megacorps).<\/p>\n\n\n\n

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By JP Alegre<\/p>\n\n\n\n

President-elect Donald Trump called to abolish the federal debt limit framework on Thursday, saying it\u2019s \u201cthe smartest thing\u201d Congress could do and pledging to \u201csupport that entirely.\u201d<\/p>\n\n\n\n

In a phone conversation with NBC News<\/em><\/a>, Trump dismissed the debt ceiling\u2019s significance. \u201cIt doesn\u2019t mean anything, except psychologically,\u201d he said, questioning whether exceeding the limit would be \u201ca catastrophe, or meaningless.\u201d<\/p>\n\n\n\n

The unexpected proposal complicates budget negotiations in Congress, where lawmakers face a Saturday deadline to avert a government shutdown. Several House Democrats, including Budget Committee ranking member Brendan Boyle, have already proposed similar reforms to the debt ceiling system.<\/p>\n\n\n\n

Boyle said that \u201cthe only way\u201d House Democrats should \u201cvote to raise the debt ceiling under Trump is if we have a permanent elimination\u201d of it.<\/p>\n\n\n\n

The remarks followed Trump\u2019s rejection of a bipartisan spending agreement Wednesday, which he discussed with (so-called shadow President-elect) billionaire and co-leader of the newly established Department of Government Efficiency (DOGE) Elon Musk before publicly opposing the deal.<\/p>\n\n\n\n

\u201cI told him that if he agrees with me, that he could put out a statement,\u201d Trump said, adding that Musk was \u201clooking at things from a cost standpoint.\u201d<\/p>\n\n\n\n

The current debt ceiling suspension, enacted in mid-2023, extends through early 2025. As president, Trump previously authorized multiple debt limit increases and suggested eliminating the system during his administration.<\/p>\n\n\n\n

Massachusetts Senator Elizabeth Warren endorsed the proposal, writing on X that Congress should \u201cterminate the debt limit and never again govern by hostage taking.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

The OCGFC, Owners and Controllers of Global Financialized Capital, of which Trump is a member, enrich themselves from tax dollars and running up the national debt. So as in his first term, Trump shows no regard for the health or future of the country, so we’ll take a look at the debt numbers. Some important […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-9842","post","type-post","status-publish","format-standard","hentry","category-world"],"blocksy_meta":[],"featured_image_src":null,"author_info":{"display_name":"Jason","author_link":"https:\/\/jasonsblog.ddns.net\/index.php\/author\/jturning\/"},"_links":{"self":[{"href":"https:\/\/jasonsblog.ddns.net\/index.php\/wp-json\/wp\/v2\/posts\/9842","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/jasonsblog.ddns.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/jasonsblog.ddns.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/jasonsblog.ddns.net\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/jasonsblog.ddns.net\/index.php\/wp-json\/wp\/v2\/comments?post=9842"}],"version-history":[{"count":2,"href":"https:\/\/jasonsblog.ddns.net\/index.php\/wp-json\/wp\/v2\/posts\/9842\/revisions"}],"predecessor-version":[{"id":9845,"href":"https:\/\/jasonsblog.ddns.net\/index.php\/wp-json\/wp\/v2\/posts\/9842\/revisions\/9845"}],"wp:attachment":[{"href":"https:\/\/jasonsblog.ddns.net\/index.php\/wp-json\/wp\/v2\/media?parent=9842"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/jasonsblog.ddns.net\/index.php\/wp-json\/wp\/v2\/categories?post=9842"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/jasonsblog.ddns.net\/index.php\/wp-json\/wp\/v2\/tags?post=9842"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}