Democratic Demands For Raising National Debt Limit — Obama: “I Will Not Negotiate On The Debt” — I Will Just Print Debt Free Money! — Videos

Posted on October 2, 2013. Filed under: American History, Blogroll, Communications, Diasters, Economics, Federal Government, Federal Government Budget, Fiscal Policy, Foreign Policy, government, government spending, Health Care, history, Illegal, Immigration, Inflation, Investments, Language, Legal, liberty, Life, Links, Literacy, media, People, Philosophy, Photos, Politics, Raves, Talk Radio, Video, War, Wealth, Wisdom | Tags: , , , , , , , , , |

U.S. Debt Clock



Interest Expense Fiscal Year 2013
August $25,487,831,947.93
July $25,076,777,459.95
June $93,031,790,187.97
May $24,378,480,861.09
April $35,951,751,963.63
March $23,472,400,737.30
February $16,901,310,565.17
January $17,816,590,831.57
December $95,736,594,801.52
November $25,068,968,472.99
October $12,922,741,407.27
Fiscal Year Total $395,845,239,236.39








Dan Mitchell Testifying to the Joint Economic Committee about the Debt Ceiling

Brinkmanship in US Congress as debt ceiling looms – economy

‘The Big Lebowski’ and the debt ceiling

President Obama: “I Will Not Negotiate On The Debt Ceiling”

Obama Accuses Republicans Of Extortion Over Raising The Debt Ceiling

President Obama Remarks Before Possible Government Shutdown 9/30/2013

John Boehner on spending bill and GOP debt limit demands

‘The Cupboard Is Bare’ – Are You Buying Nancy Pelosi’s Baloney?

The Debate – Looming US government shutdown

Dan Mitchell, Cato Institute, Debt Ceiling

1                                                    BUREAU OF THE FISCAL SERVICE
                                                  STAR - TREASURY FINANCIAL DATABASE

                                                        ACCOUNTING DATE:  08/13

   PERIOD                                                                     RECEIPTS                OUTLAYS    DEFICIT/SURPLUS (-)
+  ____________________________________________________________  _____________________  _____________________  _____________________

     OCTOBER                                                                   163,072                261,539                 98,466
     NOVEMBER                                                                  152,402                289,704                137,302
     DECEMBER                                                                  239,963                325,930                 85,967
     JANUARY                                                                   234,319                261,726                 27,407
     FEBRUARY                                                                  103,413                335,090                231,677
     MARCH                                                                     171,215                369,372                198,157
     APRIL                                                                     318,807                259,690                -59,117
     MAY                                                                       180,713                305,348                124,636
     JUNE                                                                      260,177                319,919                 59,741
     JULY                                                                      184,585                254,190                 69,604
     AUGUST                                                                    178,860                369,393                190,533
     SEPTEMBER                                                                 261,566                186,386                -75,180

       YEAR-TO-DATE                                                          2,449,093              3,538,286              1,089,193


     OCTOBER                                                                   184,316                304,311                119,995
     NOVEMBER                                                                  161,730                333,841                172,112
     DECEMBER                                                                  269,508                270,699                  1,191
     JANUARY                                                                   272,225                269,342                 -2,883
     FEBRUARY                                                                  122,815                326,354                203,539
     MARCH                                                                     186,018                292,548                106,530
     APRIL                                                                     406,723                293,834               -112,889
     MAY                                                                       197,182                335,914                138,732
     JUNE                                                                      286,627                170,126               -116,501
     JULY                                                                      200,030                297,627                 97,597
     AUGUST                                                                    185,370                333,293                147,923

       YEAR-TO-DATE                                                          2,472,542              3,227,888                755,345

Interest Expense Fiscal Year 2013
August $25,487,831,947.93
July $25,076,777,459.95
June $93,031,790,187.97
May $24,378,480,861.09
April $35,951,751,963.63
March $23,472,400,737.30
February $16,901,310,565.17
January $17,816,590,831.57
December $95,736,594,801.52
November $25,068,968,472.99
October $12,922,741,407.27
Fiscal Year Total $395,845,239,236.39

Available Historical Data Fiscal Year End
2012 $359,796,008,919.49
2011 $454,393,280,417.03
2010 $413,954,825,362.17
2009 $383,071,060,815.42
2008 $451,154,049,950.63
2007 $429,977,998,108.20
2006 $405,872,109,315.83
2005 $352,350,252,507.90
2004 $321,566,323,971.29
2003 $318,148,529,151.51
2002 $332,536,958,599.42
2001 $359,507,635,242.41
2000 $361,997,734,302.36
1999 $353,511,471,722.87
1998 $363,823,722,920.26
1997 $355,795,834,214.66
1996 $343,955,076,695.15
1995 $332,413,555,030.62
1994 $296,277,764,246.26
1993 $292,502,219,484.25
1992 $292,361,073,070.74
1991 $286,021,921,181.04
1990 $264,852,544,615.90
1989 $240,863,231,535.71
1988 $214,145,028,847.7

Treasury taking final steps to avoid default


The Treasury Department has begun using the last set of accounting maneuvers at its disposal to allow the government to keep paying its bills until Congress raises the country’s borrowing limit, Treasury Secretary Jack Lew told congressional leaders Tuesday night.

In a letter, Lew reiterated that if the debt ceiling is not raised by Oct. 17 the government will not be able to meet all its financial commitments, such as making payments to U.S. debt holders, government contractors and Social Security recipients.

“If we have insufficient cash on hand, it would be impossible for the United States of America to meet all of its obligations for the first time in our history,” he wrote. “For this reason, I respectfully urge Congress to act immediately to meet its responsibility by extending the nation’s borrowing authority.”

The Obama administration has said it will not negotiate over the debt ceiling, arguing Congress needs to act because the issue isn’t whether to approve new spending but whether the government should pay the bills it has already racked up.

(PHOTOS: D.C. closes up shop after government shutdown)

But Republicans have made clear they will expect some sort of concession in exchange for voting to raise the debt ceiling.

That debate has yet to begin in earnest, however, as congressional leaders and the White House wrestle with the more immediate fiscal fight over funding the government.

On Tuesday, the government began a partial shutdown because Congress failed to enact legislation to keep the government funded. A deal to get agencies up and running remains elusive.

Lew said in his letter that the government shutdown — and the decrease in spending that comes with it — will not do much if anything to push off the Oct. 17 deadline, which is when Treasury estimates the government will run out of money to pay all its bills.

Economists, corporate executives and market analysts have warned that failing to raise the debt ceiling would pose a much greater risk to the government and financial markets than a government shutdown.

U.S. government securities are viewed as the safest assets in the world and therefore play a key role in financial markets. If the creditworthiness of the U.S. government is called into question, economists warn, it could lead to a financial panic and a severe economic downturn.

(POLITICO’s full government shutdown coverage)

To buy more time before the debt limit needs to be raised, Lew said the final “extraordinary measures” being deployed include suspending the daily reinvestment of the portion of the Exchange Stabilization Fund that is invested in Treasury securities and that Treasury is entering into a debt swap with the Federal Financing Bank and the Civil Service Retirement and Disability Fund.

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House G.O.P. Leaders List Conditions for Raising Debt Ceiling

By  and 

House Republican leaders shifted the budget battle on Thursday to a potentially more consequential fight over raising the government’s borrowing limit, rolling out conditions for a debt-ceiling increase that they pulled from three years of frustrated efforts to roll back regulations and undo President Obama’s first-term achievements.

Speaker John A. Boehner also made clear that he was not ready just yet to give up a policy fight that could shut down the federal government on Tuesday. Asked whether he would put a stopgap spending bill to a vote free of Republican policy prescriptions, he answered, “I do not see that happening.”

But anything other than a budget bill unadorned with Republican amendments would not pass the Senate, Senator Harry Reid, the majority leader, said Thursday.

“They want to shut down the government — here’s how much time they have to figure it out,” Mr. Reid said, gesturing to a digital clock in a room off the Senate chamber that is ticking down, to the second, the time before the government shutdown deadline on Oct. 1. “They can play around all they want.”

With just days remaining until a cascade of economic events crash onto Washington, the budget showdown between Congressional Republicans, Senate Democrats and President Obama is growing only more tangled.

Democratic and Republican leaders were trying on Thursday to negotiate an agreement for final votes on a stopgap spending measure through mid-November that would likely be stripped of language defunding the health care law.

Also behind closed doors in the Capitol, House Republican leaders laid out their demands for a debt-ceiling increase to the Republican rank and file.

They include a one-year delay of the president’s health care law, fast-track authority to overhaul the tax code, construction of the Keystone XL oil pipeline, offshore oil and gas production, more permitting of energy exploration on federal lands, a rollback of regulations on coal ash, blocking new Environmental Protection Agency regulations on greenhouse gas production, eliminating a $23 billion fund to ensure the orderly dissolution of failed major banks, eliminating mandatory contributions to the new Consumer Financial Protection Bureau, limits on medical malpractice lawsuits and an increase in means testing for Medicare, among other provisions.

Representative Kevin McCarthy of California, the House majority whip, said all of those measures have passed the House since Republicans took over in 2011, but they have gone nowhere in the Democratic Senate.

Now, Republicans say, they will use the threat of a potentially devastating default on United States government debt to force consideration. The laundry list of Republican priorities is also needed to build support for any debt-limit increase, which many Republicans say they cannot vote for under any circumstances.

“The president says ‘I’m not going to negotiate,’ ” Mr. Boehner said. “Well, I’m sorry, but it doesn’t work that way.”

Given the president’s stance and resistance by Senate Democrats to any threat to postpone the health measure, the House proposal would seem to have no chance of success in the Senate.

Economists of all political persuasions have warned that a failure to raise the debt ceiling by the Treasury’s deadline of Oct. 17 could be catastrophic. The world economy’s faith in the inviolable safety of Treasury debt would be shaken for years, interest rates could shoot up and stock prices worldwide would most likely plummet.

But to House Republicans, those fears are precisely the leverage they need to win passage of their priorities.

“People have to recognize there’s never any compromise until the stakes are high,” said Representative Dana Rohrabacher, Republican of California. “In our society, that’s the nature of democratic government.”

Representative Blake Farenthold, Republican of Texas, said, “That’s why we’re paid the big bucks — right? — to figure these problems out.”

But Democrats — and some Republicans — worried on Thursday that the shift to the debt-ceiling fight would leave the government heading toward a shutdown on Tuesday with no resolution in sight.

“I’d like to see us keep that focus there,” said Representative Tom Graves, Republican of Georgia who led the fight to link further government funding to gutting the Affordable Care Act. “We’ve got a responsibility to finish this up and let it play out.”

Senator Patty Murray, Democrat of Washington and the chairwoman of the Senate Budget Committee, said the shift in focus from a short-term stopgap spending bill that keeps the government open to the debt ceiling is coming because “Republicans realize fighting a small battle over a small bill is a waste of time.”

She called the House debt ceiling “Christmas list” disingenuous.

“This is not the time to throw in your 50 favorite flavors,” she said. “You can’t just throw everything against the wall and see what happens.”[]

The Debt Limit: History and Recent Increases
D. Andrew Austin
Analyst in Economic Policy
Mindy R. Levit
Analyst in Public Finance
September 25, 2013’0E%2C*P%5C%3F%3D%23%20%20%20%0A

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