Democratic Demands For Raising National Debt Limit — Obama: “I Will Not Negotiate On The Debt” — I Will Just Print Debt Free Money! — Videos
|Interest Expense Fiscal Year 2013|
|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 TABLE 1. SUMMARY OF RECEIPTS, OUTLAYS AND THE DEFICIT/SURPLUS BY MONTH OF THE U.S. GOVERNMENT (IN MILLIONS) ACCOUNTING DATE: 08/13 PERIOD RECEIPTS OUTLAYS DEFICIT/SURPLUS (-) + ____________________________________________________________ _____________________ _____________________ _____________________ PRIOR YEAR 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 CURRENT YEAR 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|
|Fiscal Year Total||$395,845,239,236.39|
|Available Historical Data Fiscal Year End|
Treasury taking final steps to avoid default
By MJ LEE
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.
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.
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.
House G.O.P. Leaders List Conditions for Raising Debt Ceiling
By JONATHAN WEISMAN and ASHLEY PARKER
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.”