Government Shutdown
There is a need to pass a bill extending routine government funding after a stopgap bill expires March 27. Without an extension, a partial government shutdown would occur. Congress must pass this spending bill, called a continuing resolution or “CR,” which would continue spending after Sept. 30, 2013, the end of the 2013 fiscal year. As it stands now, the government’s legal authority to borrow more money runs out in mid-October, 2013. According to the Bipartisan Policy Center, if that date arrived on October 18, the Treasury “would be about $106 billion short of paying all bills owed between October 18 and November 15. The congressionally mandated limit on federal borrowing is currently set at $16.7 trillion. The debt limit has been raised 13 times since 2001 and has grown from about 55 percent of Gross Domestic Product in 2001 to 102 percent of GDP last year.

Political narratives & attacks dominate budget politics

9/23/23
from The Gray Area:
9/23/23:
The budget spending battles in Congress continue with a deadline for shutdown September 30th fast approaching. All the media can do is double down on nasty political narratives. Basically the battle lines are these:
  • The Democrats in Congress want to use the aggressive spending levels they instituted in response to COVID as the baseline on which to add further spending.
  • The Republicans want to dial back from the special circumstances of COVID to pre-COVID as the spending baseline.
We would all like the media to accurately describe the differing proposals for us, but, of course, they do not. Instead they offer such descriptors of the Republican side as these: The media and Democrats realize that a majority of American would think pre-COVID, inflationary, spending levels will be in the best interest of the country, so they have to spin the stalemate differently. They are right about one thing, there is definitely a difference of opinion in the Republican party of how much of the spending baseline to give away. Reps are offering a reduction in topline non-defense discretionary spending from the current FY2023 $1.60 trillion to $1.47 trillion. Conservatives also want to add border security measures (HR2) to the bill. Other than political attacks and narrative support, nothing is coming forward from the Democrats. They want to have the Republicans stick to a spending level agreed to between Biden & McCarthy earlier in the summer, which is the $1.6T number. Notice the media doesn't characterize the progressive wing of the Democrat party as 'ultra, left wing, malcontents, or hard-line obstructionists".  I wonder why?


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