Debt Ceiling
The House passed a Budget deal on October 28, 2015 that, among other things, will extends the government’s borrowing authority through mid-March 2017. In 2013, the Republican-controlled House and the Democrat-controlled Senate negotiated with the White House on three fiscal matters with looming deadlines: raising the debt ceiling now approaching the limit $16.5T, massive federal spending cuts known as sequester and a budget resolution. On February 4th, the President signed a bill into law extending the debt limit debate until 5/18/13. This date may also get extended as far as August due to financial manipulations similar to those used in 2011. The "No Budget, No Pay Act of 2013" also mandates that pay for lawmakers be held in escrow starting April 16 until their chamber has passed a 2014 budget resolution. Congress must pass a 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. The hoped for legislation will raise the debt ceiling through Dec. 31, 2014.

Time to Move On from COVID Capitalism

By Kevin D. Williamson,
from National Review,

Of crisis & bad policy.

One year ago, I wrote: “Returning to normalcy after the coronavirus epidemic is going to take a concerted and programmatic effort — it is going to be a political project of some consequence. And it will be resisted.” We are, it seems, at the beginning of the end of this horrible plague, and so it is time to begin unwinding many of the extraordinary measures that were in many (but far from all) cases appropriately adopted in these extraordinary times. Expect resistance. The politics are, as they almost always are, on the side of a state of semi-permanent semi-emergency: Politicians like power, ...

We do not have to reorganize the entire U.S. economy to handle a clog in the rubber pipeline.

More From National Review:

365 Days Page
Comment ( 0 )