U.S. faces mid-October deadline to raise debt limit
By Zachary A. Goldfarb, WashPost, Published: August 26
The United States is set to run out of borrowing authority in mid-October, leaving the government at a high risk of not being able to pay for Social Security checks, military salaries and other operations, the Obama administration said Monday.
The announcement, which comes at the early end of what many in Washington were anticipating, creates a new crisis point in the nation’s protracted fight over the size and role of government.
Republicans are demanding significant new spending cuts in exchange for increasing the nation’s $16.7 trillion debt limit, with some GOP lawmakers insisting on a delay or the scrapping of President Obama’s signature health-care law.
Obama, meanwhile, says he will not negotiate on the debt limit, the government’s legal cap on borrowing.
(More here.)
The United States is set to run out of borrowing authority in mid-October, leaving the government at a high risk of not being able to pay for Social Security checks, military salaries and other operations, the Obama administration said Monday.
The announcement, which comes at the early end of what many in Washington were anticipating, creates a new crisis point in the nation’s protracted fight over the size and role of government.
Republicans are demanding significant new spending cuts in exchange for increasing the nation’s $16.7 trillion debt limit, with some GOP lawmakers insisting on a delay or the scrapping of President Obama’s signature health-care law.
Obama, meanwhile, says he will not negotiate on the debt limit, the government’s legal cap on borrowing.
(More here.)
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2 Comments:
OK ... this won't impact the debt limit by October but could help ... what if to avoid one of the potential impeachable offenses, President Obama rescinds the delay of employer mandate in the Affordable Care Act ?
Last week, Rand Corporation released its study on the effects of the July 2013 IRS decision to delay the ACA employer health insurance mandate requirements by one year.
Federal revenues will be $11 billion less as a result of delayed penalties/fines of employers that would have been assessed to employers for not providing coverage.
Yep, $11B ... that could help next year.
OK ... this won't impact the debt limit by October but could help ... what if to avoid one of the potential impeachable offenses, President Obama rescinds the delay of employer mandate in the Affordable Care Act ?
Last week, Rand Corporation released its study on the effects of the July 2013 IRS decision to delay the ACA employer health insurance mandate requirements by one year.
Federal revenues will be $11 billion less as a result of delayed penalties/fines of employers that would have been assessed to employers for not providing coverage.
Yep, $11B ... that could help next year.
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