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  • What's debt ceiling and the shutdown?

    1. We don't have to default - unless you count a lot of important stuff.

    The U.S. government has more than enough tax revenue to make all of its interest payments on Treasuries. So we won't "default" in that sense. But there are all the other government obligations that we won't have enough money for.


    2. Those other obligations include Social Security, Medicare and military pay. Good luck "prioritizing" what to pay -- and what to skip.

    3. Government spending cuts would be severe. If we don't raise the debt ceiling, spending would drop by about a third very quickly, and the resulting recession and stock market crash would be devastating.


    More: http://money.cnn.com/2013/10/08/news...html?iid=s_mpm

  • #2
    CBO: Real debt ceiling deadline could hit in March

    The budget focus on Capitol Hill is whether lawmakers will do the bare minimum and agree on a spending level for this fiscal year before funding runs out on January 15.

    But soon enough, they will have to turn their attention to raising the debt ceiling.

    More: http://money.cnn.com/2013/11/20/news...html?iid=HP_LN

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    • #3
      U.S. lawmakers unveil $1.1 trillion spending bill, no Obamacare increase


      (Reuters) - Negotiators in the U.S. Congress on Monday unveiled a $1.1 trillion spending bill aimed at boosting funding levels slightly for the military and domestic programs and preventing another shutdown of federal agencies. With a deadline looming at midnight Wednesday for new spending authority, lawmakers will still need a three-day stop-gap funding extension to ensure enough time for passage of the spending bill this week.

      The measure eases across-the-board spending cuts by providing an extra $45 billion for military and domestic discretionary programs for fiscal 2014, to a total of $1.012 trillion. It also provides an additional $85.2 billion for Afghanistan war funding that is typically handled off-budget.


      More: http://www.reuters.com/article/2014/...A0C1OA20140114

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      • #4
        Senate approves U.S. budget bill, ends shutdown threat


        (Reuters) - Washington's battles over government funding ended with a whimper on Thursday as the U.S. Senate approved a $1.1 trillion spending bill that quells for nearly nine months the threat of another federal agency shutdown.

        The measure, which funds thousands of government programs from the military to national parks through the September 30 fiscal year-end, passed on a strong, 72-26 bipartisan vote. President Barack Obama is expected to sign it into law by Saturday.

        The vote came exactly three months after the end of a 16-day government shutdown in October that was waged over disputed funding of "Obamacare," the president's signature health care law.


        More: http://www.reuters.com/article/2014/...A0F1W420140117

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        • #5
          Where's the debt ceiling now?

          Lawmakers have decided to suspend the debt ceiling again -- this time, at a level that's now about$512 billion higher than it was last fall.

          On Tuesday, the Treasury Department reported that the nation's borrowing limit automatically reset to roughly $17.2 trillion, after the last suspension expired on Friday.

          Here's why: Suspensions have become lawmakers' favorite way of "raising" the debt ceiling. They let Treasury borrow as needed to pay the bills and avert default. And when the suspension ends, the debt limit resets to the old cap plus whatever Treasury borrowed during the suspension period.

          More: http://money.cnn.com/2014/02/11/news...set/index.html

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          • #6
            Obama signs increase in U.S. debt ceiling

            President Barack Obama signed legislation on Saturday that raises the U.S. debt limit through March 2015, taking the politically volatile issue off the table with congressional elections coming up this November.

            Without an increase in the statutory debt limit, the U.S. government would have soon defaulted on some of its obligations and would have had to shut down some programs, an historic event that would have caused severe market turmoil.

            On a long holiday weekend in a desert resort area in southern California, Obama put his signature on the legislation without fanfare, while behind closed doors at the Sunnylands retreat.

            It was a quiet end to the latest chapter in what has been one of the more challenging aspects of his presidency, as he and his fellow Democrats have repeatedly sparred with Republicans over increasing the country's borrowing authority.


            More: http://www.reuters.com/article/2014/...A1E11D20140216

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            • #7
              Obama sends $3.9 trillion budget plan for fiscal 2015 to Congress

              President Obama sent Congress a $3.9 trillion budget blueprint Tuesday that seeks fresh spending to boost economic growth but also aims to tame the national debt by raising taxes on the rich, squeezing payments to health-care providers and overhauling immigration laws.

              Congressional Republicans immediately rejected the request for fiscal 2015, saying that the proposal would bust limits on agency spending that the White House endorsed in December.

              More: http://www.washingtonpost.com/busine...y.html?hpid=z3

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              • #8
                Congress moves on spending bill as shutdown deadline looms

                The U.S. Congress moved on Monday to rush legislation to President Barack Obama that avoids a government shutdown on Thursday as the new fiscal year starts while setting aside a bitter Republican feud over money for Planned Parenthood.

                The Senate kicked off the effort by advancing a measure to extend all previous agency funding levels until Dec. 11, in a bipartisan 77-19 procedural vote.

                That clears the way for the Senate to pass the spending bill by early Wednesday, sending it to the House of Representatives for passage just in time to beat a midnight Wednesday deadline.


                More: http://www.reuters.com/article/2015/...0RS20N20150928

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                • #9
                  Congress averts government shutdown, Obama signs funding measure

                  Ending weeks of infighting, the U.S. Congress on Wednesday voted to avert a government shutdown just hours before a midnight deadline, passing a stop-gap measure to extend funding for federal agencies until Dec. 11.

                  The House of Representatives relied heavily on Democrats to secure passage in a 277-151 vote. A large majority of Republicans voted against the measure, which did not meet conservatives' demands to cut off money to women's healthcare provider Planned Parenthood amid an abortion controversy.

                  The House also passed a companion bill aimed at restoring the Planned Parenthood defunding provision, but the Senate is not expected to act on it, effectively killing it.



                  More: http://www.reuters.com/article/2015/...0RU1V420151001

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