Jill On Money: Debt ceiling fight risks fiscal DEFCON 1

Like a recurring bad dream, the debt ceiling is back in the news. The periodic political spasm over increasing the amount of money that the government is authorized to borrow to meet its existing legal obligations is not new, but because it comes on the tail end of a global pandemic, it seems horribly ill-timed.

Jill Schlesinger

The Treasury Department underscores that “the debt limit does not authorize new spending commitments. It simply allows the government to finance existing legal obligations that Congresses and presidents of both parties have made in the past.” In other words, lawmakers have already agreed to fund everything from tax cuts in 2017 to COVID

→ Continue reading at Silicon Valley

More from author

Related posts

Advertisment

Latest posts

Elon Musk’s exit from California can save him $2 billion in taxes

“I am selling almost all physical possessions. Will own no house.”By Elon Musk’s standards, his May 2020 tweet wasn’t all that weird. “Possessions kind of weigh...

Making up for lost time, cargo ships are skipping Oakland and returning straight to Asia

By Augusta Saraiva | BloombergFollowing long delays at southern California’s logjammed ports, cargo ships are bypassing the Port of Oakland and heading directly back...

3 Google workers sue over firings stemming from Trump administration border project

By Joe Schneider | Bloomberg Three former Google employees sued the technology giant claiming they were wrongfully fired for challenging a plan to collaborate...