Despite years of gridlock, this year's legislative achievements are de minimus to say the least, and according to at least one congressman, it's all Trump's fault. As The Hill reports, Rep. Mike Simpson (R-Idaho) says President Trump...Show More Summary
While the Republican Congress is dealing with the death throes of Trumpcare, there's a really big thing that really has to be passed looming. And Republicans are divided on that, too. Republicans are divided over whether to raise the...Show More Summary
Ddefinitely.Front page story in today's Washington Post by Damien Paletta reports that "Treasury chief huttles toward fiasco," the fiasco being a failure to raise the US debt ceiling in time to avoid a default. Trump has declared that...Show More Summary
By Adrian Ash – Gold prices rose sharply for the third session running in London on Tuesday, gaining as world stock markets fell, commodities rose, and interest rates on major government bonds retreated to new lows for July.
Treasury Secretary Steven Mnuchin’s “struggles to win support in Congress or the White House for his strategy to raise the federal debt ceiling are casting doubt on whether the political neophyte has the Washington clout to win approval of a [...]
Authored by Paul Brodsky via Macro-Allocation.com, Red Flag Warning Two identifiable dynamics may signal significant market shifts imminently: 1. The US debt ceiling will be debated soon and signs point towards a messy outcome. 2. Recent...Show More Summary
(John Hinderaker) The Budget Control Act of 2011 resolved the purported “debt ceiling crisis” of that year, when it was widely (but falsely) alleged that the U.S. would go into default if the debt ceiling were not increased. Hardly anyone liked the sequestration that resulted from that budget compromise, but I did. Show More Summary
After voting to repeal and replace Obamacare 60 times under the Obama administration, Senate Republicans, now that it counts, are locked in a heated civil war over how or if they should even modify the controversial legislation. As proven...Show More Summary
Playbook: “There are 13 legislative days scheduled until the August recess. Obamacare repeal is in a tough spot. Congress is extremely unlikely to lift the debt ceiling before the August recess. And we can’t see any agreement on the horizon [...]
Jonathan Swan, Axios: Conservatives are curiously zen about the debt ceiling hike, which points to a tectonic shift in the politics of debt now that we've entered the Trump Era. Not a single major conservative outside group is demanding...Show More Summary
Jonathan Swan: “Conservatives are curiously zen about the debt ceiling hike, which points to a tectonic shift in the politics of debt now that we’ve entered the Trump Era. Not a single major conservative outside group is demanding the White [...]
The Federal Government has continued to issue new debt despite the debt ceiling. It has done so by using its big pile of cash to pay down the debt it owes to Social Security and to government and military pension fund beneficiaries. That internal debt is included in the debt subject to limit. Show More Summary
With the looming deadline on both the debt ceiling and the tax reconciliation bill (not to be confused with the ACHA reconciliation instructions), taxes and, hopefully, tax reform are moving to the top of the legislative agenda. The rhetoric of tax reform is heating up. Yesterday Paul Ryan tweeted: Speaker...
The last two times the House has approved a debt ceiling hike to keep the U.S. from defaulting on its debts, Democrats have carried the weight on both votes. In 2015, incoming House Speaker Paul Ryan was one of just 79 Republicans who joined 187 Democrats to raise the debt ceiling as part of an overall budget package. Show More Summary
It's not just health care and tax reform that are in peril. If Trump attempts to raise the debt ceiling using nothing but Republican votes, he will fail, too. If he tries to pass appropriations bills without any Democratic support, the government will either shut down or be funded on continuing resolutions that keep Obama's priorities in place. Show More Summary
The Hill: “If the debt ceiling is raised with a clean hike — a distinct possibility given Democratic demands and the narrow, 52-seat majority for the GOP in the Senate, Republicans will need at least 24 members of their own [...]
Law.com, It’s a Stretch, But Law Students Could Get Subsidized Loans Again: Subsidized government loans for graduate students became a casualty of the 2011 debt ceiling crisis, but law school proponents are pushing to resurrect them with the help of sympathetic lawmakers. Bringing back subsidized Stafford loans would knock about...
Congress will need to raise the nation's debt limit and avoid defaulting on loan payments by "early to mid-October," the Congressional Budget Office said in a report on Thursday. Treasury Secretary Steve Mnuchin has encouraged Congress...Show More Summary
The GOP can't raise the debt ceiling or keep the government open without Democratic votes.
Yes, the US public debt is temporarily frozen at the statutory debt limit (with the exception of fiscal shenanigan with public debt held by investors versus intragovernmental lending). The post Household Debt Growth YoY Now Equals Federal Public Debt Growth (Thanks To Debt Ceiling On Feds) was originally published at The Wall Street Examiner. Follow the money!