Without action, Treasury will be forced to stop paying some big bills
The government has maxed out its borrowing limit, and Treasury officials have warned of dire consequences if Congress and the White House can't agree soon on a plan for raising the debt ceiling.
Failure to act on a plan could force the Treasury to make steep spending cuts to avoid defaulting on debt payments, with potentially serious damage to the current weak economic recovery.
The Senate this week shot down a proposal by Rep. Paul Ryan, R-Wis., to cut $6 trillion in federal spending over the next 10 years. That put Congress back on square one as lawmakers look for a compromise that would allow the government to continue operating without some kind of automated cuts to stay under the spending cap.
When I run out of money I stop spending. Then I only spend on necessities until I have enough to give some to folks who won't do for themselves and teach crabs how to dance.
ReplyDeleteWhat 10:29?
ReplyDelete