Posted on 12/21/2015 10:13:57 PM PST by Walt Griffith
TITLE IX--TEMPORARY EXTENSION OF PUBLIC DEBT LIMIT
(Sec. 901) The public debt limit is suspended through March 15, 2017. On March 16, 2017, the limit is increased to accommodate obligations issued during the suspension period.
(Sec. 902) Adjustments to the debt limit for obligations during the suspension period are limited to obligations necessary to fund a commitment incurred by the federal government that required payment before March 16, 2017. The Department of the Treasury may not issue obligations during the suspension period to increase cash balances above normal operating balances.
Unlimited credit card until March 2017
On March 2017, limit is set to were we will be at that point in time.
Government can only increase the debt for obligations - mandated payments due before March 2017.
Government cannot incur debt for a pile of cash.
Paul Ryan, fiscal genius in action.
PR - mini Boner...
I thought title IX allowed the girls to play?
That was the old Title IX. The new one allows them to Harris boys in college.
Harrass
If I read it properly, it says - the debt limit is suspended until March 15, 2017. The government can spend whatever it needs up to that point, at which point, on March 16, 2017, a new debt limit will be established.
Basically its saying - Congress (ie. Ryan) and Obama agreed there will be NO threat or possibility of a government shut-down until March 2017.
Presidents propose Fiscal Year budgets on Feb. 15 and then begins debating with Congress, for a budget to begin on October 1, the start of the Government’s fiscal year. For example, on October 1 of 2015, we started FY 2016 - Obama’s last budget.
This agreement basically seems to say, Obama’s budgets are over, as his term ends next January, so no need to battle him on budgets any longer. Whoever is the next President, Ryan and Congress agree to give them a grace period of one year. They can propose their 2017 budget in Feb. 15 of 2016, without fear of a debate over debt limits.
I imagine by that time the debt of the USA will be over $20 Trillion.
Actually RINO’s are not afraid of government shutdown, but their rich donors lose some profits made on government contracts.
Actually, Zero will be in the white hut until Jan 20, 2017...
SO, the new Pres only has a couple of months to live with this travesty.
This sham is a Paul Ryan cave as bad as any from Boner and the Boyz.
POS.
In other words, there is no budget, spending is now out of control.
Hogwash, they do it anyway, they just don't make the accounting entries.......
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