Posted on 03/09/2017 1:45:22 PM PST by Pinkbell
Treasury Secretary Steven Mnuchin has called on Congress to raise the United States debt limit "at the first opportunity."
In a letter to congressional leaders dated Wednesday, Mnuchin said the Treasury will stop issuing certain state and local securities on March 15, when the most recent suspension of the debt limit expires. Mnuchin said the Treasury will likely start aking "extraordinary measures" the next day, when the U.S. will be at its statutory limit, to prevent default.
"As I said in my confirmation hearing, honoring the full faith and credit of our outstanding debt is a critical commitment. I encourage Congress to raise the debt limit at the first opportunity so that we can proceed with our joint priorities," Mnuchin wrote.
Those extraordinary measures, which could help the government to pay its bills for months, include things like postponing contributions to retirement funds for federal employees.
Republicans control the White House, Senate and House of Representatives, which could be seen as making a debt agreement easier to strike. However, the GOP's current focus on repealing and replacing the Affordable Care Act, combined with possible budget disagreements within the party, could complicate the effort.
Press secretary Sean Spicer was asked Thursday if White House budget chief Mick Mulvaney, a fiscal hawk, would support raising the debt ceiling. He did not specifically say where Mulvaney came down on the issue, but said the administration likely has months to address it.
(Excerpt) Read more at cnbc.com ...
NOOOO!! CUT GOVERNMENT!!
All leaders rise and fall.
President Trump is DOOMED if he thinks
he can install TrumpCARE and increase the deficit,
or if the RINOs trick him, as Ryan is doing.
The more things change, the more they stay the same.
Just for once I’d like to see the government really shut down. Of course, that will never happen with the milquetoasts in charge of the Congress.
What THROUGH RECONCILIATION do you think is possible compared to WHAT IS POSSIBLE?
It’s looking pretty clear that that’s what Trump intends to do.
And I agree.
Meet the new boss...
The Senate already voted to raise the Debt ceiling in January. All the Rs but Rand Paul voted for it.
Last fall they voted to suspend a vote on raising the debt ceiling until March 2017.
Conservatives say it is necessary to do away with Obamacare.
http://www.mcclatchydc.com/news/politics-government/congress/article125030014.html
Kick the can down the road, business as usual.
No one has the balls to stand up to the debt freight train, not even the President. Sad.
In Tweets from 2013, Trump was attacking Republicans over raising the debt ceiling.
Well, he was right back then!
The debt we face now is Obama, Ryan, and McConell’s fault. Trump just got there.
He shares the blame next time though.
I want the debt limit raised quickly- not ‘suspended’ but raised to a definite, certain amount.
No more suspensions.
This is a good opportunity for President Trump to make a statement like he did for government regulations: if you add one, you have to cut two.
In this case, he should propose that for every dollar the debt limit is raised, the federal government must cut two dollars in spending.
I sometimes fear Trump getting sucked into the swamp he once derided.
Beyond silly. Sounds like NRO over here with the whiners.
It didn't shrink under Reagan. It is a beast that will grow and grow and grow.
Yup. Simple and effective.
Simple and effective, but in truth, not so simple, because of the process involved.
That is, his new OMB director will have to meet with the various cabinet officers and agency heads to chart the actual cuts that will appear in appropriations bills for each of their sections.
Then he will have to do the same with the leaders of the House and Senate appropriations committees, through which the cabinet officers and agency heads will have to submit their budgets, as well as the House and Senate leadership, who will prep the simple majority votes and arrange a sympathetic House-Senate conference committee, while the House and Senate whips have to insure that the new budgets, with projected cuts, have enough support to get through the House and Senate.
Importantly, without being larded with pork.
There are three types of appropriations bills:
Regular appropriations bills, of which there are twelve separate bills.
Continuing resolutions, which is what started this problem.
And Supplemental appropriations bills. These are used for things like disaster relief, immediate funding for unexpected military needs during conflicts, and money for unanticipated shortfalls, which can actually be good. For example, say President Trump decides to get rid of the Department of Education. A Supplemental appropriation would be needed for “shutdown” costs, which can be substantial, but are a “one shot”. Yet they are not part of the regular budget for that agency, which cannot be used for a shutdown.
You are not alone. Pres. Trump appears to be a very poor judge of Democrats and other progressives. He never seems to question their motives.
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