Continuing Appropriations Act Expires On January 15th, 2014 (Still No Risk Of US Default)

Confounded Interest ^ | 10/29/2013 | Anthony B. Sanders

[whitedog57]

P.L. 113-46, The Continuing Appropriations Act, 2014, runs out on January 15th, 2014.

* The continuing resolution (CR) funds the federal government until January 15, 2014 at the same level as in fiscal year * It also suspends the limit on the federal government’s debt until February 7, 2014. * The act sets up a process for verifying the incomes of people who apply for health insurance subsidies under Obamacare, the topic of the original version of the bill. *It provides back pay to the 800,000 government workers who were furloughed during the shutdown. * It also creates a joint budget conference to work on possible compromises and report back to Congress by December 13, 2013. * There are a number of pork spending items in the bill. - The United States Army Corps of Engineers was granted an authorization increase of $2.2 billion in funding to improve a series of locks and dams on the Illinois-Kentucky border. - Another $450 million was allocated to help repair the damage in Colorado from the 2013 Colorado floods. - The United States Department of the Interior got $36 million and the United States Forest Service $600 million to cover fighting forest fires and their damage. - The law also provides a payment of $174,000 to Bonnie Lautenberg, the widow of (millionaire) Senator Frank Lautenberg (D-NJ), who died this year. * The act extends the sunset date on the Federal Lands Recreation Enhancement Act one year, to Dec. 8, 2015. And, notably, it declines to block President Obama’s proposal for a one percent pay increase for most federal civilian employees on January 1, 2014.

But never fear! There isn’t but a trace of concern in the global economy that the US will default.

usdefaultrisk

Greece? Perhaps.

defrisk

Why? The US interest due to investors is about 10% of our total budget.

govexpint

So, when the default mongers start threatening during the Holiday season, ignore them. Try watching the always wooden Ben Affleck in the classic Christmas movie “Reindeer Games.”

reindeergames

[whitedog57]

Watch the usual default attention whores come out of the woodwork. Like Jacob Lew, Treasury Secretary.

[humblegunner]

Would you like a tutorial on how to post the images of the copyrighted charts you steal?

[familyop]

"But never fear! There isn’t but a trace of concern in the global economy that the US will default...Why? The US interest due to investors is about 10% of our total budget."

That's pretty funny.