The Treasury had blown through the debt ceiling weeks ago and the Treasury has been robbing, I mean borrowing, or rather not contributing to the government pension system as a work around. That just ended in the Senate where a party line vote allowed the debt ceiling to be raised to $16.4 trillion dollars, which is about $1 trillion in debt capacity. The average debt per month has been running around $125 billion so we get to watch Congress fight over this all over again just around the time of the election.
This isn't really news because had the Republican led initiative to block the latest tranche actually passed the Senate, Obama would just have vetoed it, it's all for show leading up yo November.
5 years ago
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