Saturday, March 14, 2015
The debt ceiling: it's back
The Federal debt ceiling goes back into force on Monday, March 17, 2015, after a year’s suspension. And the federal treasury will use its emergency borrowing powers until October or November of this year. The Wall Street Journal has a “Politics and Policy” page on the matter here.
Remember all the arcane debates on prioritization of payments, and even the GOP “denial” that the US would miss payments at all. On the other hand, back in June 2011 John Boehner had suggested that we should start means testing seniors getting Social Security and Medicare because “we just don’t have the money”. We went through this twice, in the Summer of 2011 (with Wolf Blitzer monitoring Obama abd Boehner), and early in 2013. The second go round, some law professors from California did weigh in on the how Social Security Trust Fund really works, providing reassurance seniors would still get their payments. But in the meantime, churches were talking about helping hands and radical hospitality when the government couldn’t pay its bills.