Debt Ceiling Sing-A-Long Song

[theblognovice]

John Boehner won't put a bill on the floor
Obama says he won't negotiate no more
We've got 10 days
Before the bill collector comes knocking at our door
China you better cash your dollars out and run
This is the debt ceiling sing-a-long song

[Chris]

Good one!

[waltky]

Here we go again...

‘The Debt Ceiling Issue Will Get Resolved’
May 25, 2017 | On Wednesday, Treasury Secretary Steven Mnuchin called for a clean debt ceiling increase by August, but the House Freedom Caucus says it will insist that any increase in the debt ceiling be accompanied “by cutting where necessary.”

House Speaker Paul Ryan told a news conference on Thursday: We’re talking with our members on this. Every treasury secretary says this and every treasury secretary needs to say this. And we’re going to be talking with our members and with the administration on how we’re going to resolve the debt ceiling. The debt ceiling issue will get resolved. The timing is what I think is the newsworthy thing here. (Tax) receipts aren’t quite what people thought they were, and that’s why Secretary Mnuchin is moving the timetable up. So we’re look at that new timetable. Democrats will insist on a clean debt ceiling bill, which means no “poison pill” riders that curtail future spending.

But in a statement on Wednesday, the House Freedom Caucus wrote: The U.S. federal government is drowning in debt, yet continues to spend into oblivion on the backs of future taxpayers. We have an obligation to the American people to tackle Washington’s out of control spending and put in place measures to get our country on the right fiscal course. In order to accomplish this end, the Freedom Caucus has taken a three-fold position: we oppose any clean raising of the debt ceiling, we call for the debt ceiling to be addressed by Congress prior to the August Recess, and we demand that any increase of the debt ceiling be paired with policy that addresses Washington’s unsustainable spending by cutting where necessary, capping where able, and working to balance in the near future.

The debt ceiling, or debt limit, is the total amount of money that the United States government is authorized to borrow to meet its existing legal obligations, including Social Security and Medicare benefits, military salaries, interest on the national debt, tax refunds, and other payments. The debt limit does not authorize new spending commitments. It simply allows the government to finance existing legal obligations that Congresses and presidents of both parties have made in the past. The Treasury Department says failing to increase the debt limit would have catastrophic economic consequences, causing the government to default on its legal obligations.

http://www.cnsnews.com/news/article/...l-get-resolved