FY 2017 Supplemental Budget

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Tiredretiredlawyer
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Re: FY 2017 Supplemental Budget

#26

Post by Tiredretiredlawyer » Fri Sep 08, 2017 4:26 pm

Does this free them up to repeal ACA?


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bob
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Re: FY 2017 Supplemental Budget

#27

Post by bob » Tue Sep 12, 2017 2:41 pm

CBS: National debt hits historic $20 trillion mark:
The U.S. national debt reached $20 trillion for the first time ever last Friday after President Trump signed a bipartisan bill temporarily raising the nation's debt limit for three months.

While at Camp David, Mr. Trump, with the stroke of his presidential pen, increased the statutory debt last Friday by approximately $318 billion, according to the Treasury Department. Before the bill's completion, the U.S. debt was sitting around $19.84 trillion.

The legislation allowed the Treasury Department to start borrowing again immediately after several months of using "extraordinary measures" to avoid a financial default. The bill passed last Thursday 80-17 in the Senate and in the House 316-90 on Friday. Around $15 billion in emergency funding for Hurricane Harvey recovery efforts was attached to the borrowing measure.

The $318 billion increase raised the U.S. national debt to $20.16 trillion by Friday. Since Mr. Trump's inauguration, the debt has increased about $215 billion from around $19.94 trillion.
As you may recall, the president's faithful were touting that the president had reduced the debt by $100B. Now that the debt limit has been raised, it is now more accurate to say that the debt has risen over $200B under the current president. So the faithful's fallback line is now "Obama accumulated $1T debt in his first year!" (To lessen the effects of Bush's recession, they always forget to add.)

But see: NYT: McConnell Says Democrats’ Glee on Debt Limit Deal Was Premature:
Senator Mitch McConnell thinks Democrats were a tad premature in exuberantly celebrating the surprise spending deal they struck last week with President Trump.

“Let’s put it this way,” Mr. McConnell, the Kentucky Republican and majority leader, said Monday in an interview for The New York Times podcast “The New Washington.” “The deal is not quite as good as my counterpart thought it was.”

The reason? Mr. McConnell said that he insisted the newly passed legislation preserve Treasury’s ability to apply “extraordinary measures” and shift money within government accounts to pay off debt and extend federal borrowing power.

That will delay the need for another increase in the debt limit well beyond the December deadline that Democrats have been trumpeting as their big moment of leverage. And Mr. McConnell said he did so over the objections of Senator Chuck Schumer of New York, the Democratic leader and aforementioned counterpart.

In fact, Mr. McConnell said, the debt limit will not have to be increased until well into 2018, taking that volatile subject off the table for the December spending talks, and eliminating the Democrats’ most dangerous bargaining chip in the first round of negotiations.

* * *

Under the scenario Mr. McConnell sketched out, the December talks will now focus on hurricane relief and other budgetary matters and the administration can tell Democrats “see you next year [read: Tuesday] on the debt ceiling.”


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