What's up with the debt ceiling?

[Madison320]

Since 2013 the US has been suspending the debt ceiling, instead of raising it. The last suspension expired last month (March 15, 2015). I've been noticing that the total debt has been stuck on 18.152T. The same thing happened the last 2 times the suspension expired. If I'm understanding this correctly, we are not allowed to borrow any more money until this gets resolved, which is why the total debt is "stuck" at 18.152T. So the question is ,"Why is this not in the news?" We should be under emergency spending measures right now. The last several times we hit the debt ceiling it was the top news story almost every day. I can't even find a mention of it. Am I missing something?

[Zippyjuan]

You are right. It has been extremely quiet on the issue. Treasury can play with the books only for so long.

But to note, the government has ebbs and flows of both expenses and revenues. They don't have the same bills every month. April brings in lots of tax revenues as people file their returns at the last minute so the deficit for April may be a low month. Treasury reported a $53 billion deficit for March http://www.fiscal.treasury.gov/fsrep...mt/mts0315.pdf . Last April they reported a $107 billion surplus.

[tsai3904]

When the debt limit is reached, the Treasury uses "extraordinary measures" to fund the government without borrowing funds. This can only last for so long. When the "extraordinary measures" are about to run out, that's when the debt limit becomes the top news story (as it has in the past).

[Zippyjuan]

http://www.politico.com/story/2015/0...ht-113897.html

Article is from January:

The debt limit will technically be reached on March 15, though the Treasury Department’s “extraordinary measures” and springtime tax revenue are expected to buy Congress several months of additional time, with estimates from aides and lawmakers ranging from late spring perhaps into the fall before Congress has to act. Typically, the Treasury Department pushes lawmakers to act more quickly, while congressional leaders often seek to vote at the last minute in order to increase pressure on wavering lawmakers.

[ctiger2]

It's all a complete charade anyhow. If you believe any Govt numbers I have some land to sell you.

[TheTexan]

Debt isn't news, because debt doesn't matter and is great for the economy.

[mrsat_98]

[oyarde]

I am sure this is all very good .

[Madison320]

You are right. It has been extremely quiet on the issue. Treasury can play with the books only for so long.

But to note, the government has ebbs and flows of both expenses and revenues. They don't have the same bills every month. April brings in lots of tax revenues as people file their returns at the last minute so the deficit for April may be a low month. Treasury reported a $53 billion deficit for March http://www.fiscal.treasury.gov/fsrep...mt/mts0315.pdf . Last April they reported a $107 billion surplus.

I agree. I guess they won't run out for a few more months. I could have sworn that in the past it was a huge story by the time we were over a month past the debt limit like we are now. When I do a search for debt ceiling, it's like going back in time. The most recent articles are over a year old.

[Madison320]

When the debt limit is reached, the Treasury uses "extraordinary measures" to fund the government without borrowing funds. This can only last for so long. When the "extraordinary measures" are about to run out, that's when the debt limit becomes the top news story (as it has in the past).

Maybe you're right but I could have sworn that it was a big story in the past even before they hit the limit. We're 5 weeks past the limit. My guess is that the press has seen this movie before and they already know how it ends (a last minute deal). Also I'm guessing the republicans aren't making a big deal out of it. With the election coming up they're just going to re-suspend the debt ceiling quietly.

[TheCount]

We're 5 weeks past the limit. My guess is that the press has seen this movie before and they already know how it ends (a last minute deal).

My guess is that the media interest this time would be various presidential candidates' opinions on it.

[devil21]

Hey hey hey HEY, you're not supposed to talk about that stuff!


http://www.apfn.org/apfn/secretoath.htm

The above named groups and associations of private lawyers got together and started working on the Uniform Commercial Code (UCC). It was somewhere between 1930 and 1940, I don't recall, but by the early 40's and during the war, this committee was working to form the UCC and got it ready to put on the market. The UCC is the law merchant's code for the administration of the bankruptcy. The UCC is now the new law of the land as far as the courts are concerned. This Legal Committee of lawyers put everything; Negotiable Instruments, Security, Sales, Contracts/Agreements, and the whole mess under the UCC. That's where the "Uniform" word comes from. It means it was uniform from state to state as well as being uniform with the District of Columbia. It doesn't mean you didn't have the uniform instrument laws on the books before this time. It means the laws were not uniform from state to state. By the middle 1960's, every state had passed the UCC into law. The states had no choice but to adopt the newly formed Uniform Commercial Code as the law of the land. The states fully understood they had to administrate bankruptcy. Washington D.C. adopted the Uniform Commercial Code in 1963, just six weeks or so after Kennedy was killed.