(no subject)

[randomness]

Punted to the new year. I obviously can't say I'm surprised.

Waiting until the next time it comes around on the guitar, that's me.

Comments

[fin9901.livejournal.com]

Well, next January in theory we wouldn't have to worry about problems with hitting the debt limit, because from what I understand there's language in the bill that lets the President ignore the debt limit. Just what we need, the government with an unlimited credit card.

[r-ness.livejournal.com]

Only until February 7th.

From http://www.nytimes.com/2013/10/18/business/economy/lingering-confusion-in-debt-ceiling-deals-temporary-fix.html?_r=0:

This procedural maneuver in question is called the “McConnell rule,” as it is the brainchild of Senator Mitch McConnell of Kentucky, the Republican leader.

Indeed, if Congress put the McConnell rule into effect permanently, it would make it impossible for a small group of lawmakers to push the country into default. But the law puts it into effect only temporarily. Starting now, the Treasury Department is allowed to issue as much debt as needed through Feb. 7. There is no specific number for debt limit.

At that point, however, everything reverts to the previous rule, which requires Congress to raise the debt limit in some way for Treasury to increase the total amount of official borrowing. Mr. Obama would lose the ability to issue debt as needed. Treasury can still employ “extraordinary measures” to keep paying its bills. Eventually, unless Congress acts, another cash squeeze would set in.

[stolen-tea.livejournal.com]

And I'm not even sure if this is a bright spot; it gives Congress the ability to shut down the government for an even *longer* period of time, before triggering a Global Financial Catastrophe. :(