Dig this.
The latest calculation of the National Debt as posted by the Treasury Department has - at least numerically - exceeded the statutory Debt Limit approved by Congress last February as part of the Recovery Act stimulus bill.So what? Who's going to do what, exactly, if they just blow off the law? Sort of the way they blew off bankruptcy laws when they stiffed the secured bondholders of GM and Chrysler.
The ceiling was set at $12.104 trillion dollars. The latest posting by Treasury shows the National Debt at nearly $12.135 trillion.
A senior Treasury official told CBS News that the department has some "extraordinary accounting tools" it can use to give the government breathing room in the range of $150-billion when the Debt exceeds the Debt Ceiling.
Were it not for those "tools," the U.S. Government would not have the statutory authority to borrow any more money. It might block issuance of Social Security checks and require a shutdown of some parts of the federal government.
In all seriousness, what happens when there's no one to enforce the laws and the parties involved realize it?
There are rules that control government? Who knew...
ReplyDelete"what happens when there's no one to enforce the laws and the parties involved realize it?"
ReplyDeleteThe effective speed limit goes to 600 miles per hour, and you get some spectacular car crashes?
In all seriousness, what happens when there's no one to enforce the laws and the parties involved realize it?
ReplyDeleteThe current sad scene occurs, is what. We're over the falls, and have been for decades.
Spamblocker word: "Price" No kidding