Understanding the Debt Ceiling

The federal debt ceiling will be reinstated on August 1, 2021, at around $28.5 trillion. At that point, the Treasury Department will begin using accounting tools at their disposal, called “extraordinary measures,” to avoid defaulting on the government’s obligations. The Treasury Department has estimated that these measures will be exhausted as soon as mid-to-late-September, while the Congressional Budget Office (CBO), the Bipartisan Policy Center and other outside analysts predict exhaustion in the fall near the start of the next fiscal year (e.g., likely September, October, or November). At that point, absent a new agreement to either raise or suspend the debt ceiling, the Treasury will be unable to continue paying the nation’s bills. Congress could address the debt ceiling through reconciliation, which provides for passage of legislation with a simple majority vote in the Senate.

The national debt is the total amount of outstanding borrowings by the U.S. Federal government, accumulated over our history. The Federal government needs to borrow money to pay its bills when its ongoing operations cannot be funded by Federal revenues alone. When this happens, the U.S. Treasury Department creates and sells securities. These securities are the debt owed by the Federal government. There are many different types of Treasury debt; bills, notes, and bonds are the most common ones. The various types of debt differ primarily in when they mature—ranging from a few days to 30 years—and in how much interest they pay. The United States has not run an annual surplus since 2001, and has thus borrowed to fund government operations every year since then.

The debt limit is a ceiling imposed by Congress on the amount of debt that the U.S. Federal government can have outstanding. This limit has been set at $28.4 trillion since August 1st, 2021.

It is also important to note that the debt limit is not a forward-looking budgeting tool that reveals what policymakers think are ideal levels of spending and revenue. Rather, it reflects the spending and revenue decisions debated and enacted in prior years by prior Congresses and Administrations; in fact, 97 percent of the current national debt stems from policy choices made before the Biden Administration took office in January 2021—choices made by both parties on their own and in a bipartisan fashion. The debt limit is the amount that the U.S. Treasury can borrow to pay the bills that have become due based on these prior policy decisions.

Once the debt limit is hit, the Federal government cannot increase the amount of outstanding debt; therefore, it can only draw from any cash on hand and spend its incoming revenues. The U.S. Treasury can also take certain “extraordinary measures” to extend how long it can continue to pay all the government’s obligations while staying below the limit. These measures include accounting techniques within several government accounts that temporarily reduce the amount of U.S. Treasury securities issued to those accounts. These actions include suspending new investments or redeeming existing investments early. By reducing the amount of outstanding Treasury securities, the level of outstanding debt temporarily falls, slightly extending the amount of time that the government can continue to satisfy its obligations.

When the U.S. Treasury exhausts its cash and extraordinary measures, the Federal government loses any means to pay its bills and fund its operations beyond its incoming revenues, which only cover part of what is required (about 80 percent in 2019). While the United States has hit the debt limit before, it has never run out of resources and failed to meet its financial obligations. Take the debt limit crises in 2011 and 2013, for example; the debt ceiling was raised in the former episode (Congress raised the cap by an explicit dollar amount) and suspended in the latter (Congress eliminated the debt limit entirely for a specified period of time) in time, before the U.S. Treasury ran out of cash and exhausted all extraordinary measures. More recently, in 2019, the United States once again hit the debt limit, but Congress suspended the ceiling, eliminating the cap until August 1st, 2021.

#Humans

How does on group of humans reject another group?

American First Caucus

WASHINGTON – A nascent effort by some conservative House of Representatives Republicans to form an “America First Caucus” to promote the policies of former President Donald Trump drew criticism on Friday for purported racial undertones in its founding document.

The effort is tied to first-term Representative Marjorie Taylor Greene and has a policy platform that promotes “a common respect for uniquely Anglo-Saxon political traditions” and advocates for infrastructure with esthetic value that “befits the progeny of European architecture,” Punchbowl News reported on Friday.

https://www.mercurynews.com/2021/04/16/house-effort-to-form-america-first-caucus-sparks-blowback/amp/

tRumps Healthcare Plan

vm.tiktok.com/ZMJmMNY1y/

What Are You #Voting For

Now that the Democratic President-Vice President ticket is set, and Vice President Biden with Senator Harris are going to be the Democratic ticket on the November ballot, I figured now is a good time to remind everyone that:

  1. You’re not just voting for President.
  2. You’re voting to prevent a 7-2 dangerous conservative majority on the Supreme Court. Note: 87 year old Justice Ruth Bader Ginsburg is single-handedly fighting off all 10 plagues so she can hang on until we have a new president. This alone should be enough for historic turnout!
  3. You’re voting for the next Secretary of Education, Housing Secretary and Attorney General.
  4. You are voting for the “down” ballot, as well……to keep the House and to gain majority of the Senate in Congress.
  5. You’re voting for federal judges.
  6. You’re voting for the rule of law.
  7. You’re voting for saving national parks.
  8. You’re voting for letting kids out of cages.
  9. You’re voting for clean air and clean water.
  10. You’re voting for scientists to be allowed to speak and do something to protect us from climate change and pandemics.
  11. You’re voting for greater transparency and confidence that the President isn’t using your tax dollars as a slush fund for his family and friends.
  12. You’re voting for housing rights.
  13. You’re voting for former incarcerated persons to be treated with dignity and assisted to be proud and productive members of society when they return.
  14. You’re voting for everyone to be able to adopt a child without a lot of red tape.
  15. You’re voting for Dreamers.
  16. You’re voting so that there will be Social Security and Medicare when you retire…and in your children’s future.
  17. You’re voting for veterans to get the care they deserve.
  18. You’re voting for rural hospitals.
  19. You’re voting so that everyone can have access to affordable health insurance.
  20. You’re voting for teaching to be treated like the noble profession that it is and for teachers to be paid like the heroes they are.
  21. You’re voting to have a President who doesn’t embarrass this country every time he attends an international meeting.
  22. And you’re voting against allowing the USA to become yet another authoritarian regime.
  23. You’re voting for sensible gun laws.
  24. You’re voting for children born to Military Troops overseas to still be counted as US citizens.
  25. You’re voting to curb homelessness and find solutions to affordable housing.
  26. You’re voting to take measures to end the racial asset and wealth disparities.
  27. You’re voting to defend women’s reproductive rights and a woman’s right to make all health related decisions regarding her body.
  28. You’re voting to acknowledge the humanity and protect the safety of our family and friends in the LGBTQ+ community.
  29. You’re voting to stop the normalization of white supremacy and dangerous bigotry in the mainstream.
  30. You’re voting to rebuild a functional CDC to help prevent or eradicate dangerous pandemics like the coronavirus.

I know we can’t all agree on everything. Now, this is a two candidate race Biden or Trump. Those are our only choices. One of them will be our President as a result of this election.

The Biden-Harris ticket isn’t perfect. No ticket ever was and no ticket ever will be. Perhaps, for whatever reason, Vice President Biden and/or Senator Harris don’t pass your purity test. Just know this, they will be much better than four more years of 45. We must do all we can to ensure that the Biden-Harris ticket wins!!

What Has #America Become

One writer said this…..

Supreme Court Rules on Sexual Orientation

In historic decision, Supreme Court rules employers cannot fire workers because of gender identity, sexual orientation
The U.S. Supreme Court ruled Monday that employers cannot fire workers because of their gender identity or sexual orientation. In a 6-3 vote, the justices found that “an employer who fires an individual merely for being gay or transgender violates Title VII.”
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#Immigration

Just in from Time Magazine – Congressional Republicans and some White House advisers are pushing President Donald Trump to halt the Administration’s policy of separating children and adults at the U.S. border while they keep looking for a political solution.

Statue of Liberty Inscription

Not like the brazen giant of Greek fame,

With conquering limbs astride from land to land;

Here at our sea-washed, sunset gates shall stand

A mighty woman with a torch, whose flame

Is the imprisoned lightning, and her name

Mother of Exiles. From her beacon-hand

Glows world-wide welcome; her mild eyes command

The air-bridged harbor that twin cities frame.

“Keep ancient lands, your storied pomp!” cries she

With silent lips. “Give me your tired, your poor,

Your huddled masses yearning to breathe free,

The wretched refuse of your teeming shore.

Send these, the homeless, tempest-tost to me,

I lift my lamp beside the golden door!”

 

Statue of Liberty – In honor of the statute’s intent to welcome immigrants, the U.S. government opened an immigration office on nearby Ellis Island in 1892. Between 1892 and 1954, Lady Liberty welcomed millions of immigrants who arrived at Ellis Island before continuing their journey into the United States. In 1883, Emma Lazarus’ “New Colossus” sonnet was selected to be the inscription at the statue’s base. Lazarus won that honor as part of a fundraising contest. In keeping with its tradition, the Statue of Liberty remains a symbol of American freedom and democracy.

DefinitionImmigrationthe action of coming to live permanently in a foreign country

DefinitionLiberty – the state of being free within society from oppressive restrictions imposed by authority on one’s way of life, behavior, or political views.

Trump on Twitter  – “Separating families at the Border is the fault of bad legislation passed by the Democrats,” he tweeted. “Border Security laws should be changed but the Dems can’t get their act together! Started the Wall.”

President Barack Obama – helped assemble the lethal deportation machine that Trump is currently operating, forcibly expelling as many 2.5 million people, the cruelty of such a policy has no precedent.

Entry in the US – There are two means by which refugees can find haven in the United States: They can present themselves at an official port of entry, such as an airport or a highway checkpoint, or they can eschew these ports and enter the country on their own. (Although this method of entry is technically illegal, it has no bearing on their claims of asylum.)

As part of its “zero tolerance” policy, the Trump administration has elected to prosecute those who enter or re-enter the country illegally, even as their asylum claims are being processed.

DefinitionFreedom – Isn’t free

Freedom Isn’t Free

“Give me your tired, your poor, Your huddled masses yearning to breathe free…

 

#PASAPORT CONNECTICUT

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#PASSPORT – CONNECTICUT

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