From: Zenaan Harkness <[email protected]>>USA gov froze its government debt in March this year since they hit >the 'statutory maximum' of $18,113,000,080,959.35 (yep, and the 35c). >USGov is now in an extraordinary measures situation to be looked at >again October 30, 2015. >http://www.cnsnews.com/news/article/terence-p-jeffrey/150-days-treasury-says-debt-has-been-frozen-18112975000000 >This has happened a few times before, https://en.wikipedia.org/wiki/United_States_debt_ceiling
>but I wonder if there are some real limits being reached, where >they'll be unable to practically raise the USGov debt ceiling? Anyone >have further info on this? I have long believed that instead of raising the debt ceiling all at once (say, $500 billion), Congress should raise it $XYZ-million per day. Thus government is not given a go-ahead to waste huge amounts of money at one time. Further, I think that Congress could, and should, condition the continuation of this $XYZ-million/day increase on, say, a weekly vote of Congress, one in which only a 50% vote in both houses is necessary and sufficient, cannot be filibustered and one which Obama doesn't get to veto. Congress could also interpose any sorts of new restrictions on what this money can be spent for, meaning that any prior directives by Congress (especially by a Democrat-controlled Congress) would be null and void. Effectively, Congress could completely re-write the budget without approval by either the Democrats or Obama. The LACK of such a system is yet another reason I believe that John Boehner is a loser: It is said that Congress has "the power of the purse", but since it doesn't use it, that is becoming a disaster. Jim Bell
