The National  Memo Logo

Smart. Sharp. Funny. Fearless.

Monday, December 09, 2019 {{ new Date().getDay() }}

Washington (AFP) – The U.S. Treasury said Wednesday that it would exhaust its ability to borrow funds to pay all its bills by late February if Congress does not increase the country’s borrowing limit.

“I respectfully urge Congress to provide certainty and stability to the economy and financial markets by acting to raise the debt limit before February 7, 2014, and certainly before late February,” Treasury Secretary Jacob Lew said in a letter to Congress.

Lew said the agency can take “extraordinary measures” in managing its finances to keep funding the government after the debt cap is reached on February 7.

But such measures would only give it flexibility to meet all of the country’s obligations through late February.

Lew noted that in the previous political showdowns over raising the borrowing cap over the past three years, the Treasury had more flexibility in its accounts to manage longer after the ceiling was hit.

But the February 7 deadline — when the cap will be locked at the total amount borrowed at that date — comes at a time when the government experiences larger-than-usual outflows for things like tax refunds, Lew said.

In addition, he said, the accounting measures the Treasury can take to keep up with its obligations are more limited than when the Treasury hit the ceiling in the past.

U.S. debt currently stands at about $17.3 trillion.

AFP Photo/Francisco Leong

Advertising

Start your day with National Memo Newsletter

Know first.

The opinions that matter. Delivered to your inbox every morning

Lt. Gov. Janice McEachin

The Republican Party’s radical right flank is making inroads among voters and winning key primaries east of the Mississippi. But out West, among the five states that held their 2022 primary elections on May 17, a string of GOP candidates for office who deny the 2020’s presidential election results and have embraced various conspiracies were rejected by Republicans who voted for more mainstream conservatives.

In Pennsylvania, Douglas Mastriano, an election denier and white nationalist, won the GOP’s nomination for governor. He received 568,000 votes, which was 44.1 percent of the vote in a low turnout primary. One-quarter of Pennsylvania’s nine million registered voters cast ballots.

Keep reading... Show less

Rep. Ted Budd, left, and Cheri Beasley

On Tuesday, North Carolina Republicans selected Rep. Ted Budd (R-NC), a far-right extremist who has pushed false claims about the 2020 election, to be their Senate nominee. He will face Democratic nominee Cheri Beasley, a former chief justice of the state's Supreme Court.

As of Wednesday morning, Budd had received more than 58 percent of the GOP primary vote. Former Gov. Pat McCrory received just below 25 percent of the vote, while former Rep. Mark Walker received about nine percent of the vote.

Keep reading... Show less
{{ post.roar_specific_data.api_data.analytics }}