Debt Approaches 17 Trillion
08-04-2013, 12:56 PM
#121
Banned
Joined APC: Apr 2009
Position: electron wrangler
Posts: 372
Re: Debt Approaches 17 Trillion
The United States debt ceiling or debt limit is a legislative restriction on the amount of national debt that can be issued by the Treasury. Since expenditures are authorized by separate legislation [the budget], the debt ceiling does not actually restrict deficits. In effect, it can only restrain the Treasury from paying for expenditures that have already been incurred...
A 2011 Government Accountability Office study found "the debt limit does not control or limit the ability of the federal government to run deficits or incur obligations. Rather, it is a limit on the ability to pay obligations already incurred."
A 2011 Government Accountability Office study found "the debt limit does not control or limit the ability of the federal government to run deficits or incur obligations. Rather, it is a limit on the ability to pay obligations already incurred."
I accept your apology.
.
08-04-2013, 01:10 PM
#122
With The Resistance
Joined APC: Jan 2006
Position: Burning the Agitprop of the Apparat
Posts: 6,191
Originally Posted by N2264J
http://www.etfguide.com/commentary/1095/Bond-Losses-at-Federal-Reserve-Top-$192-Billion/
08-04-2013, 02:50 PM
#123
Gets Weekends Off
Joined APC: May 2010
Position: Baja Vermont
Posts: 5,177
And, as your captioned Wiki post stated, the obligations are "already incurred" by Congress, thus making them a political decision which may or may not be honored by that very same Congress thru an increase in the debt ceiling. No increase, no expenditures--they stop upon reaching the ceiling. Again, look up the SCOTUS decisions on whether an individual has any property rights to government payments, other than bond holders.
This is how the SSA terms the argument,
“There has been a temptation throughout the program’s history for some people to suppose that their FICA payroll taxes entitle them to a benefit in a legal, contractual sense.”
GF
This is how the SSA terms the argument,
“There has been a temptation throughout the program’s history for some people to suppose that their FICA payroll taxes entitle them to a benefit in a legal, contractual sense.”
GF
08-04-2013, 04:07 PM
#124
Banned
Joined APC: Jan 2008
Position: Pilot
Posts: 2,625
Originally Posted by N2264J
Thread
Thread Starter
Forum
Replies
Last Post
