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View Diary: Ted Cruz continues #fauxlibuster, House GOP contemplates new shutdown threat (64 comments)

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  •  So what really is "D Day" (Default Day)? (5+ / 0-)
    Recommended by:
    TomP, Fury, eps62, a2nite, pipercity1

    I see the Treasury says we run out of money around Oct 17th so do we have that long or is there somethings that will start to fail on Oct 1st?

    Either way the public outrage should be greater than it is. I tried talking to some folks at work about this and nobody really seemed to care about it.

    Spite is the ranch dressing Republicans slather on their salad of racism

    by ontheleftcoast on Wed Sep 25, 2013 at 08:35:02 AM PDT

    •  Nobody will until it happens. Until then it is... (5+ / 0-)

      nothing more than a political stunt and dramatics from people with too much time on their hands.

      Cruz is playing to the TeaParty for 2016.  He has no intention of shutting down government and could care less if the ACA is funded.  He is going for brownie points with the crazies.

      Tax and Spend I can understand. I can even understand Borrow and Spend. But Borrow and give Billionaires tax cuts? That I have a problem with.

      by LiberalCanuck on Wed Sep 25, 2013 at 08:55:42 AM PDT

      [ Parent ]

    •  If I understand it right, there are two issues (6+ / 0-)

      The continuing resolution (CR) provides spending authority for the new fiscal year which starts 10/1 - without that authority, government departments have no authority to spend any money and shut down.

      With or withour budget authority, the bills have to be paid - and because we run a deficit, money has to be borrowed to pay the bills every day.  The debt ceiling sets a limit on government debt - so when we hit that debt level on or about 10/17, Treasury cannot borrow money to pay the bills and we default on obligations.  Think of maxing out your credit card (maybe because of a medical emergency) when you were expecting to use it to pay the mortgage.

      Both have to be resolved - the budget immediately and the debt ceiling very soon.

      •  Thanks for spelling that out (0+ / 0-)

        So we start losing services on Oct 1st because they're not allowed to do anything but pay bills and we go into default on Oct 17th because there won't be money to pay bills after that.

        Spite is the ranch dressing Republicans slather on their salad of racism

        by ontheleftcoast on Wed Sep 25, 2013 at 09:23:05 AM PDT

        [ Parent ]

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