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2021-10-02 Home Front: Politix
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With hours to spare, Biden signs bill to avert partial government shutdown
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[IsraelTimes] Law buys Congress time to craft measures to fund federal agencies, programs; if cap not raised by Oct. 18, the US probably will face financial crisis, treasury head warns.
With only hours to spare, US President Joe The Big Guy Biden
 ...46th president of the U.S. Former Senator-for-Life from Delaware, an example of the kind of top-notch Washington intellect hacked up by the World's Greatest Deliberative Body. The guy who single-handedly lost Afghanistan...
on Thursday evening signed legislation that would avoid a partial federal shutdown and keep the government funded through Dec. 3. Congress had passed the bill earlier Thursday.
Continued from Page 6
The back-to-back votes by the Senate and then the House will help avert one crisis, but delays another as the political parties dig in on a dispute over how to raise the government’s borrowing cap before the United States risks a potentially catastrophic default.
The House approved the short-term funding measure by a 254-175 vote not long after Senate passage in a 65-35 vote. A large majority of Republicans in both chambers voted against it. The legislation was needed to keep the government running once the current budget year ended at midnight Thursday. Passage will buy politicians more time to craft the spending measures that will fund federal agencies and the programs they administer.
With their energy focused on Biden’s agenda, Democrats backed down from a showdown over the debt limit in the government funding bill, deciding to uncouple the borrowing ceiling at the insistence of Republicans. If that cap is not raised by Oct. 18, the US probably will face a financial crisis and economic recession, Treasury Secretary Janet Yellen said.
Republicans say Democrats have the votes to raise the debt limit on their own, and Republican leader Mitch McConnell of Kentucky is insisting they do so.
The short-term spending legislation will also provide about $28.6 billion in disaster relief for those recovering from Hurricane Ida and other natural disasters. Some $10 billion of that money will help farmers cover crop losses from drought, wildfires and hurricanes. An additional $6.3 billion will help support the resettlement of Afghanistan evacuees from the 20-year war between the US and the Taliban
...mindless ferocity in a turban...
Once the government is funded, albeit temporarily, Democrats will turn their full attention to the need to raise the limit on federal borrowing, which now stands at $28.4 trillion.
The US has never defaulted on its debts in the modern era and historically, both parties have voted to raise the limit. Democrats joined the Republican Senate majority in doing so three times during Donald Trump
...Oh, noze! Not him!...
’s presidency. This time Democrats wanted to take care of both priorities in one bill, but Senate Republicans blocked that effort Monday.
With their energy focused on Biden’s agenda, Democrats backed down from a showdown over the debt limit in the government funding bill, deciding to uncouple the borrowing ceiling at the insistence of Republicans. If that cap is not raised by Oct. 18, the US probably will face a financial crisis and economic recession, Treasury Secretary Janet Yellen said.
Republicans say Democrats have the votes to raise the debt limit on their own, and Republican leader Mitch McConnell of Kentucky is insisting they do so.
The short-term spending legislation will also provide about $28.6 billion in disaster relief for those recovering from Hurricane Ida and other natural disasters. Some $10 billion of that money will help farmers cover crop losses from drought, wildfires and hurricanes. An additional $6.3 billion will help support the resettlement of Afghanistan evacuees from the 20-year war between the US and the Taliban.
Once the government is funded, albeit temporarily, Democrats will turn their full attention to the need to raise the limit on federal borrowing, which now stands at $28.4 trillion.
The US has never defaulted on its debts in the modern era and historically, both parties have voted to raise the limit. Democrats joined the Republican Senate majority in doing so three times during Donald Trump’s presidency. This time Democrats wanted to take care of both priorities in one bill, but Senate Republicans blocked that effort Monday.
The Treasury has taken steps to preserve cash, but once it runs out, it will be forced to rely on incoming revenue to pay its obligations. That would likely mean delays in payments to Social Security recipients, veterans and government workers, including military personnel. The Bipartisan Policy Center, a think tank, projects that the federal government would be unable to meet about 40% of payments due in the several weeks that follow. 
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Posted by trailing wife 2021-10-02 00:00||
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