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Budget Control Act of 2011 Reality Check: "hysteria" and magical MMT limit US policy options

US government faces potential default in Sept.

the Congressional Budget Office estimated that the government posted a budget deficit of $746 billion for the first nine months of fiscal year 2019, on track to approach or top $1 trillion. Revenues were $69 billion higher and federal spending was $208 billion higher over that period.
locating "sequestered" fossil fuel expenses and payments
The new estimate echoes warnings from Treasury Secretary Steven Mnuchin, who is the lead Trump administration negotiator in talks on a bipartisan deal to lift the government's borrowing cap and prevent automatic budget cuts from hitting the Pentagon and domestic agencies.
automatic Pentagon and "select" agencies top-up
Both Pelosi and McConnell vow that the government won't be allowed to default, but both also wish to link the debt limit issue with a concurrent effort to set new spending "caps" for the agency budgets that Congress sets every year.
The deadline for risking a debt default is imprecise since it depends on shifting revenue estimates and when the government needs to post major outlays. It's still most likely that the so-called X date wouldn't fall until October, but a shortfall in early September is at least possible.
US Joint Select Committee on Deficit Reduction: "Except for the five public hearings, the committee proceedings comprising the majority of the negotiations and counter-offers will remain sealed for 20 years under current rules". 2031

Diversity is the key to economic and political evolution.
by Cat on Tue Jul 9th, 2019 at 07:19:59 AM EST
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