The debt ceiling is a terrifying, confusing, amorphous monster. But there’s a slide show that can at least give you everything you need to know about it.
We’re not even totally in the clear on a shutdown over funding the government, but Congress is already onto the next fiscal crisis. Treasury Secretary Jacob Lew sent a letter to Congress on Wednesday saying that if Congress doesn’t act to raise the debt ceiling, the government will be left with just $30 billion in cash. “If we have insufficient cash on hand,” Lew wrote, “it would be impossible for the United States of America to meet all of its obligations for the first time in our history.”
This is something to be legitimately frightened about. House Republicans, while they look as if they are getting ready to retreat on the budget fight, are gearing up to go very, very hard on the debt limit. It’s impossible for congressional leadership to say how this will end, much less your humble media prognosticator.
But how exactly did we get here? And what exactly could we be looking at? The Bipartisan Policy Center has put together a slide show with literally anything you could possibly want to know about the mechanics of the debt limit, how the government has been able to hold off on “extraordinary measures” for this long, and why October could be a fiscal apocalypse.
The center, even after Lew’s letter, is predicting that the U.S. government will no longer be able to meet its financial obligations between October 18 and November 5. Here’s why.
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"Chances of a government shutdown grew Monday as Republicans concluded that they would be unable to reach a long-term spending accord by the Friday deadline. GOP leaders are now turning to a short-term funding measure in hopes of keeping agencies open while talks continue, but Democratic leaders say they are unlikely to support any deal that does not protect young illegal immigrants. Aides to key negotiators from both parties planned to meet Tuesday in an effort to rekindle budget talks, setting up a Wednesday meeting of the leaders themselves. If they cannot agree, the government would shut down at midnight Friday for the first time since 2013."
“'As a junior foreign service officer, I signed an oath to serve faithfully the president and his administration in an apolitical fashion, even when I might not agree with certain policies. My instructors made clear that if I believed I could not do that, I would be honor bound to resign. That time has come,' Feeley said, according to an excerpt of his resignation letter read to Reuters."
Sens. Ron Wyden and Rand Paul said they will oppose reauthorization of FISA's Section 702 unless the bill contains added "protections for Americans' privacy rights. The powers granted by Section 702 are only supposed to be used against foreigners on foreign soil. But an American's communications can get swept up in the NSA's surveillance dragnet if they communicate with people overseas." More robust privacy protections were voted down by the House this week when it approved the authorization, but without them, Paul and Wyden say they'll filibuster.