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Debt Ceiling


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What Does the Debt-Ceiling Agreement Say About the U.S. Political System?

The bipartisan deal showed that the government is still capable of avoiding a self-inflicted disaster, but a credit-ratings agency warns it is suffering from slow rot.

phkrause

By the decree enforcing the institution of the papacy in violation of the law of God, our nation will disconnect herself fully from righteousness. When Protestantism shall stretch her hand across the gulf to grasp the hand of the Roman power, when she shall reach over the abyss to clasp hands with spiritualism, when, under the influence of this threefold union, our country shall repudiate every principle of its Constitution as a Protestant and republican government, and shall make provision for the propagation of papal falsehoods and delusions, then we may know that the time has come for the marvelous working of Satan and that the end is near. {5T 451.1}
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GOP hardliners revolt and derail McCarthy’s agenda in retaliation over speaker’s debt limit deal

Speaker Kevin McCarthy kicked off a closed-door meeting on Tuesday morning with a plea to his members: Let’s move on from last week’s debt ceiling drama and focus on the “next play.”

https://www.cnn.com/2023/06/06/politics/republican-revolt-mccarthy-rule-vote/index.html?

phkrause

By the decree enforcing the institution of the papacy in violation of the law of God, our nation will disconnect herself fully from righteousness. When Protestantism shall stretch her hand across the gulf to grasp the hand of the Roman power, when she shall reach over the abyss to clasp hands with spiritualism, when, under the influence of this threefold union, our country shall repudiate every principle of its Constitution as a Protestant and republican government, and shall make provision for the propagation of papal falsehoods and delusions, then we may know that the time has come for the marvelous working of Satan and that the end is near. {5T 451.1}
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Debt limit law sets up 'enormous' stakes for the 2024 election with deadlines for default, Obamacare and Trump tax cuts

WASHINGTON — The newly enacted debt ceiling law all but assures that the winner of the 2024 presidential election and the next Congress will face another potentially calamitous default deadline soon after taking office.

https://www.nbcnews.com/politics/congress/debt-limit-law-sets-enormous-stakes-2024-election-rcna87918?

phkrause

By the decree enforcing the institution of the papacy in violation of the law of God, our nation will disconnect herself fully from righteousness. When Protestantism shall stretch her hand across the gulf to grasp the hand of the Roman power, when she shall reach over the abyss to clasp hands with spiritualism, when, under the influence of this threefold union, our country shall repudiate every principle of its Constitution as a Protestant and republican government, and shall make provision for the propagation of papal falsehoods and delusions, then we may know that the time has come for the marvelous working of Satan and that the end is near. {5T 451.1}
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💰 Biden fires warning shot on spending cuts

President Biden today threatened to veto two of House Republicans' first spending bills, accusing Speaker Kevin McCarthy (R-Calif.) of reneging on the debt ceiling deal that Congress passed last month.

Why it matters: Conservatives are pressuring McCarthy to enact deeper cuts than the budget caps agreed to in the debt ceiling deal, pushing for spending levels that the White House says would "endanger critical services for the American people."

State of play: House Republicans are planning to bring the two appropriations bills to the floor this week — one funding military construction and the Department of Veterans Affairs, and the other funding the Department of Agriculture and the FDA.

  • Both are packed with the GOP's culture war priorities, including provisions restricting abortion rights, gender-affirming health care, and diversity, equity and inclusion initiatives.
  • The House's spending bills are largely a partisan messaging exercise and have no chance of making it to Biden's desk in their current form, given Democrats' control of the Senate.

The big picture: With McCarthy focused for now on pacifying conservatives — and facing the threat of a moderate rebellion over abortion provisions — the odds of an October government shutdown are growing.

phkrause

By the decree enforcing the institution of the papacy in violation of the law of God, our nation will disconnect herself fully from righteousness. When Protestantism shall stretch her hand across the gulf to grasp the hand of the Roman power, when she shall reach over the abyss to clasp hands with spiritualism, when, under the influence of this threefold union, our country shall repudiate every principle of its Constitution as a Protestant and republican government, and shall make provision for the propagation of papal falsehoods and delusions, then we may know that the time has come for the marvelous working of Satan and that the end is near. {5T 451.1}
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