Wednesday, October 09, 2013

A country without an operating budget

It's US. Since 2009:

1600 Pennsylvania Avenue and 1600 Days Without a Budget
[...] So here’s a little primer on the fiscal State of the Union.

According to the US Debt Clock, we are $16,970,000,000 in debt. The US Debt Clock is an unofficial tally of our excessive spending.

The federal deficit increased by $146 billion in August, as reported by the CBO four days ago. Yet this conflicts with reports from the Treasury Department.

Yet as reported by CNSnews, “According to the Daily Treasury Statements that the Treasury publishes at 4:00 p.m. on each business day, the debt subject to the legal limit has remained at exactly $16,699,396,000,000–or about $25 million below the legal limit–every day since May 17.”

This makes 118 days, with the September 12 report being the most current, that the debt has stayed at $16,699,396,000,000.

Why is this important? The current debt ceiling limit is $16,699,421,095,673.60. According to the debt clock, however, and if CBO reports for June, July, and August were added to the Treasury statements amount since May 17th, we would be way past the debt ceiling limit. In fact, August alone would have crossed the threshold. So what is our current debt?

Incidentally, the reason why Congress even has to consider the question of funding the government or shutting it down past September 30 (the last day of the fiscal year) is that there is no operating budget. The last time the Senate passed a budget was April 29, 2009. Nearly the entirety of Obama’s time as President has been this way. For the Senate to abrogate its basic fiduciary responsibilities in such a major way is unconscionable. [...]
Is "unconscionable" becoming the new "commonplace"? How can the Treasury just "stop" the debt clock at May 17? It makes their daily statements completely meaningless. Ditto the inflation index, which no longer includes the cost of food or fuel. And all this phoney talk about the "approaching" debt ceiling, when we have already passed it. What happened to reality? How many people are actually paying attention?

A household or a business without a budget gets into trouble quickly. Why should a country be any different?

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