Budget brawl: Just the facts
August 27th, 2013
11:22 AM ET
1 year ago

Budget brawl: Just the facts

New York (CNNMoney) - Treasury Secretary Jack Lew just put a rush on looming fiscal fights this fall.

Lew said Monday that Congress must raise the country's debt ceiling before mid-October, which is when Treasury estimates it will have exhausted the extraordinary measures it has taken to keep a U.S. default at bay.

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Filed under: Budget
soundoff (25 Responses)
  1. Dutch/Bad Newz, VA -aka- Take Back The House -aka- No Redemption Votes

    Sec. Lew is giving them a heads up, but do you think Congress will acknowledge it? I think not! They will wait til the 11th hour, or just default. Those who attempt to block raising the debt ceiling should be kicked out of Congress for violating the 14th Amendment which states:

    SECTION 4

    The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned.

    August 27, 2013 11:39 am at 11:39 am |
  2. Jeff Brown in Jersey

    Let's watch these Koch serving traitors do their dirty work and then vote them all out!

    August 27, 2013 12:03 pm at 12:03 pm |
  3. Rick McDaniel

    This government needs to be shut down. That will do the least amount of harm.

    August 27, 2013 12:09 pm at 12:09 pm |
  4. Anonymoose

    i strongly suggest they raise the debt ceiling to $99999 trillion because that is absolutely the spending limit of the democrats. they will not spend one cent more than that! and then watch the credit ratin gof the usa plummet. why do this one drip at a time?

    August 27, 2013 12:12 pm at 12:12 pm |
  5. J'cincinnati'redd

    We have no business shuting the country down. Why wont Obama,just lead. the far left liberals just dont care about our nation. they only care about the lazy grubs who dont want to work.

    August 27, 2013 12:16 pm at 12:16 pm |
  6. Rusty Krus

    @Anonymoose
    i strongly suggest they raise the debt ceiling to $99999 trillion because that is absolutely the spending limit of the democrats. they will not spend one cent more than that! and then watch the credit ratin gof the usa plummet. why do this one drip at a time?

    I strongly suggest you learn how to spell and not write run on sentences.

    August 27, 2013 12:16 pm at 12:16 pm |
  7. Wake up People!

    So now we know anonymous is just. We should have known from the lack of education emanating from the poorly strung together sentences....... PWT going against their own best interest.

    August 27, 2013 12:26 pm at 12:26 pm |
  8. Guest

    So just where do all the liberals draw the line on the USA borrowing money??? Is there ANY limit??? Actually, our unfunded liabilities is pretty close to $100 TRILLION. Do all the lefties think the USA can go on spending money it doesn't have forever? Please, answer these very simple questions. Show us all your plan to balance the budget and repay these trillions and then meet our unfunded obligations. You do have a plan to pay for all this don't you?

    August 27, 2013 12:45 pm at 12:45 pm |
  9. kirk

    Why would the ceo's of a company fight in court to shut down when everyone else wants to keep negotiating? When they have successfulky stole union money in the form of payroll deductions from its workers, who have no way of getting their money back. The garentor in charge said in CNN that the unions can file to have the company hold on to assets sufficient to cover the money not given to the unions but in the end they sold it all, wrote themselves golden parachutes, and away they go.

    August 27, 2013 12:52 pm at 12:52 pm |
  10. Tea Party Thomas

    Shut down the government October 1. We can save tons of money by not paying Social Security and Medicare.

    August 27, 2013 12:58 pm at 12:58 pm |
  11. kirk

    Good thing we didn't start a war, just for money, that bankrupted our country? Not to mention the thousands who died as a result, I'm sure George never imagined any one would die in a war huh? You people are amazing

    August 27, 2013 12:59 pm at 12:59 pm |
  12. Much Ado About Nothing

    People do realize our government shuts down every weekend right? And on holidays? Besides, how does taking a few billion away from Obamacare funding affect the military or anything else? It would only affect other things if Democrats FORCED it to affect it. In other words, they refused to operate the government without the Obamacare money. This is simply extortion. The House is tasked with appropriating the money in our system of government. They are held accountable every two years and the American people have voted for the Republicans to control the purse strings for 4 year now.

    August 27, 2013 01:04 pm at 1:04 pm |
  13. TONE

    @guest
    You should have ask yourself that question when the debt ceiling was raised 38 times or more under Bush. Why are right wingers so obviously hypocritical

    August 27, 2013 01:13 pm at 1:13 pm |
  14. TONE

    sorry ?

    August 27, 2013 01:13 pm at 1:13 pm |
  15. Rudy NYC

    Guest

    So just where do all the liberals draw the line on the USA borrowing money??? Is there ANY limit??? Actually, our unfunded liabilities is pretty close to $100 TRILLION.
    -------------------------–
    Do you have any clue as to what that actually is? The number is closer to 70 trillion, BTW. It is the equivalent of how many total bills that you have to pay. If you earn $100k per year and you owe $500k on a mortgage, then you have the equivalent of $400k in "unfunded" liabilities, which means you do not have the cash on hand to pay it all off.

    Since all of those mortgage payments are not all due this year, then there is no need for panic. Overtime, your annual income will cover the "unfunded" portion of your home mortgage as the years pass. Again, no need to panic.

    August 27, 2013 01:13 pm at 1:13 pm |
  16. Jeff Brown in Jersey

    @Guest
    So just where do all the liberals draw the line on the USA borrowing money??? Is there ANY limit??? Actually, our unfunded liabilities is pretty close to $100 TRILLION. Do all the lefties think the USA can go on spending money it doesn't have forever? Please, answer these very simple questions. Show us all your plan to balance the budget and repay these trillions and then meet our unfunded obligations. You do have a plan to pay for all this don't you?

    This lefty would like to see the end of tax payer funding to big oil, big pharma, out of control military funding, support to countries who hate us and tax breaks for the rich. How about cracking down on off shore investing and hidden bank accounts?

    August 27, 2013 01:20 pm at 1:20 pm |
  17. kirk

    Like my grumpy grandma used to say : careful what you wish for

    August 27, 2013 01:25 pm at 1:25 pm |
  18. w l jones

    If the government collect all the money they gave and continue to give weathy farmer and multi. billion dollar corporation we would have to build another FORT KNOX to hold all the USA gold.

    August 27, 2013 01:35 pm at 1:35 pm |
  19. Gunderson

    Okey Dokey,,
    Old Gunderson want big research grant. Study effects of wind on cactus in desert. Also Grant study effect of Scarecrows with no brain. Try follow Yellow Brick Road. See if Scarecrow get brain. Also want big Grant research why all business move China.

    August 27, 2013 01:43 pm at 1:43 pm |
  20. Thomas

    @Rick McDaniel
    This government needs to be shut down. That will do the least amount of harm.

    ====

    We could go to war with Syria then shut down ? . .......
    And maybe if we move September to April we will have a milder Spring

    August 27, 2013 01:43 pm at 1:43 pm |
  21. Bubba

    Raise corporate taxes, then shut out corporations based in tax haven countries. Everyone thinks that we stop living if non-US corporations get angry at us. They need us, more than we need them. It is simple, make it "Made in America" or "Taxed in America".
    We tried the GOP way, also known as let's suck up to the corporations and hope they throw us a bone, and it did not work. Well if positive reinforcement does not work, let's try negative reinforcement.
    The GOP is tough on terrorists, criminals, and Foreigners, unless we are being slaughtered by Corporate Terrorist, Wall Street Criminals, and Foreign Companies, at which time the GOP skirts fly Right up.

    August 27, 2013 01:48 pm at 1:48 pm |
  22. Name jk. Sfl. GOP conservatives,the garbage of America.

    The GOP has to go!!!!! The American people are sick an tired of the GOP morons in the house of not paying the bills they rang up. They are going to lose the house in 2014 in spite of their vote rigging and gerrymandering , even responsible republicans won't vote for them.

    August 27, 2013 01:54 pm at 1:54 pm |
  23. Rudy NYC

    Much Ado About Nothing

    People do realize our government shuts down every weekend right? And on holidays?
    ----------------------
    Too bad that you don't realize that government does not shut down every weekend, nor on holidays. Were you home schooled?

    August 27, 2013 02:08 pm at 2:08 pm |
  24. Winston Smith

    There's always enough money for war. There's always enough money for useless trips by elected officials, to look for more countries to throw money at. There's always enough money to pay bloated salaries, and benefits to people in the congress or the senate. There's always enough to do all this, but not enough for you. WAKE UP.

    August 27, 2013 02:14 pm at 2:14 pm |
  25. Me

    Jeff Brown in Jersey

    @Guest
    So just where do all the liberals draw the line on the USA borrowing money??? Is there ANY limit??? Actually, our unfunded liabilities is pretty close to $100 TRILLION. Do all the lefties think the USA can go on spending money it doesn't have forever? Please, answer these very simple questions. Show us all your plan to balance the budget and repay these trillions and then meet our unfunded obligations. You do have a plan to pay for all this don't you?

    This lefty would like to see the end of tax payer funding to big oil, big pharma, out of control military funding, support to countries who hate us and tax breaks for the rich. How about cracking down on off shore investing and hidden bank accounts?
    _____________
    Again when does it END.... I don't know much about the big oil and big pharma but my guess it that it is not as big as you make it out to be when comparing it to 70 TRILLION (Rudy's estimate but I bet it is actually higher and is understated) but I do agree these need to be done away with. Tax breaks for the rich were already done away with for the most part, remember the tax increases, you can't just simply tax your way out of this! Of course you don't remember them, again when does it END?? We live in a free country and I would bet a ton of money that MANY or your LIBERAL politicians have TONS of money in these off shore accounts just as many other rich people do. Besides, it is NONE of your business what people do with their money (liberal or conservative), they were probably already taxed on it, how many times do you need to tax every 1.00? For the record, I don't have any money in off shore accounts but it is none of my business if someone wants to invest in them! You have list a couple SMALL things that wouldn't even make a small fracture in the dept, there has to be BIG changes!! And to someone that stated Bush raised it 38 times, two wrongs don’t make a right, I didn’t agree with it then and I don’t now!

    August 27, 2013 02:58 pm at 2:58 pm |