If Congress fails to raise the debt ceiling by around Oct. 17, Lew, who has been in the job less than a year, will have to sit at his desk and figure out how to make due on roughly one-third less in the way of government funds for the bills he has to pay. Because he can no longer borrow, according to the Bipartisan Policy Center, government spending will fall by about 32 percent, or $108 billion in the first month.Am I the only one around here shocked to discover that the federal government is borrowing one-third of every dollar it spends? In this partial government shutdown, we're holding back on 17% of spending when we would have to nearly double that amount of cuts just to break even.
Monday, October 07, 2013
Jack Lew pays the bills