When a new debt ceiling agreement was reached, the Republican leadership acted like they balanced the budget. What a joke. Instead, they achieved $50 billion in savings one exchange for raising the debt ceiling by $4 trillion. The Congressional Budget Office (CBO) released its report on the Fiscal Responsibility Act, and its findings found that […]
Debt Ceiling
Ron Paul: Republicans’ Fiscal Irresponsibility Act
By: Ron Paul The political and financial class breathed a sigh of relief when Congress passed the Fiscal Responsibility Act of 2023. The bill suspends the debt ceiling for two years, thus avoiding the establishment’s nightmare of a government default on its debt. Rather, it allows the government to continue adding trillions of dollars of […]
Treasury’s cash balance plummets 16% in one day, falls below $58 billion amid debt ceiling impasse
The U.S. Treasury Department’s bank account keeps dwindling. According to the latest Daily Treasury Statement (DTS), the Treasury General Account (TGA) Opening Balance for May 19 was $57.341 trillion, down from $68.332 billion on May 18. Remember, the cash balance at the beginning of the month was a little more than $316 billion. Fun times […]
Report: Republicans propose lifting the debt ceiling by $1.5 trillion or until March 31
The Republicans keep capitulating. They are not the party of fiscal responsibility at all. They are weak. Case in point, House Speaker Kevin McCarthy (R-CA) and his fellow House GOP members will lift the debt ceiling by $1.5 trillion or until March 31, 2024. The bill is expected to be released soon. This comes after […]