Government Shutdown Oct 2013
The blame for who caused the Government shutdown during October of 2013 is an interesting discussion. Was it the President? Was it the Republicans? Was it the Democrats? Was it the Tea Party? Was it the last nine presidents? Was it every congressperson since 1968?. Was it LBJ? I place the blame on USAPonzi and almost everyone I mentioned above has been complicit in either initiating or extending the fiscal crisis in which USAPonzi now leaves us.
The reason we have the situation that caused this stalemate and the shutdown that occurred because of it, is because we are bankrupt and the Government does not know what to do about it. The Tea Party Republicans get most of the blame but they are at least the ones that are trying to take a stand to stop the outrageous expansion of our Government's fiscal irresponsibility and the uncontrolled committing and spending of U.S. Taxpayer dollars. I just feel like the Tea Party should be attacking the generic problem (USAPonzi) rather than trying to stand in the way of just the latest step in the expansion of Government entitlement commitments, the Affordable Care Act. I also find the name of that program rather ironic since our entitlements as a whole are unaffordable and that is the basic cause of our current fiscal dilemma which now has us on the verge of accepting national bankruptcy.
What our current Government leaders are having to deal with is how to explain and minimize the impact of the implosion of USAPonzi and the financial crisis that this implosion will cause. It is not going to be pretty.
This Government shutdown was caused by a stalemate in congress over the funding of Obamacare, the raising of the debt limit, and the passing of a resolution to continue funding the Government. Because the debt limit had been reached, the Treasury was not able to borrow and therefore for several days, during the Government Shutdown, the Federal Debt stayed flat at $16.747 Trillion as shown in this report U.S.Government Debt Oct 2013 as posted on www.treasurydirect.gov. When congress finally agreed to temporarily suspend the debt limit and passed an interim Continuing Resolution on Oct 17, 2013 the U.S. Treasury immediately borrowed $328.3 Billion and borrowed a total of $408,756,553,147.23 through the end of October 2013.
This one day of borrowing ($328.3 Billion on Oct 17, 2013) was more than any "Government Reported" total fiscal year deficit prior to fiscal year 2003!!!!!!!!!!!!!!
This need for massive borrowings is quite predictable since the present value of our Unfunded Liablities ($57-73T as of Nov 2013) is just a place mark for how much borrowing (or printing) we will eventually need to do to meet the financial commitments that our current entitlement policies represent. And our Federal Obligation is growing by $5-6 Trillion per year which is about 2X our Government's annual income! (see USAPonzi Mar 2013)
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