Friday, October 18, 2013

There is no debt ceiling in place, and here’s why - Yahoo News

By Eric Pfeiffer, Yahoo News

    What actually happened was that Congress voted to effectively suspend the debt ceiling from Oct. 17, 2013, through Feb. 7, 2014. In other words, they didn't raise the debt ceiling ― they eliminated it altogether until Feb 7 of next year.

    As it turns out, this is the second time this year that Congress has essentially turned over the keys on debt spending. And there’s every reason to believe it will do so again when both sides pick up this fight in a few months.

    Allowing the White House to raise the debt ceiling without congressional approval is a move reportedly favored by Obama, but conservative critics say it will lead to disastrous and unchecked increases in spending.

    In 1917, Congress created the debt ceiling, technically known as the Second Liberty Bond Act.
    Before the first debt ceiling was created, Congress has to approve each individual bond and increase in national debt. Passage of the first debt ceiling began the slow march of handing over power to the executive branch, allowing the president to issue bonds without congressional approval. The only requirement is that the total amount of bonds issued stay within the debt ceiling amount mandated by Congress.

    But during the 2012 debt ceiling debate, Congress took this handover of power one step further by giving President Obama a set period of time to increase the debt ceiling at his discretion. The No Budget, No Pay Act of 2013 suspended the debt ceiling from Feb. 4, 2013, to May, 19, 2013. After that, the actual debt ceiling was raised, but only enough to allow the government to safely pay its debts through October 17.

    Read the entire article by clicking on the following:  There is no debt ceiling in place, and here’s why - Yahoo News

    Business Voices Frustration With GOP - Yahoo Finance

    The Wall Street JournalBy Laura Meckler

    The budget stalemate that had the U.S. flirting with default has left business and the Republican Party, longtime political allies, at a crossroads.

    In interviews with representatives of companies large and small, executives predicted a change in how business would approach politics. They didn't foresee a new alignment with Democrats but forecast backing challengers to tea-party conservatives in GOP primaries, increasing political engagement with centrist Republicans and, for some, disengaging with politics altogether

    Click on the following for the complete article:  Business Voices Frustration With GOP - Yahoo Finance

    BCJ Editorial: Change needed in Health Board appointments

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    The above is taken form the Boone County Journal for October 18, 2013 available free of cost at merchants across the county and on line at:  http://www.boonecountyjournal.com/news/2013/Boone-County-News-10-18-13.pdf#page=1

    BOONE COUNTY VAC advertisement

    The following is taken form the Boone County Journal for October 18, 2013 available free of cost at merchants across the county and on line at:  http://www.boonecountyjournal.com/news/2013/Boone-County-News-10-18-13.pdf#page=1

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