Sen. Mitch McConnell to put off vote on raising debt ceiling

[Free Vulcan]

WASHINGTON — Senate Majority Leader Mitch McConnell on Tuesday said Congress will not vote on raising the debt ceiling in December after all, depriving Democrats of added leverage in negotiating a federal spending bill and other priorities of theirs.

The quiet maneuver by McConnell (R-Ky.) took aim at the victory Senate Minority Leader Chuck Schumer (D-N.Y.) celebrated last week after President Donald Trump sided with him on tying federal funding, the debt limit and disaster aid into one package — over the objections of McConnell and House Republican leaders.

As a result, Congress faces a December showdown after it passed that package last week, providing $15.3 billion in disaster aid for the Harvey-ravaged Gulf Coast and Hurricane Irma’s destructive path, and extending federal funding and borrowing authority until Dec. 8.

But McConnell on Tuesday said he had added an amendment that allows the government to take extraordinary steps, such as borrowing from federal agencies, to be able pay its bills without borrowing more money until sometime next year. That lessens the pressure Democrats can apply.

Read more at: http://www.newsday.com/long-island/politics/sen-mcconnell-to-put-off-vote-on-raising-debt-ceiling-1.14150753

[RoosGirl]

allows the government to take extraordinary steps, such as borrowing from federal agencies

How does Fed Gov borrow from itself?

[XenaLee]

Well....gee.... I'm just wondering....

if they could do that in December..... (borrow from federal agencies)....

why the hell couldn't they do that now? 

What is so magical about December?

Smells like bullshit to me.

...added an amendment that allows the government to take extraordinary steps, such as borrowing from federal agencies, to be able pay its bills without borrowing more money until sometime next year.

[Frank Cannon]

How does Fed Gov borrow from itself?

Because the whole GD thing is a sham.

[RoosGirl]

Because the whole GD thing is a sham.

Well hell, I'm gonna start borrowing from my mortgage holder to pay my mortgage!

[Free Vulcan]

How does Fed Gov borrow from itself?

I assume they mean the govt shifts temporarily extra money around. Figure they probably can't do that for long.

[massadvj]

How does Fed Gov borrow from itself?

Happens all the time.  In recent years the majority of debt issued by the USA has not been purchased by China or anyone else.  It has been purchased by the Federal Reserve from the Treasury Department.

[RoosGirl]

I assume they mean the govt shifts temporarily extra money around. Figure they probably can't do that for long.

I figured it was a shifting around of money except I also figured that no agency would admit to having an excess because it would mean that next budgeting session they would get less money, or at least the same amount they got last time.

[InHeavenThereIsNoBeer]

Happens all the time.  In recent years the majority of debt issued by the USA has not been purchased by China or anyone else.  It has been purchased by the Federal Reserve from the Treasury Department.

The Federal Reserve is not a part of the federal government, however.

[massadvj]

The Federal Reserve is not a part of the federal government, however.

Technically true, but not entirely.  The taxpayers of the US are 100 percent on the hook for everything the Fed does, and of course the Fed chairman is appointed by the POTUS.