Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

1/23/2014 (2 years ago)

Catholic Online (www.catholic.org)

Debt limit was temporarily suspended through February 7

U.S. Treasury Secretary Jack Lew has asked Congress to raise the debt limit in the next two weeks. Lew warns that the "extraordinary measures" the Treasury usually employs to avoid breaching the ceiling will be exhausted in late February. Lew had previously predicted that these measures would last until early March.

'I respectfully urge Congress to provide certainty and stability to the economy and financial markets by acting to raise the debt limit before Feb. 7, 2014, and certainly before late February,' U.S. Treasury Secretary Jack wrote in a letter to House Speaker John Boehner this week.

"I respectfully urge Congress to provide certainty and stability to the economy and financial markets by acting to raise the debt limit before Feb. 7, 2014, and certainly before late February," U.S. Treasury Secretary Jack wrote in a letter to House Speaker John Boehner this week.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

1/23/2014 (2 years ago)

Published in Business & Economics


LOS ANGELES, CA (Catholic Online) - "I respectfully urge Congress to provide certainty and stability to the economy and financial markets by acting to raise the debt limit before Feb. 7, 2014, and certainly before late February," Lew wrote in a letter to House Speaker John Boehner this week.

"When I previously wrote to you in December, I estimated that Treasury would exhaust extraordinary measures in late February or early March. Based on our best and most recent information, we believe that Treasury is more likely to exhaust those measures in late February. While this forecast is subject to inherent variability, we do not foresee any reasonable scenario in which the extraordinary measures would last for an extended period of time."

Light up the darkness by going here --

The February date for reinstating the debt ceiling was part of a deal reached by members of Congress last October as part of compromise settlement.

A partisan fiscal standoff was sparked off by a conservative House Republican move to defund the Obama administration's signature health care law, the Affordable Care Act.

In response, Congress suspended the debt ceiling at $16.7 trillion on Oct. 16, 2013, a day before the Treasury said it would have exhausted extraordinary measures. February 7 was the date set to reinstate it.

"The length of time that the extraordinary measures can extend the nation's borrowing authority is significantly shorter than it was in 2011 and 2013. This is in large part because the government experiences large net cash outflows in the month of February, due to tax refunds. this year the payment of tax refunds will be particularly concentrated in the weeks after February 7 due to the delayed start of the tax filing season, which was caused by the government shutdown," Lew wrote.

Congress will be under pressure to act before late February because of the short space of time available to reach a compromise. House Republicans have made it clear since December that they will not vote to extend the debt limit without concessions.

Pope Francis calls for your 'prayer and action'...

---


'Help give every student and teacher Free resources for a world-class moral Catholic education'


Copyright 2017 - Distributed by THE CALIFORNIA NETWORK

Pope Francis Prayer Intentions for DECEMBER 2016
Universal:
End to Child-Soldiers: That the scandal of child-soldiers may be eliminated the world over.
Evangelization: Europe: That the peoples of Europe may rediscover the beauty, goodness, and truth of the Gospel which gives joy and hope to life.



Comments


More Business & Economics

Pope Francis' nightmare? World's richest 8 men own as much as 3.6 billion people Watch

Image of The richest one percent own what the world's poorest have COMBINED.

By Kenya Sinclair (CALIFORNIA NETWORK)

During an interview with Dutch newspaper Straatinieuws, Pope Francis explained: "I would like a world without the poor. We must fight for this. But I am a believer and I know that sin is always within us. And there is always human greed, the lack of solidarity, the ... continue reading


Is YOUR job in danger? Thousands of Americans to lose jobs as 218 iconic American brands collapse Watch

Image of Over 200 American brands are closing stores to keep their heads above water.

By Kenya Sinclair (CALIFORNIA NETWORK)

An iconic American brand with a century-long history is shutting down hundreds of stores in the face of bankruptcy. LOS ANGELES, CA (Catholic Online) - According to Business Insider, several Sears chains have been losing so much money that staff is starting to hand out ... continue reading


Yes, Millennials are lazy, but it's not their fault says one high-profile consultant Watch

Image of Simon Sinek says millennials are lazy, but it isn't their fault.

By David Drudge (CALIFORNIA NETWORK)

Yes, Millennials, you have a problem, but it's not your fault. This is the conclusion of Simon Sinek, the famous leadership consultant who is launching a tour around Australia and New Zealand. LOS ANGELES, CA (California Network) -- Millennials do have a problem, ... continue reading


Third of millennial adults still living with parents -- here's the reason why and what we had better do about it... soon Watch

Image of They can't change a tire, but they can protest like champs. It doesn't help we are paying them less for the same work as previous generations. Our debt is accruing interest, and they're losing interest in democracy.

By Marshall Connolly (CALIFORNIA NETWORK)

Adults are living at home with their parents in numbers not seen since the Great Depression. LOS ANGELES, CA (California Network) - If you're a millennial, you know how the dating scene works about 40 percent of the time: "Can I come over?""Sure, let me ask my ... continue reading


The genius secret why Trump is stacking his cabinet with pro-business staff Watch

Image of Our nation is about to be great once again.

By David Drudge (CALIFORNIA NETWORK)

Donald Trump is facing a lot of criticism over his cabinet choices. He has repeatedly appointed Washington D.C. outsiders to posts within his administration based on their business expertise. This has left politicians upset, leveling accusations that Trump does not ... continue reading


GOODBYE CASH! Some banks to go cashless Watch

Image of Citibank has said some branches may become cashless.

By Marshall Connolly (CALIFORNIA NETWORK)

Citibank has announced it will stop accepting cash at some branches. The move is sparking surprise and anger as the bank appears to be moving customers towards virtual banking. Around the world, there is a trend to suppress the use of cash in favor of electronically ... continue reading


Here's how Trump is already making America great again, just by getting elected Watch

Image of He hasn't even taken office and the country has reversed course.

By David Drudge (CALIFORNIA NETWORK)

He's only a president-elect, but Donald Trump is already making America great again. In the week since his election, several positive events have transpired including the dollar reaching a 14-year high. The contrasts with the media coverage which is all spin, intended ... continue reading


China remains a fast-growing trade monster Watch

Image of Chinese exports continue to dominate the world market.

By Marshall Connolly (CALIFORNIA NETWORK)

Chinese exports remain dominant in the world, bringing about $2.3 trillion into the country annually. LOS ANGELES, CA (California Network) - China remains a fast-growing trade monster, now raking in $2.3 trillion per year, up from $1.9 trillion four years earlier. The ... continue reading


Wages, jobs rise in October as recovery finally reaches the middle class Watch

Image of Wages are on the rise, but so too will be interest rates.

By Marshall Connolly (CALIFORNIA NETWORK)

Did you get a raise recently? If you haven't you might soon. According to payroll data, worker wages are finally starting to rise. The increase should boost the economy and spur the Federal Reserve to finally raise interest rates. LOS ANGELES, CA (California Network) - ... continue reading


Another warning. The world is about to run low on JOBS as automation takes over Watch

Image of What will we do in a world without work?

By Marshall Connolly (CALIFORNIA NETWORK)

More data and more warnings. The fourth industrial revolution has started. It will be jobless and many people will lose their employment, or be forced to compete for their jobs. The result is, you will probably be unemployed, or accept low wages to survive. LOS ... continue reading


All Business & Economics News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Subscribe to Catholic OnlineYouTube Channel

Daily Readings

Reading 1, Hebrews 7:25--8:6
25 It follows, then, that his power to save those who come to God through ... Read More

Psalm, Psalms 40:7-8, 8-9, 10, 17
7 then I said, 'Here I am, I am coming.' In the scroll of the book it is ... Read More

Gospel, Mark 3:7-12
7 Jesus withdrew with his disciples to the lakeside, and great crowds ... Read More

Saint of the Day

Saint of the Day for January 19th, 2017 Image

St. Fillan
January 19: Fillan, son of Feriach and St. Kentigerna, was ... Read More