Article 2 is dedicated to executive branch powers, and says nothing at all about borrowing authority.
FORBES: King Obama: Are We In Danger Of An Imperial Presidency?
But he indicated the House would attach spending cuts to any measure to raise the federal borrowing authority.
And Congress has the legal authority -- and only Congress has the legal authority to extend that borrowing authority.
Putting aside the 14th Amendment, Carney's claim at most shows that unilaterally raising the debt ceiling would override Congress' borrowing authority.
Since the Highway Trust Fund has no borrowing authority, Congress can either raise more money or scale back on highway programs.
What I have said, what everyone has said, is that once we lose our borrowing authority we become at risk of default on our obligations.
If we hit August 2nd without an agreement and for the first time lose our borrowing authority, the impact of that will be felt dramatically, without question.
Since then, the Treasury Secretary has been able to take extraordinary measures, as some of his predecessors have, in order to extend the period before we run out of borrowing authority.
So we believe that the measures we have taken to lift that cloud, to avert that crisis, to ensure that we have borrowing authority through 2012, should send a reassuring message around the world.
If the borrowing authority is allowed to lapse and the retirement fund goes back on its own on Jan. 1, the fund will be able to send out checks on time only through June 1983.
It was the linkage between something that Congress absolutely has to do -- which is extend the borrowing authority of the United States government -- to specific legislation that one-half of one body of Congress wanted passed.
To avoid the debt limit crisis, Congress could also extend federal borrowing authority for one year to give lawmakers time to turn those goals into law, then increase it for another year once the spending and tax changes are adopted.
FORBES: A Budget Deal Is Staring Them In The Face. Here's Why Congress Won't Take It In 2013.
Obviously you continue to take in money because people pay taxes and all the other ways that revenue comes into the Treasury, but you are in a situation where, absent your borrowing authority, you have bills and obligations that far exceed the money in your pocket.
And what is important about this is that we have not simply averted what would have been an absolute disaster, assuming, again, Congress acts, which would have been passing a period beyond which we would no longer have had borrowing authority and risking -- creating the possibility of default on our obligations for the first time in our history.
But we did, through compromise, achieve some important things for the economy, for jobs -- which is a package that lifts the cloud of uncertainty of whether or not we were going to extend our borrowing authority for a significant period of time, and significantly -- has some significant initial deficit reduction attached to it, and creates a process for more significant deficit reduction.
One option being discussed would result in Newham Council taking advantage of its local authority status to use what is known as prudential borrowing - a cheap form of credit only open to government organisations.
"It is hugely embarrassing for David Cameron that he has had to have the difference between borrowing and debt explained to him by the chair of the UK Statistics Authority, " Ms Reeves said.
The network, however, would still be owned by the state authority to make sure it can still receive federal disaster aid to secure lower borrowing rates, Cuomo said.
And, as it happens, the best and most sophisticated arguments for downgrading the ratings of all eurozone governments, under the current constitutional arrangements for the currency union, were made in a recent speech by the chairman of the Financial Services Authority, Adair Turner (see my post, The eurozone's borrowing costs may stay lethally high).
In finding Barclays guilty of attempting to manipulate the important Libor borrowing rate, the benchmark rate for bank-to-bank lending, the Financial Services Authority (FSA) made an elliptical reference to this conversation.
应用推荐