But according to Congresso em Foco, a watchdog and magazine, a third of ministers and nearly 4, 000 other federal employees breach the pay ceiling.
The politicians in Washington currently wrangling over the debt ceiling should pay heed to this (financially) grisly message from Merry Old England.
Without a ceiling, pay plans typically allow senior officers to receive up to twice as many shares, even when there is a negative shareholder return.
The United States President, working with Congress, will take the action necessary to ensure that we raise the debt ceiling, we pay our bills, bills that were rung up in the past and need to be paid.
What people need to understand is that this vote, which is always one that the Congress is resistant to taking for understandable reasons, is to lift the debt ceiling in order to pay the obligations that the government has already made.
The share price has no theoretical ceiling, while the bonds pay a fixed amount.
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The new bill would raise the debt ceiling and permit the Fed to pay interest on reserves immediately.
So because Congress has to take action to resolve the issue of the need to raise the debt ceiling so the United States can pay its bills, we do have to wait for that process to play out before we can get focused on legitimately solving this problem.
The only reason we need to lift the debt ceiling, after all, is to pay for spending that Congress has already authorized.
The nation actually reached its debt ceiling yesterday and, while the Treasury Department says that it can continue to pay outstanding debt obligations and other bills for another two months, there will need to be an all new debt ceiling battle in Congress beginning in February to allow the nation to continuing making payments on its debt obligations.
Raising the debt ceiling simply gives our country the ability to pay the bills that Congress has already racked up.
WHITEHOUSE: President Obama on the Status of Debt Ceiling Negotiations
That could change this summer when the Treasury Department bumps up against the debt ceiling, potentially running out of money to pay the government's bills.
In June, the PBOC announced that banks will be allowed to offer loans at interest rates up to 20 percent below the benchmark rate and be free to pay savers a rate up to 10 percent above the ceiling rate.
Congress temporarily raised the debt ceiling by surprise in late January in order to pay the bills of federal employees.
Without a boost in the ceiling, the federal government will be unable to pay its bills, including pay to federal employees.
FORBES: Reputable Conservative Economists Recognize the Danger of the Debt Ceiling
That price then determines, and puts a ceiling on, how much they can afford to pay for acquiring and maintaining the trucks in their fleets.
Hitting the debt ceiling would leave the U.S. unable to borrow money to pay interest on what it already owes investors or to fund new spending.
Because, remember, raising the debt ceiling is simply a mechanism by which Congress is allowed to borrow the money to pay the bills that it ran up already.
The debt ceiling does not determine how much more money we can spend, it simply authorizes us to pay the bills we already have racked up.
WHITEHOUSE: President Obama on the Status of Debt Ceiling Negotiations
So we would clearly -- we want to see the debt ceiling sort of removed from the process of the very important debates that we have over what we pay for, how much revenue we bring in, how we get our fiscal house in order in a way that helps the economy grow, protects vulnerable citizens, seniors and middle-class families and moves the country forward.
Mr. Boehner is also adorning this debt-ceiling delay with legislative language that requires the House and Senate to pass budget outlines, or see their pay withheld.
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