(5) “We need them to step away from the brink, stop the gridlock and work with Democrats to make progress,” Mr. Pfeiffer said. “If they don’t, a train wreck is inevitable and the country will suffer.” If the White House can reach the coming fiscal year without economic disruption, the fight will transition immediately to the next showdown: raising the government’s statutory borrowing authority. The Treasury has been shifting money within government accounts for weeks to keep the government solvent, but by October or early November, such “extraordinary measures” will have been exhausted, Treasury officials have told lawmakers. Mr. Obama has said he will not negotiate terms to raise the debt ceiling, but Congressional Republicans say they will not let the deadline pass without concessions, either on changes to entitlement programs like Medicare or on some statutory timeline to put in place a sweeping overhaul of the tax code next year.
Posted on: Sat, 27 Jul 2013 13:42:48 +0000
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