Debt Ceiling: The Most Extraordinary Sentence I Have Read Today

[kpete]

Debt Ceiling: The Most Extraordinary Sentence I Have Read Today
From http://www.gao.gov/new.items/d11203.pdf:
http://www.j-bradford-delong.net/movable_type/

For example, in 1996, Congress passed and the President signed legislation allowing Treasury to issue securities temporarily excluded from the debt limit in an amount equal to the March 1996 Social Security payments to ensure that benefit payments were made on time. Pub. L. No. 104-103 (Feb. 8, 1996).

So the Republicans in congress wouldn't pass an increase in the debt ceiling at the start of February 1996, but they would pass a law allowing Treasury to borrow to be sure it could issue the March 1996 Social Security checks and excluding that borrowing from the debt ceiling?

Dingbat kabuki indeed...

http://www.j-bradford-delong.net/movable_type/

[dkf]

1. Nice catch.

Never heard of this before.

[Wounded Bear]

2. Why not? They did two wars off budget...

What's a few billion to seniors to buy their votes?

:shrug:

[SpiralHawk]

3. Republicon mendacity is unequaled

in the anals of human a-holery.

[thereismore]

4. Wow, I hope Rachel has her people reading this! nt

[Faryn Balyncd]

5. This bill needs to be passed again TODAY!