Yellin, is TELLIN Congress that TSY can't pay its Bills that have been "authorized" and "appropriated" by Congress, simply because there's no money there.
Appropriations are spending authority - to spend the money IN the TREASURY TGA account.
There's no money there because of the illegal Debt-Limit.
Yellin, is TELLIN Congress that TSY can't pay its Bills that have been "authorized" and "appropriated" by Congress, simply because there's no money there.
Appropriations are spending authority - to spend the money IN the TREASURY TGA account.
There's no money there because of the illegal Debt-Limit.
So, raising the debt limit WILL result in spending the A and A money that the debt limit is blocking.
Joe - The debt limit does not mean there is no money there. It unconstitutionally blocks the issuance of that money until Congress gets over its hubris.
mmmmmmmm......
Yellin, is TELLIN Congress that TSY can't pay its Bills that have been "authorized" and "appropriated" by Congress, simply because there's no money there.
Appropriations are spending authority - to spend the money IN the TREASURY TGA account.
There's no money there because of the illegal Debt-Limit.
So, raising the debt limit WILL result in spending the A and A money that the debt limit is blocking.
The Money Apprentice
Joe - The debt limit does not mean there is no money there. It unconstitutionally blocks the issuance of that money until Congress gets over its hubris.
um, John.
Thanks, but I know what the debt limit means.
And totally agree that it unconstitutionally blocks the issuance of more DEBT - but not more money. That's absurd on its face.
Again, Constitutionally.
Because, since Greenbacks, there has no legislation empowering money-issuance BY THE GOVERNMENT.
So, no more borrowing - because borrowing = DEBT.
The alternative is NOT PAYING the Bills, or NOT PAYING the interest, which is also Constitutionally ring-fenced.
I say, what EVERY Post-Keynesian in the room always said, til Mosler came along.
Either PRINT THE MONEY, or Borrow it.
My opinion on that ---
https://www.youtube.com/watch?v=2HRt6sSXpOQ
The Money Apprentice