According to the Congressional Budget Office, the U.S. government will reach its borrowing limit in October or November, after exhausting emergency measures to keep the debt below the limit as long as possible. Without the emergency measures, the growing federal debt would hit the ceiling by the middle of this month. But Republicans who had hoped to use the debt ceiling debate as leverage to pass spending cuts were disappointed to learn that Senate Majority Leader Mitch McConnell has already assured the Dems that the GOP would not threaten a default or government shutdown.
Late last week, Senator Jim Inhofe tossed a snowball at a colleague on the Senate floor as a visual rebuttal to claims of global warming.
Even as the Fed is churning out new money by the hundreds of billions and making secretive deals with other central banks, local bankers are joining together to fight Kentucky Senator Rand Paul’s “Audit the Fed” legislation.