News
Bloomberg | First U.S. Shutdown in 17 Years Imminent With No Talks
The U.S. government stands poised for its first partial shutdown in 17 years at midnight tonight, after a weekend with no signs of negotiations or compromise from the Congress or the White House.
National Journal | State of Play: Setting Up a Government Shutdown
The Senate is scheduled to come back today at 2:00 p.m. At that point, as Senate Majority Leader Harry Reid has indicated, the Senate will reject the continuing resolution to fund the government passed by the House on Sunday morning. That resolution would delay Obamacare for one year and repeal the medical-device tax. If no measure to fund the government is agreed to by the House and Senate by tonight, the government will shut down.
CNN Money | Rating agencies an afterthought in debt ceiling fight
Standard & Poor's made headlines and roiled world markets following the last debt ceiling crisis, in 2011, when it cut the United States' sterling AAA rating to AA+. The rating agency cited concerns about the nation's long-term debt and its dysfunctional policy making.
Econ Comments & Analysis
Fortune | 3 ways to abolish the debt ceiling
As the nation braces for a partial government shutdown, lawmakers have another mess to tackle: The debt ceiling, which must be raised by Oct. 17 or the Treasury will run out of borrowing option to pay the federal government's bills.
NBER | Advance Refundings of Municipal Bonds
Municipal bonds are often "advance refunded." Bonds that are not yet callable are defeased by creating a trust that pays the interest up to the call date, and pays the call price.
Blogs
Heritage Foundation | Obama Debt Limit Proposal: We Spend More, You Pay More
During remarks given after the passage of the Senate continuing resolution today, President Obama stressed once again his unwillingness to work with Republicans to find spending cuts before increasing the debt ceiling, while suggesting that he was otherwise eager to find a solution to America’s fiscal future.
