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Bipartisan Policy Center

All articles tagged with #bipartisan policy center

politics1 month ago•23 min saved

US braces for $41T debt ceiling as lawmakers race to avert default

Forecasters project the US will hit a $41.1 trillion debt limit next year (likely between late winter and mid-summer); the Treasury’s extraordinary measures could buy about 6–9 more months of spending grace, but Congress will need fresh borrowing authority to avoid a default with potentially global economic consequences, as lawmakers also weigh partisan policy battles such as REAL ID voting requirements and immigration enforcement funding amid a flurry of floor votes and nominations.

via Politico|

#bipartisan-policy-center #budget-reconciliation #debt-ceiling

businesseconomy2 years ago•3 min saved

"Jamie Dimon Advocates Taxing the Wealthy to Support Lower-Income Families"

JPMorgan Chase CEO Jamie Dimon advocates for taxing the wealthy more to provide financial support for low-income populations through the earned income tax credit (EITC). He emphasizes the need to address income inequality and suggests expanding the EITC while increasing taxes on wealthier Americans to fund it. Dimon's stance aligns with his belief that the current tax code contains unnecessary breaks, prompting a response from former House Speaker Paul Ryan regarding the State And Local Tax deduction.

via Fortune|

#bipartisan-policy-center #businesseconomy #eitc

politics3 years ago•2 min saved

Impending U.S. Debt Default Threatens Global Economy and National Security

The Bipartisan Policy Center has warned that the US faces an "elevated risk" of defaulting on its debt between June 2 and 13 if Congress does not raise or suspend the nation's debt limit. The Treasury Department will be operating on "dangerously low" cash reserves after Memorial Day, and each day in June will come with increasing risk. Treasury Secretary Janet Yellen has reiterated her estimate that the X-date could arrive as soon as June 1 and warned that a failure to increase the debt limit would cause severe hardship to American families, harm the country's global leadership position, and raise questions about its ability to defend national security interests.

via The New York Times|

#bipartisan-policy-center #default-risk #janet-yellen

business3 years ago•2 min saved

Impending U.S. Debt Default Threatens National Security.

The Bipartisan Policy Center has warned that the US faces an "elevated risk" of running out of cash to pay its bills between June 2 and 13 if Congress does not raise or suspend the nation's debt limit. The Treasury Department will be operating on "dangerously low" cash reserves after Memorial Day, and each day in June would come with increasing risk. The federal government could get a reprieve if it can muster sufficient revenue to make it to June 15, when quarterly tax payments are due.

via The New York Times|

#bipartisan-policy-center #business #default-risk

politics3 years ago•2 min saved

The potential impact of the US debt crisis on Social Security and the global economy.

Treasury Secretary Janet Yellen warned that if Congress doesn't raise the U.S. debt limit, millions of Americans might not receive their full Social Security payments. Yellen projected that the federal government will reach its debt limit by as early as June 1. Once the government reaches its debt limit, the U.S. would not be able to payout all of its obligations fully. The Biden administration would have to decide what payments it can make, including potentially only sending out partial Social Security and Medicare payments.

via Scripps News|

#biden-administration #bipartisan-policy-center #janet-yellen

politics3 years ago•1 min saved

Bipartisan Policy Center warns of potential US default in June.

The Bipartisan Policy Center has warned that the US could default on its debt as early as June if Congress doesn't act soon, moving up their previous projection and falling in line with what Treasury Secretary Janet Yellen recently predicted. The center estimated in February that the "X-Date" would fall during the summer or early fall. The Washington think tank also noted that extended tax filing deadlines granted to some taxpayers this spring exacerbated an already weak tax season, which increases the odds of having insufficient cash flow in early June.

via USA TODAY|

#bipartisan-policy-center #government-cash-flows #janet-yellen

politics3 years ago•2 min saved

Debt ceiling deadline looms, Congress urged to act.

Lawmakers return to Washington facing a fast-approaching deadline to address the debt limit or risk an unprecedented default. The US reached its $31.4 trillion borrowing limit back in January and is now relying on "extraordinary measures" to keep the government fully funded. The "X-date" when those measures will run out is a moving target, but experts predict it could happen as early as this summer. House Republicans have demanded spending cuts in exchange for lifting the debt ceiling, while Democrats are calling for a "clean" raise without conditions. If no resolution is reached before the "X-date," the US could default for the first time in history, which would have catastrophic economic consequences.

via ABC News|

#bipartisan-policy-center #debt-limit #kevin-mccarthy