Bluefield Daily Telegraph, Bluefield, WV

National and World

October 7, 2013

Government shutdown enters 2nd week, no end in sight

(Continued)

WASHINGTON —

The one bright spot on Monday is a significant chunk of the furloughed federal workforce is headed back to work. Defense Secretary Chuck Hagel ordered nearly 350,000 back on the job, basing his decision on a Pentagon interpretation of a law called the Pay Our Military Act.

Those who remain at home or are working without paychecks are a step closer to getting back pay once the partial government shutdown ends. The Senate could act this week on the measure that passed the House unanimously on Saturday.

Democrats insist that Republicans could easily open the government if Boehner simply allows a vote on the emergency spending bill. Democrats argue that their 200 members in the House plus close to two dozen pragmatic Republicans would back a so-called clean bill, but the Speaker remains hamstrung by his tea party-strong GOP caucus.

"Let me issue him a friendly challenge. Put it on the floor Monday or Tuesday. I would bet there are the votes to pass it," said Sen. Chuck Schumer, D-N.Y.

In a series of Sunday television appearances, Lew warned that on Oct. 17, he exhausts the bookkeeping maneuvers he has been using to keep borrowing.

"I'm telling you that on the 17th, we run out of the ability to borrow, and Congress is playing with fire," Lew said.

Lew said that while Treasury expects to have $30 billion of cash on hand on Oct. 17, that money will be quickly exhausted in paying incoming bills given that the government's payments can run up to $60 billion on a single day.

Treasury issued a report on Thursday detailing in stark terms what could happen if the government actually defaulted on its obligations to service the national debt.

"A default would be unprecedented and has the potential to be catastrophic," the Treasury report said. "Credit markets could freeze, the value of the dollar could plummet, U.S. interest rates could skyrocket, the negative spillovers could reverberate around the world."

Text Only
National and World
Local News
AP Video
CDC Head Concerned About a Post-antibiotic Era Raw: First Lady Says `Drink Up' More Water Raw: Massive Fire Burns in North Dakota Town Raw: Truck, Train Crash Leads to Fireball Courts Conflicted Over Healthcare Law Holder Urges Bipartisanship on Immigration US Airlines Cancel Israel Flights Obama Signs Workforce Training Law Obama Offers Condolences at Dutch Embassy Michigan Plant's Goal: Flower and Die WWII Vet Gets Medals, 70 Years Late Weather Gives Washington Firefighters Hope Veteran Creates Job During High Unemployment Widow: Jury Sent Big Tobacco a $23B Message $5M Bond Set for Teens in Homeless Killings New Orleans Plans to Recycle Cigarette Butts UN Security Council Calls for MH 17 Crash Probe Obama Bestows Medal of Honor on NH Veteran Texas Sending National Guard Troops to Border Hopkins to Pay $190M After Pelvic Exams Taped
Sister Newspapers' News