July 28, 2011


Which Bills Will the Government Pay First?

If there is no clear movement on raising the nation's debt ceiling by tomorrow, ABC News reports that administration officials "will likely brief the public on how the Treasury Department will try to handle the bills Congress mandates that the government pay given a situation where Congress has not given them a way to do so."

New York Times: "The outlines of the answer, however, already are clear. Officials have said repeatedly that Treasury does not have the legal authority to pay bills based on political, moral or economic considerations. It cannot, for instance, set aside invoices from weapons companies to preserve money for children's programs. The implication is that the government will need to pay bills in the order that they come due."

The briefing should come no earlier than Friday after the markets close at 4 p.m. ET.










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