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2011 U.S. Debt Ceiling Crisis
The 2011 United States debt-ceiling crisis was a stage in the ongoing political debate in the United States Congress about the appropriate level of government spending and its effect on the national debt and deficit. The debate centered on the raising of the debt ceiling, which is normally raised without debate. The crisis led to the passage of the Budget Control Act of 2011. The Republican Party, which had retaken the House of Representatives the prior year, demanded that President Obama negotiate over deficit reduction in exchange for an increase in the debt ceiling, the statutory maximum of money the Treasury is allowed to borrow. The debt ceiling had routinely been raised in the past without partisan debate or additional terms or conditions. This reflects the fact that the debt ceiling does not prescribe the amount of spending, but only ensures that the government can pay for the spending to which it has already committed itself. Some use the analogy of an individual "payi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Congress
The United States Congress is the legislature of the federal government of the United States. It is bicameral, composed of a lower body, the House of Representatives, and an upper body, the Senate. It meets in the U.S. Capitol in Washington, D.C. Senators and representatives are chosen through direct election, though vacancies in the Senate may be filled by a governor's appointment. Congress has 535 voting members: 100 senators and 435 representatives. The U.S. vice president has a vote in the Senate only when senators are evenly divided. The House of Representatives has six non-voting members. The sitting of a Congress is for a two-year term, at present, beginning every other January. Elections are held every even-numbered year on Election Day. The members of the House of Representatives are elected for the two-year term of a Congress. The Reapportionment Act of 1929 establishes that there be 435 representatives and the Uniform Congressional Redistricting Act requires ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bipartisan Policy Center
The Bipartisan Policy Center (BPC) is a Washington, D.C.–based think tank that promotes bipartisanship. The organization aims to combine ideas from both the Republican and Democratic parties to address challenges in the U.S. BPC focuses on issues including health, energy, national security, the economy, housing, immigration, infrastructure, governance, and education. BPC was founded in 2007 by former Senate Majority Leaders Howard Baker, Tom Daschle, Bob Dole, and George J. Mitchell. As of 2021, the founding and current president is Jason Grumet. History While BPC was formally launched in March 2007, the organization's roots trace back to 2002, when the National Commission on Energy Policy (NCEP), predecessor to BPC's current Energy Project, was founded. On June 17, 2009, BPC's Leaders Project on the State of American Health Care released a report, ''Crossing Our Lines: Working Together to Reform the U.S. Health System.'' The report, which came at the height of the health ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fiscal Year
A fiscal year (or financial year, or sometimes budget year) is used in government accounting, which varies between countries, and for budget purposes. It is also used for financial reporting by businesses and other organizations. Laws in many jurisdictions require company financial reports to be prepared and published on an annual basis but generally not the reporting period to align with the calendar year (1 January to 31 December). Taxation laws generally require accounting records to be maintained and taxes calculated on an annual basis, which usually corresponds to the fiscal year used for government purposes. The calculation of tax on an annual basis is especially relevant for direct taxes, such as income tax. Many annual government fees—such as council tax and license fees, are also levied on a fiscal year basis, but others are charged on an anniversary basis. Some companies, such as Cisco Systems, end their fiscal year on the same day of the week each year: the day ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Appropriation Bill
An appropriation, also known as supply bill or spending bill, is a proposed law that authorizes the expenditure of government funds. It is a bill that sets money aside for specific spending. In some democracies, approval of the legislature is necessary for the government to spend money. In a Westminster parliamentary system, the defeat of an appropriation bill in a parliamentary vote generally necessitates either the resignation of a government or the calling of a general election. One of the more famous examples of the defeat of a supply bill was the 1975 Australian constitutional crisis, when the Senate, which was controlled by the opposition, refused to approve a package of appropriation and loan bills, prompting Governor-General Sir John Kerr to dismiss Prime Minister Gough Whitlam and appoint Malcolm Fraser as caretaker Prime Minister until the next election (where the Fraser government was elected). By country India An appropriation bill is a bill that authorizes the go ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
US Public Debt Ceiling 1981-2010
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territories, nine Minor Outlying Islands, and 326 Indian reservations. The United States is also in free association with three Pacific Island sovereign states: the Federated States of Micronesia, the Marshall Islands, and the Republic of Palau. It is the world's third-largest country by both land and total area. It shares land borders with Canada to its north and with Mexico to its south and has maritime borders with the Bahamas, Cuba, Russia, and other nations. With a population of over 333 million, it is the most populous country in the Americas and the third most populous in the world. The national capital of the United States is Washington, D.C. and its most populous city and principal financial center is New York City. Paleo-Ameri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Associated Press
The Associated Press (AP) is an American non-profit news agency headquartered in New York City. Founded in 1846, it operates as a cooperative, unincorporated association. It produces news reports that are distributed to its members, U.S. newspapers and broadcasters. The AP has earned 56 Pulitzer Prizes, including 34 for photography, since the award was established in 1917. It is also known for publishing the widely used '' AP Stylebook''. By 2016, news collected by the AP was published and republished by more than 1,300 newspapers and broadcasters, English, Spanish, and Arabic. The AP operates 248 news bureaus in 99 countries. It also operates the AP Radio Network, which provides newscasts twice hourly for broadcast and satellite radio and television stations. Many newspapers and broadcasters outside the United States are AP subscribers, paying a fee to use AP material without being contributing members of the cooperative. As part of their cooperative agreement with the AP, most ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Balanced Budget
A balanced budget (particularly that of a government) is a budget in which revenues are equal to expenditures. Thus, neither a budget deficit nor a budget surplus exists (the accounts "balance"). More generally, it is a budget that has no budget deficit, but could possibly have a budget surplus. A ''cyclically'' balanced budget is a budget that is not necessarily balanced year-to-year, but is balanced over the economic cycle, running a surplus in boom years and running a deficit in lean years, with these offsetting over time. Balanced budgets and the associated topic of budget deficits are a contentious point within academic economics and within politics. Some economists argue that moving from a budget deficit to a balanced budget decreases interest rates, increases investment, shrinks trade deficits and helps the economy grow faster in the longer term. Other economists, especially those associated with Modern Monetary Theory (MMT), downplay the need for balanced budgets among c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Constitutional Amendment
A constitutional amendment is a modification of the constitution of a polity, organization or other type of entity. Amendments are often interwoven into the relevant sections of an existing constitution, directly altering the text. Conversely, they can be appended to the constitution as supplemental additions (codicils), thus changing the frame of government without altering the existing text of the document. Most constitutions require that amendments cannot be enacted unless they have passed a special procedure that is more stringent than that required of ordinary legislation. Examples of such special procedures include supermajorities in the legislature, or direct approval by the electorate in a referendum, or even a combination of two or more different special procedures. A referendum to amend the constitution may also be triggered in some jurisdictions by popular initiative. Australia and Ireland provide examples of constitutions requiring that all amendments are first pas ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tea Party Movement
The Tea Party movement was an American fiscally conservative political movement within the Republican Party that began in 2009. Members of the movement called for lower taxes and for a reduction of the national debt and federal budget deficit through decreased government spending. It urges the return of government as intended by some of the Founding Fathers. It also seeks to teach its view of the Constitution and other founding documents. Scholars have described its interpretation variously as originalist, popular, or a unique combination of the two. Reliance on the Constitution is selective and inconsistent. Adherents cite it, yet do so more as a cultural reference rather than out of commitment to the text, which they seek to alter. Two constitutional amendments have been targeted by some in the movement for full or partial repeal: the 16th that allows an income tax, and the 17th that requires popular election of senators. There has also been support for a proposed Repea ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Democratic Party
The Democratic Party is one of the Two-party system, two Major party, major contemporary political parties in the United States. Founded in 1828, it was predominantly built by Martin Van Buren, who assembled a wide cadre of politicians in every state behind war hero Andrew Jackson, making it the world's oldest active political party.M. Philip Lucas, "Martin Van Buren as Party Leader and at Andrew Jackson's Right Hand." in ''A Companion to the Antebellum Presidents 1837–1861'' (2014): 107–129."The Democratic Party, founded in 1828, is the world's oldest political party" states Its main political rival has been the Republican Party (United States), Republican Party since the 1850s. The party is a big tent, and though it is often described as Modern liberalism in the United States, liberal, it is less ideologically uniform than the Republican Party (with major individuals within it frequently holding widely different Politics of the United States, political views) due to the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Republican Party
The Republican Party, also referred to as the GOP ("Grand Old Party"), is one of the Two-party system, two Major party, major contemporary political parties in the United States. The GOP was founded in 1854 by Abolitionism in the United States, anti-slavery activists who opposed the Kansas–Nebraska Act, which allowed for the potential expansion of Slavery#Chattel slavery, chattel slavery into the western territories. Since Ronald Reagan's Presidency of Ronald Reagan, presidency in the 1980s, Conservatism in the United States, conservatism has been the dominant ideology of the GOP. It has been the main political rival of the Democratic Party (United States), Democratic Party since the mid-1850s. The Republican Party's intellectual predecessor is considered to be Northern United States, Northern members of the Whig Party (United States), Whig Party, with Republican presidents Abraham Lincoln, Rutherford B. Hayes, Chester A. Arthur, and Benjamin Harrison all being Whigs before ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
