6/28/2011
Eight hundred thousand federal workers could end up furloughed if Congress fails to move forward on an increase of the debt ceiling. Jesse Russell reports.
That’s according to a study conducted by George H.W. Bush’s former Treasury undersecretary Jay Powell who crunched the numbers with assistance from Bill Clinton’s former budget director Alice Rivlin and retired Senate Budget Committee Chairman Republican Pete Domenici (duh-MEH-nih-chee). The study, released Tuesday, reveals the U.S. government would be unable to fund 50 percent of its obligations. The federal government would need to implement an immediate cut of 44 percent in federal spending. Impacted departments include Veterans Affairs, Labor, Health and Human Services, Transportation and Education. Military pay would also likely be on the chopping block. Powell told reporters that the end result would be “chaotic.” Republican Presidential candidate and Minnesota Representative Michelle Bachmann has dismissed suggestions that not raising the debt ceiling could be detrimental to funding the country as President Barack Obama using “scare tactics.”
Eight hundred thousand federal workers could end up furloughed if Congress fails to move forward on an increase of the debt ceiling. Jesse Russell reports.
That’s according to a study conducted by George H.W. Bush’s former Treasury undersecretary Jay Powell who crunched the numbers with assistance from Bill Clinton’s former budget director Alice Rivlin and retired Senate Budget Committee Chairman Republican Pete Domenici.
The study, released Tuesday, reveals the U.S. government would be unable to fund 50 percent of its obligations.
The federal government would need to implement an immediate cut of 44 percent in federal spending.
Impacted departments include Veterans Affairs, Labor, Health and Human Services, Transportation and Education. Military pay would also likely be on the chopping block. Powell told reporters that the end result would be “chaotic.”
Republican Presidential candidate and Minnesota Representative Michelle Bachmann has dismissed suggestions that not raising the debt ceiling could be detrimental to funding the country as President Barack Obama using “scare tactics.”
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