05-24-2018  6:32 am      •     
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NEWS BRIEFS

Mississippi Avenue Giving Tuesday

On Tuesday, May 22, 10 percent of proceeds from participating Mississippi Ave. businesses will go to SEI ...

Raina Croff to Speak at Architectural Heritage Center

'When the Landmarks are Gone: Older African Americans, Place, and Change in N/NE Portland’ describes SHARP Walking Program ...

Portland Playhouse Presents August Wilson’s ‘Fences’ Through June 10

May 20 performance will include discussion on mental health; June 10 performance will be followed by discussion of fatherhood ...

Peggy Houston-Shivers Presents Benefit Concert for Allen Temple CME

Concert to take place May 20 at Maranatha Church ...

Man gets 13 years for crashing motorhome into patrol cars

SALEM, Ore. (AP) — A Salem man pleaded guilty and was sentenced to more than 13 years in prison for assault against Salem police officers after leading police on a chase through Salem and ramming his motor home into officers in their patrol cars.The Statesman Journal reports 61-year-old Roy...

Woodburn officer gets 150 days in jail for child sex abuse

SALEM, Ore. (AP) — A former Woodburn police officer has been sentenced to 150 days in jail and five years of probation for having sex with an underage girl and soliciting sexual contact from the child online.The Statesman Journal reports that 29-year-old Daniel Kerbs was sentenced Wednesday....

Worker who died in fall at Sound Transit site identified

SEATTLE (AP) — Officials have identified the man who died after falling from a light rail column at a Sound Transit construction site in Bellevue.The Seattle Times reports 63-year-old Walter Burrows was a foreman and a longtime employee at Kiewit, the company building the elevated light rail...

Case of Legionnaires' disease suspected at UW Medical Center

SEATTLE (AP) — A case of Legionnaires' disease has been suspected at the University of Washington Medical Center.KOMO-TV reported Wednesday that this is the third time in as many years that the disease has been suspected at the facility.Officials said the patient "has been diagnosed with a...

OPINION

Racism After Graduation May Just Be What's on the Menu

Dr. Julianne Malveaux says that for our young millennials, racism is inevitable ...

Prime Minister Netanyahu Shows Limits of Israel’s Democracy

Bill Fletcher, Jr. on racial politics in Israel and Prime Minister Benjamin Netanyahu’s uneven treatment of African immigrants ...

Golfing While Black Is Not a Crime

Grandview Golf Club asks five Black women to leave for golfing too slow ...

Discovering the Best of Black America in 2018

Dr. Benjamin F. Chavis discusses the DTU Journalism Fellowship & Scholarship Program ...

AFRICAN AMERICANS IN THE NEWS

Bucks' Brown decries 'police intimidation' during arrest

MILWAUKEE (AP) — The Milwaukee police chief has apologized to Sterling Brown and says officers have been disciplined for acting "inappropriately" after the Bucks player was zapped with a stun gun during his arrest for a parking violation in January.Brown, who is African-American, said in a...

George Zimmerman tells court he's [scripts/homepage/home.php].5 million in debt

SANFORD, Fla. (AP) — The ex-neighborhood watch volunteer who killed a black teen in Florida in 2012 says he's [scripts/homepage/home.php].5 million in debt and has no income.George Zimmerman filed paperwork detailing his financial state as he fights a misdemeanor stalking charge.The Orlando Sentinel reports a public...

Senate primary splits Arizona conservatives between 2 icons

SCOTTSDALE, Arizona (AP) — Former Maricopa County Sheriff Joe Arpaio was asking dozens of tea party activists for their backing in Arizona's Republican Senate primary when one audience member said it was a shame disgruntled conservatives couldn't send "both of you" to Washington.The man...

ENTERTAINMENT

In taking on 'Solo,' Ehrenreich faced an unenviable task

LOS ANGELES (AP) — Thandie Newton jokes that there might be something off about Alden Ehrenreich — because how else could he take on the pressure-filled role of Han Solo with so much ease?"Every week, I was expecting a call that Alden had had a nervous breakdown and wouldn't be coming...

Rockwell work at center of controversy gets M at auction

PITTSFIELD, Mass. (AP) — One of the two Norman Rockwell paintings at the center of a Massachusetts museum's contentious decision to sell 40 works of art has been sold at auction for more than million."Blacksmith's Boy — Heel and Toe," also known as "Shaftsbury Blacksmith Shop," was...

Michael Jackson estate slams ABC TV special on his last days

LOS ANGELES (AP) — The estate of Michael Jackson is objecting to an ABC TV special on the end of the King of Pop's life, calling it a crass attempt to exploit Jackson without respect for his legacy or children.The estate said in a statement to The Associated Press on Wednesday that "The Last...

U.S. & WORLD NEWS

Bucks' Brown decries 'police intimidation' during arrest

MILWAUKEE (AP) — The Milwaukee police chief has apologized to Sterling Brown and says officers have been...

Feds: Uber self-driving SUV saw pedestrian but didn't brake

DETROIT (AP) — Federal investigators say the autonomous Uber SUV that struck and killed an Arizona...

Cyclone Mekunu pounds Yemen island on its path to Oman

DUBAI, United Arab Emirates (AP) — Cyclone Mekunu pounded the Yemeni island of Socotra in the Arabian Sea...

Report: Several hurt in Turkish explosives factory blast

ANKARA, Turkey (AP) — A Turkish media report says an explosion has occurred at a government-owned...

More than 350 observers to monitor Turkish elections

ANKARA, Turkey (AP) — An international security body says it is deploying 22 long-term and 350 short-term...

North Korea demolishes nuclear site ahead of Trump summit

PUNGGYE-RI, North Korea (AP) — Just weeks ahead of a planned summit with U.S. President Donald Trump, Kim...

Jeanne Sahadi CNN Money

NEW YORK (CNNMoney) -- A new analysis by a think tank shows that Washington's drop-dead deadline for the debt ceiling could hit as soon as Oct. 18.

Estimating exactly when the Treasury Department will be unable to pay all the bills coming due if Congress fails to raise the nation's legal borrowing limit is notoriously difficult.

That's why, in an analysis released Tuesday, the Bipartisan Policy Center put the "X date" between Oct. 18 and Nov. 5.

Treasury Secretary Jack Lew has warned that by mid-October the agency will have only $50 billion in cash on top of incoming revenue.

That may sound like a lot. But, as the Bipartisan Policy Center details, it won't last very long.

If the "X" date turns out to be Oct. 18, Treasury would run about $106 billion short of the money it owes between then and Nov.15. That means it wouldn't be able to pay the equivalent of a third of all the bills due during that period.

Here's why: Treasury handles about 80 million payments a month. Those payments are not evenly spaced out so on some days more is owed than on others. And the revenue flowing into federal coffers is unpredictable and varies from day to day.

Payments include IRS refunds, Social Security and veterans benefits, Medicare reimbursements for doctors and hospitals, bond interest owed investors, payments to contractors and paychecks for federal workers and military personnel.

If Congress fails to act in time, Treasury will have to make difficult -- and legally questionable -- decisions about who should get paid and who should be stiffed. It may decide to pay some bills in full and on time and not others.

Or it may decide to delay all payments due on a given day until it has sufficient revenue on hand to pay in full. Treasury officials indicated in a Treasury Inspector General's report that this might be the most plausible and least harmful approach.

But under that scenario, delays would grow over time from a day or two to several weeks. For example, the payments due to seniors, veterans and active duty military personnel on Nov. 1 wouldn't go out until Nov. 13.

In any case, the expectation is that the agency will try to prioritize payments to bond investors over everyone else, lest the financial markets go haywire. Politically, of course, that carries risk, said Steve Bell, the senior director of the Bipartisan Policy Center's economic policy project.

"There's a political danger you'll be accused of paying bondholders over Social Security recipients," Bell said.

On both Oct. 23 and Nov. 14, $12 billion in Social Security benefits come due, while another $25 billion comes due on Nov. 1, according to the analysis.

Meanwhile, on Oct. 24, Treasury will have to roll over $57 billion in outstanding debt and another $115 billion on Oct. 31. Normally that's not a problem, because U.S. Treasury auctions attract a lot of buyers willing to purchase bonds at low rates.

But if those rollover dates come after the "X" date, and the perception is that the United States is defaulting on some of its obligations, Treasury could have trouble finding enough buyers or investors could demand higher interest rates.

The debt ceiling is currently set at $16.7 trillion. That ceiling was reached on May 19, and ever since Treasury has been using a host of special measures to keep the country's borrowing at or below that ceiling. But those measures will be exhausted by mid-October, according to Treasury.

If lawmakers want to raise the ceiling enough to get past the 2014 midterm elections in November, the Bipartisan Policy Center estimates they will have to raise it by $1.1 trillion to $17.8 trillion.

 

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