In keeping with the tradition of digging America into a debt hole so ridiculously large any conversation over whether the US will be able to ever pay this debt off is immediately moot, the Senate has just ended debate over the latest micro fiscal stimulus, specifically the legislation extending unemployment insurance benefits. It appears the latest iteration of the "you never have to work again as long as you vote for Obama" bill is about to pass. Next up: free government jobs for everyone as the census becomes a monthly affair. And when that fails, free Bernanke Bux for all who still remember how to breathe after all the daily Desperate Housewives of Liberty 33 drama. As for the cost of this latest freebie: $25, $50 billion.. who cares - at the eventual hyperinflationary discount rate, the NPV is about a penny or three. As for current funding, two Fed Assured 2 Year glitchless auctions at record low rates will take care of it.
More on the latest chapter in the development of the USSA via iMarketNews:
The Senate voted Tuesday to end the debate on legislation extending unemployment insurance benefits, setting the stage for final passage of the bill in the Senate later in the day.
The Senate voted 60 to 40 to end the debate.
The vote occurred after the new interim senator from West Virginia, Carte Goodwin, was sworn in.
If a final Senate vote on the UI benefits occurs later Thursday, the measure would go to the House for its consideration.
House Majority Leader Steny Hoyer said he expected the House to approve the bill Wednesday.
The bill would retroactively give UI benefits to more than 2 million people who have lost them since the end of May. It extends funding through Nov. 30.
Senate Minority Leader Mitch McConnell said that Republicans believe the $34 billion UI package should be offset by tapping unused funds from last year's fiscal stimulus bill.