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US may default on its debt a half-month earlier than expected, new analysis shows

8 Jan

The government hit the $16.4 trillion statutory debt limit on Dec. 31 , but the Treasury Department is able to undertake a number of accounting schemes to delay when the government runs into funding problems.

The Treasury has said that the accounting schemes, known as “extraordinary measures,” ordinarily would forestall default for about the first two months of the year, though officials were clear that they could not pinpoint a precise date because of an unusual amount of uncertainty around federal finances.

“Our numbers show that we have less time to solve this problem than many realize,” Steve Bell, senior director of economic policy at the Bipartisan Policy Center, said in a statement. “It will be difficult for Treasury to get beyond the March 1 date in our judgment.”

The fast-approaching deadline to raise the debt limit is likely to be Washington’s next fiscal battleground. Republicans say they plan to use the occasion to demand deep federal spending cuts, with House Speaker John A. Boehner insisting on a dollar reduction in federal spending for every dollar increase in the nation’s borrowing limit.

But the White House says President Obama will not negotiate this point, since the debt ceiling represents a limit to obligations that Congress already has promised to pay.

“What he will not do — as he has made clear — is negotiate with Congress over Congress’s sole responsibility to pay the bills that Congress has already incurred,” White House Press Secretary Jay Carney said on Monday. “Nobody forced Congress to rack up the bills that it incurred. And it is an abdication of responsibility to say that we’re going to let the country default and cause global economic calamity simply because we’re not getting what we want in terms of our ideological agenda.”

The Bipartisan Policy Center’s debt-limit deadline is based on several assumptions, two of which conceivably could change the calendar.

One is that the confusion around end-of-year tax policy could lead to delays in the filing of taxes and refunds, throwing a curveball into projections about the nation’s finances.

The other is the overall pace of economic growth; faster growth tends to lift tax receipts.

If Congress does not raise the debt ceiling by the deadline, the White House has said that the nation likely would default. In a previous episode — in the summer of 2011 — officials determined that the best course would be to withhold all of a given day’s federal payments until enough money became available to pay them.

23 Dec

BUSINESSES FOR SALE !

47.3% in Spain Expect Worse for 2013

13 Dec

An opinion poll carried out by the Government agency CIS, revealed 47.3% of Spaniards believe 2013 will be worse than 2012, whilst 31,7% think it will be much of the same. Only 12.6% had any hopes that it might improve, as predicted by the despairing Prime Minister Rajoy.
54.7% described the present economic situation as ‘very bad’. In the list of the 10 worst problems for the country, unemployment and evictions were top, followed by the political parties, the problems with the health system, corruption, the banks and immigration.

http://www.businessownersdirect.com

Spain: The crisis of the week:

13 Dec

On Monday the country risk rose to 430 points and the interest rate on 10 year public bonds reached 5.61%
The Fitch Agency has warned that the prospects for the Spanish banking sector will be ‘negative’ in the coming year, due to public debt and the privatisation of nationalised entities
Eurostat reports that Spain, together with Romania, Bulgaria and Greece, has the largest percentage of people at risk of poverty, with 22% of total population
In spite of the refinancing of the banks, agency Moody warns that the number of bad loans in the Spanish banking system will continue to increase in 2013, and prices for dwellings continue to fall.

http://www.businessownersdirect.com

Spain faces cuts of €20 billion

13 Dec

Spain is facing EU subsidy cuts of €20 billion, which means that for the first time it will become a net contributor – that is, paying more in than it gets out.

The reduction, scheduled for the period 2014 to 2020, will reduce Spain’s GDP by 2%, further weakening the country’s already fragile economy.

The cuts will affect agricultural subsidies by 17% and ‘cohesion funds’, payments made to help balance disparities between the regions, by 30%.

http://www.businessownersdirect.com

Spain’s Black Money Whitewash

13 Dec

As Hacienda, the Spanish tax authority, continues to chase ‘the little man’ with more enquiries, inspections, taxes and IVA, what news of those millonarios who keep their money in Offshore Tax Havens?

A fiscal amnesty put into place in June by the Government to bring back money stashed offshore with a flat 10% tax on the entire sum returned and reported was looking like a flop after only 6% of the estimated 2,500 million euros of the expected surge of money had in fact shown up by late October.

An estimated figure (when was it ever anything else?) of 71.7% of all money which eludes the Spanish Tax-man is said to come from grandes fortunas y corporaciones empresariales – the über-wealthy and large companies. Despite this, it is reported that Hacienda prefers to spend most of its energies on investigating the self-employed, small companies and ordinary private-sector employees.
According to the BBC, the world’s ‘super-rich’ were holding at least $21 trillion in ‘secret tax havens’ at the end of 2010. Where much of it is evidently going to stay.
The amnesty, which ran out on the final day of November, eventually collected 1,200 million euros of off-shore money – a miserly portion of the hoped-for sum.

The Minister for Hacienda y Administraciones Públicas, Cristóbal Montoro, in a final attempt to increase the amount, had reminded the wealthy in late November that crimes against the Public Purse are never ‘prescribed’ – which must have encouraged a few of Spain’s wealthier patrons of the Swiss banking system to roll over.
Thus, the fiscal amnesty which was to bring in untold millions from off-shore bank accounts, paying a measly 10% and no questions asked, was anything other than a success, with less than half the expected windfall collected.

An amusing article in a Spanish web-page called ‘Voxpopuli’ notes that Hacienda should have sent a photographer to Geneva airport in late November to record the long lines of people wearing dark glasses while carrying little more than a bulging briefcase and queuing up for their flights to Spain.
Now it seems that the civil servants who make up the staff of Hacienda were against the idea from the start and they have decided, despite guarantees to the contrary from the Department of the Treasury, to audit all those millonarios who, gritting their teeth as they reluctantly decided to do the right thing, sidled into the bank recently with a heavy suitcase. It hardly needs saying that this poor sportsmanship on the part of Hacienda will probably discourage others from stepping forward at a later amnistía fiscal.

A tax-man from Hacienda, writing on Monday in the ‘Nueva Tribuna’, suggests that a reorganisation of Hacienda and the Tesoro Público (in charge of the politics of the economy), allowing more focus on the Wealthy, would generate savings and weaken the ‘underground economy’ with an estimated increase in revenue to the State of over 6 billion euros.

http://www.businessownersdirect.com

 

 

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