Power Post’s Catherine Ho has a rundown of Ryan’s K Street connections.
LEW PENS NEW OP-ED ON DEBT LIMIT. Treasury Secretary Jacob Lew called on Congress again on Monday to quickly pass a debt limit increase in order to avoid default. Lew has been meeting with lawmakers, writing letters to leaders and making public pleas in recent weeks in an attempt to convince Congress to act on the debt limit, including a Monday op-ed in USA Today.
“Unless Congress acts, after Nov. 3 we will be running the government on only the cash currently available, a profoundly irresponsible course of action. By that date, we estimate that we will have less than $30 billion cash available to fund a nearly $4 trillion enterprise — clearly not enough when our net expenditures can reach as much as $60 billion on some days. No sensible business would run itself this way, and the federal government should be no different.For 226 years, we have been a nation that consistently pays our bills. Our creditworthiness is a critical part of our strength as a nation, and protecting that strength is a solemn responsibility. Congress should not threaten to squander that strength. There is no way of knowing the full extent of the damage defaulting on our obligations would cause for the U.S. and global economy, and it should be inconceivable to find out.”
HIGHWAY TRUST FUND RUNNING OUT AGAIN. Much of the fiscal focus in recent weeks has been the looming debt limit, but Congress must also act by Oct. 29 or the Highway Trust Fund will run dry. The Wall Street Journal editorial board wrote Sunday pushing Congress to act before the deadline.
“A one-month interruption would cost $30 billion and nearly 700,000 jobs, according to a report from the American Chemistry Council. Add to that 28,000 fewer homes built and 175,000 fewer cars sold, as the effects ripple across the supply chain. You’d need 600,000 trucks to haul the almost two billion tons in freight that travels by rail.An extension should be an easy bipartisan fix, if not for Senator Barbara Boxer (D., Calif.). The Highway Trust Fund runs out of gas this week, so Congress must pass a temporary measure to buy more time. Legislators could tuck a PTC extension into the stopgap, but Conductor Boxer is derailing that idea so she can use it as leverage in negotiating a long-term highway agreement. Remember this the next time she is on the Senate floor railing about ‘public safety.'”