No money for Chicago as 50 shot but money for Nazis

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No Pay for Congress Bill

The bill stipulates that US lawmakers will not receive their paychecks in the event that the US fails to meet its financial obligations

The US House of Representatives introduced a new bill that would prevent paycheck payments for lawmakers in the event that a debt ceiling deal is not achieved and the country goes into default resulting in the shutdown of the government.

"The No Pay for Congress During Default or Shutdown Act would block the pay of Members of Congress if the public debt limit is reached or a federal government shutdown occurs," US representatives Abigail Spanberger and Brian Fitzpatrick said in a press release.

As of June 1, the US government will fail to meet its financial obligations in the event that Congress does not, by then, increase the debt ceiling. In recent weeks, negotiations between congressional leaders and the White House have been ongoing, however, no deal has yet been achieved to avert the expected crisis

The US debt presently stands at $31.4 trillion. US Treasury Secretary Janet Yellen emphasized that a debt ceiling increase is necessary by June 1 to prevent a default, which would have far-reaching effects on the US economy and the way of life for Americans.

Congress inaction on debt ceiling threatens US economy: Treasury

Deputy Secretary of the Treasury Wally Adeyemo said on Wednesday the US Congress' inaction in enabling the US to meet its obligations by raising the debt ceiling is the "greatest threat" to the US economy since the global pandemic.

"The single greatest threat to the progress the American economy has made since the pandemic is Congress’s failure to take action to meet the United States’s obligations," Adeyemo said at the National Asian/Pacific Islander American Chamber of Commerce and Entrepreneurship (National ACE) 2023 Business Summit.

He further warned that failing to raise the debt ceiling would lead up to a recession and would severely impact small businesses and trigger a massive wave of company closures.

"Congress must take action to raise the debt limit and do what is needed to protect families and small businesses, as it has done nearly 80 times before. It is the only way to maintain the economic progress we’ve made," he said.

Last week, the US Congressional Budget Office warned that if lawmakers fail to raise the amount of debt the country is legally allowed to build up, the US will be faced with a "significant risk" of defaulting within the first two weeks of June.

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US debt puts healthcare at risk

The political war between Republicans and Democrats continues as federal institutions scramble to plan for scheduled payments

The United States is rapidly closing in on total financial chaos, as the two ruling parties have failed so far to reach a borrowing ceiling consensus although the debt default is estimated to hit the government in early June, as per earlier statements by US Treasury Secretary Janet Yellen.

The debate over raising the debt ceiling has become an annual occurrence, however, this year Congress is in a race against time while Republicans and Democrats are yet to agree on the terms.

In short, the United State's expenses exceed its revenues, which prompts an increase in the borrowing limit currently sitting at $31.4 trillion.

US markets are accumulating losses every day as the debt default date, also known as X-date, closes in. But the default impact would not be limited to the United States, rather, it would have a tremendous impact on the global markets.

Moreover, in case this scenario happens, investors would lose trust in the US financial system, and thus won't be as motivated to invest in products and instruments backed by the US dollar.

Spending on federal programs, such as social securities, medical assistance, and benefits programs for serving and retired army personnel, among other payments, that accounted for 45 percent of last year's 6.27 trillion budget, would be forced to a halt - affecting tens of millions of Americans

"We would simply not have enough cash to meet all of our obligations," Yellen said earlier this month.

On Monday, US House Speaker and President Joe Biden said their first one-on-one talks in months to avoid a calamitous debt default were "productive", but disagreements were still blocking any possible deal.

The White House meeting came after Biden cut off a short trip to Asia to recommence talks in advance of the US Treasury's deadline for Congress to authorize more borrowing.

Get ready

The US Treasury informed federal bodies to secure a feasible plan for differing scheduled payments to prepare for a budget payment pause, reports said earlier.

Medicare providers are scheduled to receive $47 billion on June 1 from the Treasury, $25 billion dollars for social security programs are planned for June 2, and other payments are supposed to be made in the following days of the month

Also on June 1, Congress said almost $25 billion in payments must be made to military personnel and civil servants, including other groups.

Selling and delaying

While missing pay dates will affect the US government, delaying some expenses for a few days is still manageable, but which bills to pay or sideline would be the main challenge for the federal government.

Selling government assets to make the due payments is also a plausible, yet less probable, scenario.

US Treasury data show that the Social Security Administration carries over $2.8 trillion in assets as of the end of April - making it the largest US bond holder in the world.

But this scheme would put US President Joe Biden in a political storm, especially from the Republican party, which would accuse him of failing to manage the spending issue.

While the last emergency option would be that US President Joe Biden would use his executive powers granted by the 14th Amendment to bypass Congress on the matter, the White House said earlier this week that Washington is not planning on doing so.

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Chicago weekend 50 shot 9 died

Memorial Day weekend kicks off with a bloody start in Chicago, with at least 9 dead and 41 injured

The spike in mass shootings in the US peaked over Memorial Day weekend, spanning Saturday, Sunday, and the federal holiday on Monday, with at least 50 people shot, nine fatally in Chicago City, police reported.

ABC7 detailed the shootings as follows:

A man was shot dead and a woman was injured in a shooting in West Garfield Park early Sunday, as per police reports. Around 2:09 am, the 35-year-old male and 30-year-old woman were sitting in a parked automobile in the 4100 block of West Taylor Street when bullets were fired, Chicago police reported. The man was shot in the head and died at Mount Sinai Hospital. The woman was in serious condition in the same hospital after being shot in the side. There have been no arrests, and investigations are still ongoing.

Earlier, three men were shot on Chicago's North Side, according to CPD. They were strolling on the sidewalk in the 600 block of West Barry Avenue in Chicago's Lakeview district when bullets were fired, police detailed.

According to CPD, the three were standing outside the Mariano's on Broadway and Barry when the shooting occurred. One of the critically injured was taken to Advocate Illinois Masonic Medical Center, with gunshot wounds to the back and chest, by the Chicago fire crew.

A 22-year-old man was brought to Masonic in good condition with a gunshot wound to the leg, and a 32-year-old man was carried to Masonic in excellent condition with a gunshot wound to the back.

It is worth noting that the motive behind the shooting is still unknown. Later in the morning, no one was taken into arrest. Three investigators are still looking into it.

A man was fatally shot minutes earlier in Washington Heights, authorities said. According to Chicago police, the man, 20, was in the 1000 block of West 105th Street at 12:30 am when two individuals approached and at least one of them fired rounds. The shooting victim was hit in the head and legs and pronounced dead at the site. No arrests were made, and investigations are still ongoing.

Authorities reported that another man died after being shot in Woodlawn on Saturday night. According to Chicago police, the victim, 26, was exiting a petrol station in the 500 block of East 67th Street at 10:55 pm when the unidentified person in a white SUV fired live bullets at him. With several gunshot wounds to the back, he was transferred to the University of Chicago Medical Center. He was declared dead at the hospital. There have been no arrests, and investigations are still ongoing.

A 14-year-old girl suffered a non-fatal graze wound to the hand when a shooting erupted under an hour later in the 7000-block of South Ada Street, according to Chicago police. The girl was treated on the scene. No arrested were made.

Earlier that day, a woman was murdered and three men were injured in a drive-by shooting in Auburn Gresham. No one was put in custody.

Two people were also shot, one fatally, in the Heart of Chicago area about 20 minutes earlier, according to police. A 36-year-old woman and a 37-year-old male were standing on a sidewalk in the 2300 block of West 18th Street shortly before 3 am when bullets were fired. They were transported to a neighboring hospital, where the man was declared dead. The woman was classified in critical condition after being shot in the face. There have been no arrests, and investigators are still ongoing.

A 35-year-old male was fatally shot in Lakeview less than an hour ago, police reported.

A man, 33, was shot to death in Auburn Gresham at 12:50 am, according to police. He was found on a sidewalk in the 7800 block of South Seeley Avenue. He was pronounced dead at the scene after being shot in the armpit. No one is in custody, and investigators are looking into the matter.

In East Garfield Park, a 16-year-old girl was also shot while standing on a sidewalk. Another teen was shot at a Jeffrey Manor house after unlocking the front door Friday night. According to authorities, the incident occurred shortly before 10:30 pm in the 9700 block of South Merrill Avenue. The 17-year-old shooting victim was shot in the leg while still inside the house. He was transferred to a nearby hospital. There was no more information available at the time.

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