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The ongoing debt ceiling negotiations are approaching the “X Date” with little certainty of a resolution. The X Date, the date on which the U.S. Government runs out of money to pay all. ....
So important is the power to borrow money that it was one of the few real powers expressly delegated to the weak and ineffectual government created under the Articles of Confederation. ....
The Korean-War era Defense Production Act ( DPA ) 1 has already loomed large in the federal response to the COVID-19 pandemic. Recent press reports suggest that it may be invoked even more broadly in the coming weeks and months as the effort to vaccinate the country accelerates. At this time, though the details are yet to come, nearly all companies in the COVID-19 vaccine supply chain could be affected. This includes the vaccine manufacturers, producers of the vials, syringes, freezer units, and dry ice required for vaccine storage, as well as hospitals, nursing homes, medical professionals, universities and colleges, and others. Even airlines and trucking lines enlisted to transport the vaccines across the country could become subject to Executive Orders pursuant to the DPA provisions. Here is what you need to know. ....