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Trump backer Timothy Mellon identified as donor of $130m for US troop pay during government shutdown (www.theguardian.com)

submitted 5 months ago by MicroWave@lemmy.world to c/news@lemmy.world

93 comments fedilink hide all child comments

A reclusive billionaire, anti-tax crusader and major financial backer of Donald Trump has been named as the anonymous private donor who gave $130m to the government to help pay US troops during the federal shutdown that is now in its fourth week, according to the New York Times.

The donation, which equates to about $100 per service member, appears to be a potential violation of the Antideficiency Act, which prohibits federal agencies from spending funds in advance or in excess of congressional appropriations – and from accepting voluntary services “except in the case of emergency involving the safety of human life or the protection of property”.

Potential penalties for violations include both administrative and criminal sanctions such as suspension or removal from duty, fines and imprisonment.

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[–] djsp@feddit.org 3 points 5 months ago (1 children)

Paying off the US debt would mean paying back existing bondholders without issuing new bonds. After all existing bonds have been paid back, there would not be any US bonds in circulation, and the US bond market would be no more.

US bonds are the backbone of the global financial system. If they were to disappear overnight, it would be a financial apocalypse. On a larger timeframe, I suppose the global financial system could readjust, but I can only speculate as to how it would do so and what consequences would follow.

In any case, paying off its debt would be detrimental to the US, because global demand for its bonds results in higher bond prices and thus lower bond yields. In other words, the US pays less interest than it otherwise would because its bonds are so sought after. By paying off its debt, the US would not pay any interest whatsoever, but it would lose a great deal of power abroad.

[–] Rekorse@sh.itjust.works 2 points 5 months ago (1 children)

America shouldnt control the worlds economy. No single country should. America should lose most of its power abroad, so we can start to figure out what this country actually is when we arent stealing from everyone else.

[–] djsp@feddit.org 1 points 5 months ago

I agree; we need a democratic economy and the US-led system is not it. Note that I didn't state that the US should wield the financial power associated with the status of its bonds; I merely stated it currently does enjoy that power and that giving it up by paying off its debt would be detrimental to the US itself.