No wonder Hockey is smiling, he finally got his unlimited Platinum card to run up all the debt he wants......
Bring on the next election!
"Joe Hockey cuts deal with Greens to scrap debt ceiling."
"The federal government will be able to borrow as much money as it wants after Federal Treasurer Joe Hockey cut a deal with the Greens to dispense with the debt ceiling completely. Mr Hockey has just written to the Leader of the Federal Greens, Christine Milne, setting out the details of the agreement.
It means the government will not have to ask the Parliament for permission whenever it wants to borrow money above a certain limit.
“We have agreed to repeal the current legislative limit on the total face value of stock and securities on issue set out in the Commonwealth Inscribed Stock Act 1911,” the letter says. Mr Hockey has promised the Greens that the debt statement included in the budget, MYEFO and PEFO will include details on the amount of money the government is spending on climate change, and the extent to which that spending is contributing to government debt. He has also promised that as part of all future Intergenerational Reports the government will have a dedicated section on the environment, including climate change and the effect of these policies and their impact on the Australian economy.
Mr Abbott said in August, when criticising the Labor Party, that ‘‘no real friend of the workers of Australia would want to do a deal with the Greens. We can never build a better future by doing cheap and tawdry deals with the Greens.’’
