Australia to ‘abolish phony debt ceiling’, continue spending-spree – RT

Australia to ‘abolish phony debt ceiling’, continue spending-spree – RT

Australia will dive further ‘Down Under’ into debt, as lawmakers reached a deal to do away with a limit. The government can now borrow as much as it wants, and will avoid a shutdown when it reaches the AU$300 billion debt limit on December 12.
Federal Treasurer Joe Hockey won over the Greens who had previously supported the Labor Party cap of AU$400 billion (about $373 billion). Earlier, the upper house blocked a motion to raise the debt ceiling to AU$500 billion.
The government must justify any increase in debt up to AU$50 billion Greens leader Christina Milne told reporters in Canberra.
“This, I think, will return some maturity to the debate around debt and get rid of what has become a phony debate every time the government has wanted to raise the debt ceiling,” Milne said Wednesday.

In return, Hockey promised the Greens that the budget will include comprehensive debt figures on how much the government is spending on climate change.

If lawmakers didn’t strike a deal by December 12, Australia’s $1.5 trillion economy would have gone 'down under' with its government forced into a shutdown.