Skip to comments.Geithner Moves the Goalposts: Treasury Says August 10th Might Be the Drop Dead Date, Not August 2nd
Posted on 07/23/2011 1:12:07 PM PDT by Qbert
Geithners excuse, math is hard.
HuffPo For months, markets have been girding themselves against the possibility that the U.S. will reach the limits of its borrowing ability on August 2 and default on its debts. But researchers at Barclays Capital think the real deadline may not be until a week later.
In a note published Friday, the Barclays Interest Rates Research team wrote that the date on which the Treasury will run out of cash to pay its obligations might not be August 2; it might be around August 10 instead.
Why the change? The note explains that previous projections showed the Treasury running out of money on the morning of Wednesday, August 3. On that day, it was predicted, the Treasury would need to spend $32 billion, including $22 billion in Social Security payments and it was only projected to have $30 billion at its disposal.
That projection was made on July 13. But since then, the researchers say, the Treasury has taken in about $14 billion more than expected, and paid out about $1 billion less than expected. Hence, the deadline date might actually be August 10, a week later than previously believed.
The August 2 deadline has never been set in stone. When Treasury Secretary Timothy Geithner announced in May that the federal debt limit had been reached, he said that the government could use extraordinary measures to extend borrowing authority until August 2 and that this date could change based on government receipts and other factors.
The fearmongering idiot who cried wolf.....=.=
Fear - Great Leader’s fulcrum. Looks like the first of the month checks will go out in August. No inner-city riots after all.
Good thing it’s August 10. August 3 or 4, I kinda remember is the date of ‘evil’. Like someone unholy and stupid was born on those dates, someone so despicable and disgusting I forget his name...
Little Timmy is an architect of the 2008 meltdown for the benefit of the DemonRats. He helped force TARP on us.
He’s a little dickey man just like Tony Weiner. Another candidate for an Chicago Style ‘tune up’...
Still another despicable piece of Obozo crap bent on socializing the USA. He needs to disappear.
Bluff meet call.
Here’s a more important issue: When’s Geithner’s STFU date?
Just make it July 23 and be done with it.
Geithner’s a tax-cheating whore, and a dumb one at that.
Can we stop paying social security taxes if the gov doesn’t send SS checks to the elderly?
Who'd a thought something like that? /s
Tim Gietner should be fired. He is dis-honest and corrupt.
Somebody had better tell zero, he’s still saying SS checks
won’t go out in August.
“Can we stop paying social security taxes if the gov doesnt send SS checks to the elderly?”
this is no different than keeping congress in session until they got the votes for obamacre . they’ll just keep moving the date down the road until they get what they want
The fedgov will not run out of cash to pay its debt obligations..... if Obama chose to pay them.
What they are really saying is: We need more time for scaremongering. More time to move the polls.
So pay the 22 billion in SS checks and the debt interest first. Then go down the list of importance. Easily can do!
I swear they picked the Aug. 2nd date in large part because they didn’t want anything to interrupt his little birthday/fundraising party.
Yes math is hard when you’re stupid. LOL!
The coward can't hold the SS checks up now and he knows that the Senate would have abandoned him if he had tried to. The next thing you know the drop dead date is going to be around August 29th so they can try and use the SS scare tactic for about a week before the September checks go out. Too bad for the fascists that by then the House will have a bill sent to the Senate that clearly lays out the spending priorities the president has to follow, a bill the Senate is going to have a really tough time ignoring the same way it did the CCB bill.
LOL! So how are those "extraordinary measures" working out for you?
My Social Security check is due August 10. I will worry about my September check at that time.
This is excellent news. Now Obummer can go to Chi Town and enjoy his 50th Birthday with all the other Commie Pinkos and not worry about trivial stuff like collapsing our Economy.
If they can save money by changing the way inflation is calculated, they can move a date.
I don’t doubt that Tim is a smart fellow, Dartmouth, Johns Hopkins, etc.
It’ just that he’s an internationalist.
Baraq probably relates well to someone who has lived much of his formative life overseas.
He’s a Larry Summers protege, FWIW
I hope everybody that bought a red “TAX CHEAT” stamp has been using them now that the 2009 currency with Timmy’s signature is in circulation.
Want a picture , looks like weasel
His father and zero’s mother worked for the ford foundation together [ford foundation CIA front].
In case anyone wants to hit the source article that WeazelZippers is ripping on, here you go:
Yeah, it’s Huff&Puff-post, so you get to decide which one you want to give a hit to...
What a clown!
Best. Post. Ever.
Only one thing to say to Timmy “the elf” Geithner:
You, me and THUNDERDOME !!!!!
That picture makes him look like a Goblin banker from Harry Potter.
Ain’t that special.
but...but...but...I really mean it this time.
The cartoonist's style reminds me of Larson.
Well right after signing up, my timing is perfecto.
Even, I hope nobama does refuse to send out August checks. Got a feeling he hasn’t see any rath yet.
yes, we are...looks like the bully thug commies...have come up against some Ronald Reagans’.
It’s one of my favorites also!
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