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Posted on 08/26/2013 3:29:49 PM PDT by Oldeconomybuyer
The Obama administration warned Congress on Monday that the United States could run out of money to pay its bills soon after mid-October if lawmakers do not move swiftly to raise a limit on government borrowing.
"Congress should act as soon as possible to protect America's good credit," Treasury Secretary Jack Lew said in a letter to congressional leaders, urging action "well before any risk of default becomes imminent."
The government has been scraping up against its $16.7 trillion debt limit since May, but has avoid defaulting on any of its obligations by employing a number of emergency measures to manage its cash, like suspending investments in pension funds for federal workers.
Lew said the government will exhaust its borrowing capacity in the middle of October and be left with about $50 billion in cash on hand.
(Excerpt) Read more at reuters.com ...
It sure is good that we’ve got all the SS money in a lockbox.
This seems to happen a couple of times a year these days. I’m sure the debt limit was raised a couple of times while Bush was in office...but how many times was it actually raised? Was it twice a year like now?
Um... I hate to tell you, but...
By the way, how old are you?
“And that’s why today I’m pledging to cut the deficit we inherited by half by the end of my first term in office. This will not be easy. It will require us to make difficult decisions and face challenges we’ve long neglected. But I refuse to leave our children with a debt that they cannot repay — and that means taking responsibility right now, in this administration, for getting our spending under control.”
This just hacks me off.
First they waste all the taxpayers’ money.
Then they waste all that they can borrow.
Now they want to borrow more.
Seems to me it would be a perfect time for the DAMN HOUSE OF REPRESENTATIVES to defund Obamacare; take care of that “little” October default thingy...
I agree.
October of 1934 would have been a good time for that to happen.
Maybe Odumbo should have stayed home on his last vacation and saved about a half billion dollars.
From the article, it says they are stealing from the same Federal pension fund of the workers they just furloughed. Nice.
Time for another 9 figure vacay for America’s Worst family’
And each time they say, “Just let us raise the debt limit *one more time*!”
Trollope wrote about this nonsense over a hundred years ago: “The Way We Live Now”. It was a con game then, and now.
It’s time to start building gibbets for these scoundrels.
PS Obama apparently thinks we can afford yet another war, but the peoples’ house is still closed. The rabble are upsetting the King upstairs. Apparently.
PPS Or that feckless bastard will get out his US Treasury checkbook and write a 500 million dollar check to Kenya for AIDs research, but Kenya wants face-time/goes to the guys holding the markers—China.
You do know I was joking, right?
Yes, I know.
So was I. :-)
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