The Obama administration warned on Monday it could start defaulting on the government’s obligations “very soon” after hitting a limit on the national debt later this month.
Treasury Secretary Jack Lew said the federal government should hit the ceiling by the end of February unless Washington raises the nation’s limit on public borrowing.
The federal government would then burn through its remaining cash more quickly that it would at other times of the year because the Treasury will be issuing tax refund checks, Lew said.
http://www.cnbc.com/id/101359298
because the Treasury will be issuing tax refund checks, Lew said.
Along with hefty EICs, a completely misapplied federal welfare system.