Posted on 01/06/2011 11:00:30 AM PST by ColdOne
Tim Geithner has message for the 112th Congress: The sky really is falling.
President Obama’s blunt Treasury secretary has dispatched a doomsday missive to congressional leaders, detailing the very bad things that will happen to the country – a default and global economic cataclysm – if the GOP fails to increase the debt limit to $14.29 trillion this spring.
Geithner, responding to a request by Senate Majority Leader Harry Reid (D-Nev.), outlined a handful of painful short-term stopgaps to increase the “headroom” needed to fund day-to-day operations and fulfill the country’s fiscal obligations
(Excerpt) Read more at politico.com ...
That’s not enough.
Not enough. Not even close. According to last year’s cash flow, in February we can fun the national debt and the DoD and that’s it.
Yes it is. I suspect the Tea Party came at least two years too late.
According to the world bank out GDP is $14 trillion. Our debt is $14 trillion.
We are there.
$500 billion pays for the national debt for one year.
Our debt costs would soar past the point where we could pay it, meaning that all the dollars every one has would be worth nothing ever.
Lenin said we would sell the rope he needed to hang us with. Instead we bought the rope to hang ourselves.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.