Posted on 06/29/2011 4:55:58 AM PDT by tobyhill
The No. 2 Republican in the Senate said Tuesday that he has heard the Treasury Department may be announcing soon that it can extend the Aug. 2 deadline to increase the nation's ability to borrow money to give bipartisan negotiators more time to cut a deal on the debt.
Sen. Jon Kyl, R-Ariz., didn't say where he heard the plan, but if true the decision would give critical breathing space for lawmakers and the White House who have not been able to overcome a budget impasse.
"We know for sure they are going to update the deadline (Friday)," a House Republican leadership aide told Fox News. "We have heard from those who watch this type of thing that it's likely they will move it back, but we have not heard from Treasury that it is definitely going back. So I guess we've heard that, but not from Treasury, which is the only group that actually knows when we'll run out of cash."
The nation actually hit its $14.3 trillion debt ceiling in May, but Treasury Secretary Timothy Geithner said the federal government could perform some accounting maneuvers to avoid going into default until Aug. 2.
"We will provide an update on the debt ceiling outlook at the beginning of July, as we have done at the beginning of each month this year, but it is unlikely that the date will move by more than a day or two -- if at all," Treasury spokeswoman Colleen Murray said in a statement to FoxNews.com.
Vice President Biden had been leading deficit-reduction talks for several weeks until Kyl and House Majority Leader Eric Cantor pulled out last week, saying the talks had gone as far as possible without President Obama and House Speaker John Boehner.
(Excerpt) Read more at foxnews.com ...
I heard that the Regime was just going to ignore it, like other rules and laws that are troublesome.
Our entire economy, the Congress, the The Boy-Queen administration, Wall Street and the Fed and Treasury are fine examples of the Extend and Pretend Economics in the US and the world.
Words mean nothing. Deadlines are arbitrary. Enforcement of any laws the financial criminals break is nonexistant.
Fine. If he ignores it then he owns every single penny in the debt and when the debt hits 140% of the GDP and interest rates run at 30% then we can more easily point to the blame and the Lame Stream Media can’t cover that ass.
Sen. Jon Kyl, R-Ariz is working against conservatives
as he works to impose TAXES disguised as FEES
in the RomneyWAY.
Except the politically ignorant (the vast majority) will swallow his argument that it’s the Republicans’ fault.
We have heard for the last several weeks about how hard the August 2nd deadline was. Now, because we are roughly 5 weeks out its not a deadline after all.
Wonder what else in the way of deadlines is adjustable? Election registration? Elections themselves?
Does anyone know what will happen if the debt ceiling isn’t increased?
I don’t think so.
It all depends on your political point of view for an answer.
As for me, I’d rather take my wife to the beach and have a beer.
I never cease to be amazed at the people relying on the GOP to save us. Hilarious.
When It comes to "cooking the books", Timmy is the man for the job!
Is this “sky is falling” hyperbole about the debt ceiling the same mantra used to delude the citizenry into accepting the necessity of TARP and stimulus bailouts of yore?
The apocalypse has been postponed again.
Now what the hell does that consist of...
It’s about time someone looked at the calendar and realized that August 2nd is about the time that the losers in Washington have designated for their lobbyist paid trips to the exotic “troubled” places in the world. It’s a tough job, but someone has to do it. How about extending that pesty Debt Ceiling to sometime after Labor Day?
Dream on. Rats and RINOS will team up. The great Tag Team Match will continue.
Clearly, with all of these extensions, extending the debt ceiling isn’t the crisis that zero would have us believe.
Enough is enough. If zero wants the debt ceiling increased, he can do it single-handedly by cutting back on the amount of golf he plays.
(zero fiddles while Rome burns!)
August vacations are at stake after all.....
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