US may have way to cover bills after deadline, for week (Obama lies, again!)

msnbc ^ | 7/26/2011 | BINYAMIN APPELBAUM/NY Times

[tobyhill]

It turns out the federal government is sitting on some extra cash.

Thanks to an inflow of tax payments and maneuvering by the Treasury Department, the government can probably continue to pay all of its bills for several days after Aug. 2, providing potentially critical breathing room for Congress to raise the debt ceiling, according to estimates by several Wall Street banks and a Washington research organization.

The consensus is that the government will not run short of money until Aug. 10, when it would be unable to cut millions of Social Security checks without borrowing more money.

President Obama has described Aug. 2 as a “hard deadline” for Congress to increase the maximum amount that the government is allowed to borrow.

“We have to do it by next Tuesday, Aug. 2, or else we won’t be able to pay all of our bills,” Mr. Obama told the nation in his speech on Monday night.

Jay Carney, the White House spokesman, restated that position on Tuesday.

[PieterCasparzen]

Nice to know Uncle Sam is living tax remittance to tax remittance.

[Uncle Ike]

” until Aug. 10, when it would be unable to cut millions of Social Security checks without borrowing more money. “

Hey - maybe they could just shut down some of the Libs’ favorite pet bureaucracies, and use that money??

Naaaahhh.....

[EQAndyBuzz]

Thought those checks go out on the third. Didn’t Timmy say that 80 million checks go out august 3?

[SkyPilot]

Cry “Wolf” enough and he won’t have the support of even his base.

[Uncle Ike]

” Thought those checks go out on the third. Didn’t Timmy say that 80 million checks go out august 3? “

I’m sure someone will correct me if I’m wrong,but my understanding is that SS checks go out in three batches, alphabetically by last name, a week or so apart....

[lacrew]

1. Obama fed this story to them, so he would have political cover to go celebrate his birthday next week in Chicago.

2. Obama fed the Social Security threat to them - which is the clearest indication that the government has broken its covenant with the people I have ever seen. They have been confiscation a big chunk of people’s income for teir entire working life, and then raided the ‘trust fund’ like an addict who steals to feed his addiction. O thinks we’re too stupid to be appalled by this....he is wrong.

[mikey_hates_everything]

"when it would be unable to cut millions of Social Security checks without borrowing more money"

Really? Where is my FICA going?

[Madame Dufarge]

"Social Security checks are issued on the third of each month for anyone who began receiving benefits before May 1997. If you started receiving benefits after that date, your checks are issued based upon your birth date. If your birth date is on the 1st through the 10th, your benefits are paid on the second Wednesday of each month. For birthdays that fall on the 11th through the 20th, checks are issued on the third Wednesday, and for birth dates ranging from the 21st to the 31st, benefits are paid on the fourth Wednesday of each month."

SS checks

[Uncle Ike]

Thank you... ;)

(See?? Toldja somebody would correct me... ;))

[Red_Devil 232]

Social Security check payments are spaced out over the entire month usually on the 1st, 2nd, 3rd and 4th wed. of each month.

[Madame Dufarge]

You're welcome...:-)

I was curious about how the order is determined myself.

[Steven Tyler]

Raising the Debt ceiling is the bad outcome for not dealing with what is needed, either higher taxes or lower spending.
Frankly, we are taxed enough, spending must be cut back.

The Democrats need Other Peoples Money to get re-elected. They need to spend to get votes. The Democrats need to kick their addiction to O.P.M (phonetically sounds like opium)

[PGalt]

The weapon most often used by the criminal (socialist) is the lie.

“Everything about socialism is sham and affectation.” - 23.11 Ch23; Evil; Economic Harmonies; Frederic Bastiat 1801-1850

DEFUND socialist collectives, foreign AND domestic.