"Come on..."
Posted on 12/26/2012 7:25:35 PM PST by SeekAndFind
Government borrowing will hit the debt ceiling on Monday, Treasury Secretary Tim Geithner said in a letter to Congress Wednesday.
As a result, the Treasury Department will soon start using what it calls "extraordinary measures" to prevent government borrowing from exceeding the legal limit.
Such measures include suspending the reinvestment of federal workers' retirement account contributions in short-term government bonds.
On Monday, debt subject to the limit was just $95 billion below the $16.394 trillion debt ceiling. All told, the extraordinary measures can create about $200 billion of headroom under the limit -- normally about two months worth of borrowing.
But it's unclear how much time the extraordinary measures can buy now because there are so many unanswered questions about tax and spending policies, Geithner said, referring to the lack of any resolution of the fiscal cliff.
"If left unresolved, the expiring tax provisions and automatic spending cuts, as well as the attendant delays in filing of tax returns, would have the effect of adding some additional time to the duration of the extraordinary measures," he wrote.
After the extraordinary measures run out, Treasury won't be able to pay all the country's bills in full and on time. At that point, the United States will run the very real risk that it could default on some of its obligations.
(Excerpt) Read more at money.cnn.com ...
Oh noes!!! Another ‘RAT created “crisis”. Somebody kneejerk! Quick!
It's cold here. Both catz are on my lap. I'm moving very slowly just to reach for a cigarette or type. Ain't no knee-jerking going on 'round these parts. I'm not interested in a transfusion tonight.
Check with the GOP. They panic easy.
/johnny
Start with ObamaTax. EPA....crickets!
Socialists should on the chopping block on Tuesday. (This is a socialist-induced fiasco.)
—That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness.
Why not just have Uncle Ben deposit however much money is needed directly into Timmy’s account, without the awkward charade of acting like he’s “borrowing” it.
The honesty of straighforwardly printing the money would be a breath of fresh air. Sure the currency will collapse soon thereafter, but that’s gonna happen sooner or later anyhow.
I would bet you a cold one, that in his (Tim Geithner) heart he secretly is full of joy, for a great number of reasons we shall not go into this time around.
Good. Let’s hit the limit and bounce off it a few times.
Take two aspirins and deport yourself to Greece!
Suddenly Geithner
"Come on..."
what a bunch of crap.... the media is stupid, they fall for this crap all the time.
Benghazi is being kicked down the road.
| Country | % of GDP (CIA / Eurostat)[1][2] |
Date | % of GDP (IMF) [3] |
Date | Region |
|---|---|---|---|---|---|
 Albania |
59.4 | 2011 est. | 58.92 | 2011 | Europe |
 Algeria |
6.6 | 2011 est. | 9.92 | 2011 | Africa |
 Angola |
24.5 | 2011 est. | 30.90 | 2011 | Africa |
 Antigua and Barbuda |
130.0 | 2010 est. | 74.55 | 2011 | North America |
 Argentina |
42.9 | 2011 est. | 44.20 | 2011 | South America |
 Armenia |
35.10 | 2011 | Europe | ||
 Aruba |
46.3 | 2005 | North America | ||
 Australia |
30.3 | 2011 est. | 22.86 | 2011 | Oceania |
 Austria |
72.9 | 2011 | 72.20 | 2011 | Europe |
 Azerbaijan |
4.7 | 2011 est. | 10.23 | 2011 | Asia |
 Bahamas |
48.61 | 2011 | North America | ||
 Bahrain |
75.3 | 2011 est. | 36.46 | 2011 | Asia |
 Bangladesh |
36.7 | 2011 est. | Asia | ||
 Barbados |
103.9 | 2011 est. | 117.25 | 2011 | North America |
 Belarus |
50.24 | 2011 | Europe | ||
 Belgium |
98.7 | 2011 | 98.51 | 2011 | Europe |
 Belize |
83.6 | 2011 est. | 80.35 | 2011 | North America |
 Benin |
31.33 | 2011 | Africa | ||
 Bhutan |
78.9 | 2011 est. | 82.00 | 2011 | Asia |
 Bolivia |
40.5 | 2011 est. | 32.88 | 2011 | South America |
 Bosnia and Herzegovina |
39.1 | 2010 est. | 40.63 | 2011 | Europe |
 Botswana |
20.3 | 2011 est. | 17.26 | 2011 | Africa |
 Brazil |
54.4 | 2011 est. | 66.18 | 2011 | South America |
 Brunei Darussalam |
0.00 | 2011 | Asia | ||
 Bulgaria |
16.3 | 2011 | 17.04 | 2011 | Europe |
 Burkina Faso |
29.44 | 2011 | Africa | ||
 Burundi |
35.27 | 2011 | Africa | ||
 Cambodia |
28.60 | 2011 | Asia | ||
 Cameroon |
16.2 | 2011 est. | 12.87 | 2011 | Africa |
 Canada |
83.5 | 2011 est. | 84.95 | 2011 | North America |
 Cape Verde |
77.58 | 2011 | Africa | ||
 Central African Republic |
40.90 | 2011 | Africa | ||
 Chad |
32.15 | 2011 | Africa | ||
 Chile |
9.4 | 2011 est. | 9.91 | 2011 | South America |
 China |
43.5 | 2011 | 25.84 | 2011 | Asia |
 Colombia |
45.6 | 2011 est. | 34.67 | 2011 | South America |
 Costa Rica |
44.5 | 2011 est. | 30.76 | 2011 | North America |
 Côte d'Ivoire |
65.8 | 2011 est. | 90.53 | 2011 | Africa |
 Croatia |
58.0 | 2010 est. | 45.57 | 2011 | Europe |
 Cuba |
34.9 | 2011 est. | North America | ||
 Cyprus |
72.4 | 2011 | 71.84 | 2011 | Europe |
 Czech Republic |
41.2 | 2011 | 41.46 | 2011 | Europe |
 Democratic Republic of Congo |
31.99 | 2011 | Africa | ||
 Denmark |
46.5 | 2011 | 46.43 | 2011 | Europe |
 Djibouti |
55.46 | 2011 | Africa | ||
 Dominica |
78.0 | 2009 est. | 69.88 | 2011 | North America |
 Dominican Republic |
36.4 | 2011 est. | 29.26 | 2011 | North America |
 Ecuador |
22.1 | 2011 est. | 17.98 | 2011 | South America |
 Egypt |
85.7 | 2011 est. | 76.45 | 2011 | Africa |
 El Salvador |
57.1 | 2011 est. | 50.79 | 2011 | North America |
 Equatorial Guinea |
5.5 | 2011 est. | 8.35 | 2011 | Africa |
 Eritrea |
133.82 | 2011 | Africa | ||
 European Union |
82.5 | 2011 | Europe | ||
 Estonia |
6.1 | 2011 | 6.04 | 2011 | Europe |
 Ethiopia |
42.3 | 2011 est. | 37.26 | 2011 | Africa |
 Fiji |
53.89 | 2011 | Oceania | ||
 Finland |
49.3 | 2011 | 48.56 | 2011 | Europe |
 France |
86.5 | 2011 | 86.26 | 2011 | Europe |
 Gabon |
18.3 | 2011 est. | 20.45 | 2011 | Africa |
 Gambia, The |
68.77 | 2011 | Africa | ||
 Georgia |
33.88 | 2011 | Europe | ||
 Germany |
82.0 | 2011 | 81.51 | 2011 | Europe |
 Ghana |
38.7 | 2011 est. | 43.39 | 2011 | Africa |
 Gibraltar |
7.5 | 2008 est. | Europe | ||
 Greece |
165.3 | 2011 est. | 160.81 | 2011 | Europe |
 Grenada |
86.61 | 2011 | North America | ||
 Guatemala |
24.5 | 2011 est. | 24.06 | 2011 | North America |
 Guinea |
72.19 | 2011 | Africa | ||
 Guinea-Bissau |
45.23 | 2011 | Africa | ||
 Guyana |
62.1 | 2011 est. | 61.75 | 2011 | South America |
 Haiti |
10.63 | 2011 | North America | ||
 Honduras |
29.6 | 2011 est. | 28.12 | 2011 | North America |
 Hong Kong |
10.1 | 2011 est. | 33.86 | 2011 | Asia |
 Hungary |
80.6 | 2011 | 80.45 | 2011 | Europe |
 Iceland |
130.1 | 2011 est. | 99.19 | 2011 | Europe |
 India |
51.6 | 2011 est. | 68.05 | 2011 | Asia |
 Indonesia |
24.5 | 2011 est. | 25.03 | 2011 | Asia |
 Iran |
11.6 | 2010 est. | 12.70 | 2011 | Asia |
 Iraq |
86.92 | 2011 | Asia | ||
 Ireland |
108.4 | 2011 | 104.95 | 2011 | Europe |
 Israel |
74.0 | 2011 est. | 74.34 | 2011 | Asia |
 Italy |
120.9 | 2011 | 120.11 | 2011 | Europe |
 Jamaica |
126.5 | 2011 est. | 138.98 | 2011 | North America |
 Japan |
208.2 | 2011 est. | 229.77 | 2011 | Asia |
 Jordan |
60.7 | 2011 est. | 69.78 | 2011 | Asia |
 Kazakhstan |
16.0 | 2011 est. | 10.88 | 2011 | Asia |
 Kenya |
48.5 | 2011 est. | 48.94 | 2011 | Africa |
 Kuwait |
6.8 | 2011 est. | 7.35 | 2011 | Asia |
 Kyrgyzstan |
52.44 | 2011 | Asia | ||
 Laos |
57.36 | 2011 | Asia | ||
 Latvia |
42.6 | 2011 | 37.77 | 2011 | Europe |
 Lebanon |
137.1 | 2011 est. | 136.22 | 2011 | Asia |
 Lesotho |
39.65 | 2011 | Africa | ||
 Liberia |
13.92 | 2011 | Africa | ||
 Libya |
4.7 | 2011 est. | 0.00 | 2010 | Africa |
 Lithuania |
38.5 | 2011 | 38.96 | 2011 | Europe |
 Luxembourg |
18.6 | 2011 | 20.85 | 2011 | Europe |
 Macedonia |
24.8 | 2010 est. | 28.11 | 2011 | Europe |
 Madagascar |
5.68 | 2011 | Africa | ||
 Malawi |
36.8 | 2011 est. | 42.46 | 2011 | Africa |
 Malaysia |
53.5 | 2011 est. | 52.56 | 2011 | Asia |
 Maldives |
69.10 | 2011 | Asia | ||
 Mali |
32.6 | 2011 est. | 30.64 | 2011 | Africa |
 Malta |
73.0 | 2011 | 70.94 | 2011 | Europe |
 Mauritania |
92.40 | 2011 | Africa | ||
 Mauritius |
60.2 | 2011 est. | 50.63 | 2011 | Africa |
 Mexico |
37.5 | 2011 est. | 43.81 | 2011 | North America |
 Moldova |
21.3 | 2010 est. | 23.39 | 2011 | Europe |
 Montenegro |
38.0 | 2006 | 45.83 | 2011 | Europe |
 Morocco |
65.0 | 2011 est. | 54.39 | 2011 | Africa |
 Mozambique |
43.0 | 2011 est. | 33.20 | 2011 | Africa |
 Myanmar |
44.32 | 2011 | Asia | ||
 Namibia |
27.4 | 2011 est. | 21.85 | 2011 | Africa |
 Nepal |
34.07 | 2011 | Asia | ||
 Netherlands |
65.9 | 2011 | 66.23 | 2011 | Europe |
 New Zealand |
33.7 | 2011 est. | 37.04 | 2011 | Oceania |
 Nicaragua |
70.5 | 2011 est. | 72.03 | 2011 | North America |
 Niger |
18.94 | 2011 | Africa | ||
 Nigeria |
17.6 | 2011 est. | 17.86 | 2011 | Africa |
 North Korea |
0.4 | 2007 est. | Asia | ||
 Norway |
48.9 | 2010 est. | 49.61 | 2011 | Europe |
 Oman |
3.8 | 2011 est. | 5.06 | 2011 | Asia |
 Pakistan |
60.1 | 2011 est. | 60.12 | 2011 | Asia |
 Panama |
41.7 | 2011 est. | 37.83 | 2011 | North America |
 Papua New Guinea |
22.3 | 2011 est. | Oceania | ||
 Paraguay |
17.4 | 2011 est. | 13.66 | 2011 | South America |
 Peru |
21.7 | 2011 est. | 21.64 | 2011 | South America |
 Philippines |
49.4 | 2011 est. | 40.47 | 2011 | Asia |
 Poland |
56.3 | 2011 | 55.39 | 2011 | Europe |
 Portugal |
108.5 | 2011 | 106.79 | 2011 | Europe |
 Qatar |
8.9 | 2011 est. | 31.48 | 2011 | Asia |
 Republic of the Congo |
22.17 | 2011 | Africa | ||
 Romania |
33.3 | 2011 | 32.96 | 2011 | Europe |
 Russia |
8.7 | 2011 est. | 9.60 | 2011 | Asia/Europe |
 Rwanda |
23.43 | 2011 | Africa | ||
 Saint Kitts and Nevis |
200.0 | 2011 est. | 153.41 | 2011 | North America |
 Saint Lucia |
77.0 | 2010 est. | 71.95 | 2011 | North America |
 São Tomé and Príncipe |
74.43 | 2011 | Africa | ||
 Saudi Arabia |
9.4 | 2011 est. | 7.52 | 2011 | Asia |
 Senegal |
33.2 | 2011 est. | 40.62 | 2011 | Africa |
 Serbia |
39.5 | 2010 est. | 47.89 | 2011 | Europe |
 Seychelles |
46.2 | 2011 est. | 83.02 | 2011 | Africa |
 Sierra Leone |
59.96 | 2011 | Africa | ||
 Singapore |
118.2 | 2011 est. | 100.79 | 2011 | Asia |
 Slovakia |
43.5 | 2011 | 44.63 | 2011 | Europe |
 Slovenia |
48.5 | 2011 | 47.31 | 2011 | Europe |
 Solomon Islands |
22.64 | 2011 | Oceania | ||
 South Africa |
35.6 | 2011 est. | 38.77 | 2011 | Africa |
 South Korea |
33.3 | 2011 est. | 34.14 | 2011 | Asia |
 Spain |
69.3 | 2011 | 68.47 | 2011 | Europe |
 Sri Lanka |
78.5 | 2011 est. | 78.2 | Asia | |
 St. Vincent and Grenadines |
90.0 | 2010 est. | 71.41 | 2011 | North America |
 Sudan |
100.8 | 2011 est. | 73.14 | 2011 | Africa |
 Suriname |
20.57 | 2011 | South America | ||
 Swaziland |
17.53 | 2011 | Africa | ||
 Sweden |
38.4 | 2011 | 37.44 | 2011 | Europe |
 Switzerland |
38.7 | 2010 est. | 35.0 | 2011 | Europe |
 Syria |
34.4 | 2011 est. | Asia | ||
 Taiwan |
34.9 | 2011 est. | 40.80 | 2011 | Asia |
 Tajikistan |
35.35 | 2011 | Asia | ||
 Tanzania |
36.9 | 2011 est. | 44.39 | 2011 | Africa |
 Thailand |
40.5 | 2011 est. | 41.69 | 2011 | Asia |
 Togo |
30.84 | 2011 | Africa | ||
 Trinidad and Tobago |
31.7 | 2011 est. | 32.35 | 2011 | North America |
 Tunisia |
51.8 | 2011 est. | 42.41 | 2011 | Africa |
 Turkey |
42.4 | 2011 est. | 39.44 | 2011 | Asia/Europe |
 Turkmenistan |
15.35 | 2011 | Asia | ||
 Uganda |
25.0 | 2011 est. | 29.22 | 2011 | Africa |
 Ukraine |
44.8 | 2011 est. | 36.50 | 2011 | Europe |
 United Arab Emirates |
43.9 | 2011 est. | 16.89 | 2011 | Asia |
 United Kingdom |
86.8 | 2012 | 82.50 | 2011 | Europe |
 United States |
105.5 | 2012 est. | 102.94 | 2011 | North America |
 Uruguay |
51.0 | 2011 est. | 54.19 | 2011 | South America |
 Uzbekistan |
7.7 | 2011 est. | 9.10 | 2011 | Asia |
 Venezuela |
36.3 | 2011 est. | 45.50 | 2011 | South America |
 Vietnam |
57.3 | 2011 est. | 37.97 | 2011 | Asia |
| Wallis and Futuna |
5.6 | 2004 | Oceania | ||
 Yemen |
37.2 | 2011 est. | 42.52 | 2011 | Asia |
 Zambia |
27.3 | 2011 est. | 26.07 | 2011 | Africa |
 Zimbabwe |
230.8 | 2011 est. | 70.33 | 2011 | Africa |
Oh just tax the rich some more. Won’t that take care of it?
Baloney. They hit the real ceiling when investors stopped buying their debt and they had to start printing money out of thin air. Thats the real debt limit and they passed it a couple of years ago. The rest is just pantomime.
Either revenues are collapsing or spending is spiraling or both. This wasn’t projected to happen for a few months from now.
Best news I’ve heard all day. Better get some padlocks ready for closing out government buildings Monday night. Maybe Republicans will stick to their guns and (by doing nothing) give us the $1.1 trillion spending cuts for 2013 that we need to balance the budget.
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