Posted on 12/26/2012 10:28:26 PM PST by Olog-hai
Treasury Secretary Timothy Geithner said the U.S. debt limit of $16.394 trillion will be met on New Year’s Eve, in a letter to Congress on Wednesday.
“I am writing to inform you that the statutory debt limit will be reached on December 31, 2012, and to notify you that the Treasury Department will shortly begin taking certain extraordinary measures authorized by law to temporarily postpone the date that the United States would otherwise default on its legal obligations,” Geithner said in the letter addressed to Senate Majority Leader Harry Reid (D-Nev.)
Geithner said “extraordinary measures” taken by the Treasury Department could create approximately $200 billion in headroom under the debt limit. …
(Excerpt) Read more at cnsnews.com ...
Temporarily postpone
Head in noose and standing on tip toes,how long can it last?.
congrats obama....................YOU OWN IT!
Usurper 0bama, Mr. Reid, you claim a mandate to spend +3 trillion per year.You soon will have Clinton era tax rates and a tsuammi of new 0bama care revenues.
If you run short of cash, please present a budget detailing your entitlement cuts.
Hawaii makes a delicious shaved ice.
Wish you were here.
Republican Congress
Spreading the wealth isnot a legal entitlement
Sell Federal lands. Roll back regulations
No it isn’t. It’s thinly disguised reparations and supporter payola.
NO MORE CREDIT EXTENSIONS, BOEHNER. Defund the entire Department of Education and send the schools back to the states, and respectively, to the people.
Never in history has any nation seen deficit spending of this magnitude.
I have a couple of business degrees, and my economic understanding is that any entity engaged in such frivolous spending without generating equivalent benefit, will perish. History is littered with persons, companies, and nations who spent their way into the grave.
This situation is not survivable, especially in a polarized country where political institutions decision making is frozen. Spending a Trillion every year that the government does not have is simply economic suicide.
It will go down.
Thats all, folks!
“If your outgo exceeds your income, your upkeep becomes your downfall”.
Little snippet I heard on a weekend radio show years ago.
simple and to the point.
If Boehner had any negotiation skills, he would have said, “That’s okay. When we hit the debt ceiling I get a balanced budget for free.”
Doesn’t that drive you nuts?! I correct people on that one all the time. It just doesn’t make any sense the other way!
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