Posted on 02/03/2014 6:54:09 AM PST by Red in Blue PA
WASHINGTON (Reuters) - The Obama administration warned on Monday it could start defaulting on the government's obligations "very soon" after hitting a limit on the national debt later this month.
Treasury Secretary Jack Lew said the federal government should hit the ceiling by the end of February unless Washington raises the nation's limit on public borrowing.
The federal government would then burn through its remaining cash more quickly that it would at other times of the year because the Treasury will be issuing tax refund checks, Lew said.
"Without borrowing authority, at some point very soon, it would not be possible to meet all of the obligations of the federal government," Lew said in prepared remarks at a Bipartisan Policy Center event.
(Excerpt) Read more at finance.yahoo.com ...
Cloward and Piven are the prophets we follow to utopia these days, not the profit margin.
We'll be arriving shortly. Please fasten your seat belts and place your seats and tray tables in their full upright and locked positions.
“Skip to my Lew my darlin’...”
You’re are 1000% correct. Given everything that’s going on globally, we’re not going to do anything but kick the can down the road hoping the future will automagically bail us out.
How about we stop paying poor people to stay poor, and we stop paying never-married women to have babies? That would save a lot of money.
are we taking bets yet on O actually giving up the WH at the end of his term????
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