Posted on 03/06/2015 10:13:30 AM PST by Theoria
Unless Congress takes action, the U.S. will hit its debt limit on Mar. 16, but would begin taking "extraordinary measures" to finance the government on a temporary basis, according to the U.S. Treasury.
In a Friday morning letter to House Speaker John Boehner and other House and Senate leaders, Treasury Secretary Jack Lew said that his office will be forced to suspend the issuance of State and Local Government Series securities on Mar. 13 unless the debt limit is decreased.
"Accordingly, I respectfully ask Congress to raise the debt limit as soon as possible," Lew wrote in his letter.
The Treasury secretary emphasized that "increasing the debt limit does not authorize new spending commitments," but rather "simply allows the government to pay for expenditures Congress has already approved."
Congress passed the Temporary Debt Limit Extension Act in February 2014, which suspended the statutory debt limit through Mar. 15 of this year.
The U.S. legislature is expected to face another contentious debate over raising the U.S. legal borrowing authority. If it stretches to the final deadline, the timing would coincide with the debate over government agency funding for the new fiscal year, which starts Oct. 1.
The Congressional Budget Office said this week that if Congress does not raise the federal debt limit, the Treasury Department will exhaust all of its borrowing capacity and run out of cash in October or November, slightly later than a previous forecast.
(Excerpt) Read more at cnbc.com ...
Is this a surprise? Or was it just noticed a week and a half short of the drop-dead date?
Beware the Ides of March (+1)
No surprise, just Congress hasn’t been talking about it. Boner would have something to worry about again....it helps him as long as it is last minute....
It’s time for congress to just close up and everybody go home. Congress is just a waste of money that could go to saving whales or something. Congress has turned over its power and duties to the executive branch. What is there left for it to do?
Frankly, Lew should just tell Obama to raise the debt ceiling.
"Mitch says he's too old to care any longer."
Considering March 16 is one day after the expiration of the legislation then I'd think this is a surprise to nobody.
WHY is the US able to continuously raise its debt?
If we had a real currency, and un-manipulated financial markets, investors would have stopped funding the US Government Trillions of dollars ago.
More pork barrel spending to (supposedly) guarantee their re-election.
Just hand over the check book Johnny boy and pass more "Apple Butter Day" proclamations and other such more important things.
Stop spending, stop spending....STOP F’N SPENDING!
The debt limit increase last year was supposed to be for a whole year. They ran out of money months shy and had to pass yet another increase that expires next week.
These people are out of control.
Isn't a majority a wonderful thing to waste? /s
Notice federal spending up 109%
U.S. total debt up 131%
Revenue up 68%
Good grief. Monumental fiscal mismanagement.
Oh goodie. Yet another opportunity for Boehner and the GOPe to betray us.
“No surprise, just Congress hasn’t been talking about it. Boner would have something to worry about again....it helps him as long as it is last minute....”
Nothing to talk about, done deal, after all we have all these extra amnesty expenses coming up and the $35K tax rebate to those who haven’t paid taxes. As republicans we’ll do the responsible thing and cover government for what it spends. As senator thad cochran (r) Ms. said “our job is to fund government”. obama probably has another project coming up that will require funding, special re-education camps for Freepers and others of their ilk and your republican majorities will be proud to fund them. mitch and john in service to obama.
That just screams for a lewd photoshop involving Obama..lol
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