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Treasury Secretary Lew: Raise the Debt Limit Now (by Mitch, Boehner and the Surrender Monkeys)
Newsmax ^ | March 6, 2015 | Newsmax Wires

Posted on 03/08/2015 11:55:27 AM PDT by broken_arrow1

The U.S. will hit its debt limit on March 16 but with some "extraordinary measures" it will be able to fund the government on a temporary basis, according to U.S. Treasury Secretary Jack Lew, who urged Congress in a letter to raise the debt limit immediately.

In the letter to House Speaker John Boehner and other House and Senate leaders, Lew said on March 13 his office would have to suspend the issuance of some local and and state securities, reports CNBC.

"Accordingly, I respectfully ask Congress to raise the debt limit as soon as possible," Lew wrote in his letter.

In the letter, Lew assured that increasing the debt limit did not necessarily mean approving new spending but instead allowed the federal government to pay for existing expenses.

His letter came on the heels of a a Congressional Budget Office report Tuesday that said if the U.S. federal debt limit is not raised, the U.S. Treasury Department will exhaust all of its borrowing capacity and run out of cash in October or November, slightly later than a previous forecast. Normal U.S. borrowing authority under the debt limit is due to expire on March 15. If Congress fails to raise or extend the debt limit, Treasury will need to begin employing extraordinary cash management measures to continue borrowing.

It estimated that the Treasury's extraordinary measures, which range from suspending investments in government employee pension funds to halting sales of debt securities to state and local governments, would provide nearly $363 billion in additional borrowing capacity.

Once that capacity is exhausted, CBO said the borrowing cap "would ultimately lead to delays of payments for government activities, a default on the government's debt obligations, or both."

(Excerpt) Read more at newsmax.com ...


TOPICS: Constitution/Conservatism; Government; Politics/Elections
KEYWORDS: boehner; debtlimit; jacklew; mcconnell; obama; republicans; surrendermonkeys
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Any bets on how this ends? Fighting for America is too hard, plus the GOP will get blamed. The GOP always gets blamed, so why try?
1 posted on 03/08/2015 11:55:27 AM PDT by broken_arrow1
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To: broken_arrow1

Imagine how much the banks will make in interest on $18 trillion of debt when the interest rates move from their current 25 basis points (0.25) to 300 basis points (3%). This will happen after the Fed ceases QE.


2 posted on 03/08/2015 11:58:55 AM PDT by Zuben Elgenubi (NOPe to GOPe)
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To: broken_arrow1

“Raise the Debt Limit - or we will get blamed for a shut-down”. A catchy little tune played by: Mitch, Bitch (Boehner) and the Surrender Monkeys.


3 posted on 03/08/2015 11:58:56 AM PDT by broken_arrow1 (I regret that I have but one life to give for my country - Nathan Hale "Patriot")
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To: broken_arrow1

Don’t worry Boehner and McConnell are Part of the Obama Team now and will give him as much money as he wants ,even some for Obama’s third tern run


4 posted on 03/08/2015 11:59:47 AM PDT by molson209 (Blank)
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To: broken_arrow1

It’s impossible to cut spending and stop using up all the private sector’s resources...and the Federal Reserve has almost done all it can to create jobs.


5 posted on 03/08/2015 12:03:31 PM PDT by Son House (The American Recovery and Reinvestment Act of 2009; the Original Legislative Fraud.)
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To: broken_arrow1

I’m kind of surprised there hasn’t been any bluster from the surrender monkeys. We didn’t even get a, “Keep your powder dry, we will fight Obama on the debt ceiling,” while they caved on amnesty. Maybe Boehner, and McConnell have decided even acting like they are going to fight requires too much effort.


6 posted on 03/08/2015 12:03:50 PM PDT by Yogafist
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To: Yogafist

McConnell in 2014

http://thehill.com/blogs/congress-blog/economy-budget/196434-mcconnell-sets-up-fight-over-debt-limit

McConnell in 2013

http://thehill.com/policy/finance/193408-mcconnell-says-gop-preparing-for-debt-ceiling-fight

McConnell in 2012

http://www.foxnews.com/politics/2012/12/06/obama-debt-ceiling-demand-complicates-fiscal-crisis-talks/

McConnell in 2011

http://keithhennessey.com/2011/07/14/understanding-the-mcconnell-debt-limit-proposal/


7 posted on 03/08/2015 12:11:51 PM PDT by EQAndyBuzz (Islam is the military wing of the Communist party.)
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To: broken_arrow1

I’ve heard that tune many times before. And it stinks.

I Bonehead will rely on RAT votes to pass this monster.


8 posted on 03/08/2015 12:16:40 PM PDT by tennmountainman ("Prophet Mountainman" Predicter Of All Things RINO...for a small pittance.)
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To: broken_arrow1
Image and video hosting by TinyPic
9 posted on 03/08/2015 12:17:51 PM PDT by MtnMan101
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To: broken_arrow1

it’s like these morons are surprised.

when you have expenditures that are almost double your income... you’re always going to exceed your debt limit.

hell. why even bother collecting taxes. just keep printing money.


10 posted on 03/08/2015 12:22:02 PM PDT by sten (fighting tyranny never goes out of style)
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To: broken_arrow1

Boehner and McConnel. Just eliminate the debt ceiling all together. You have already caved to ever democrat wet dream dooming the country to despotism. What’s one more cave.


11 posted on 03/08/2015 12:24:09 PM PDT by Organic Panic
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To: broken_arrow1

Who cares? Let it go higher and higher and higher. The corrupt and crooked politicians don’t have the courage to take the right course and if they did the public and voters would squeal like stuffed pigs. They love the free stuff as much as the politicians love to hand it out.


12 posted on 03/08/2015 12:36:33 PM PDT by mulligan (I)
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To: broken_arrow1

no, no, and no!!!


13 posted on 03/08/2015 12:47:15 PM PDT by elpadre (AfganistaMr Obama said the goal was to "disrupt, dismantle and defeat al-hereQaeda" and its allies.)
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To: broken_arrow1

Mammoth Cave Kentucky should be renamed McConnell Cave.


14 posted on 03/08/2015 12:48:24 PM PDT by PGalt
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To: broken_arrow1

The evidence is in, the facts are clear and indisputable; McConnell and Boehner are in service to the king.


15 posted on 03/08/2015 12:58:07 PM PDT by PoloSec ( Believe the Gospel: how that Christ died for our sins, was buried and rose again)
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To: broken_arrow1

Legislative v Executive

A majority leader vs. a dictating unaccountable executive branch bureaucrat. Mitch is your _itch, Jack. Do anything you desire with the turtle.

Witness the amassing of executive power. Witness the history of the republic. You’re irrelevant, Mitch.

Checks and balances? Pfffft

We have ZERO representation.


16 posted on 03/08/2015 1:15:13 PM PDT by PGalt
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To: broken_arrow1

RESIGN CONgre$$. An executive branch apparatchik is dictating to we the people. WTF are we paying you clowns for?


17 posted on 03/08/2015 1:19:26 PM PDT by PGalt
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To: broken_arrow1

Again? How many more times must this happen? I thought they had a budget....or something.


18 posted on 03/08/2015 2:44:58 PM PDT by smalltownslick
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To: broken_arrow1

Based on the absolute capitulation of the Republicrats so far I am going to stick my neck out and predict that in 2016 the Democrats take the White house again as well as the Senate. In Nov 2012 I Observed that we had gone beyong the ballot box. Sadly I think I was right. There is only one box left.


19 posted on 03/08/2015 4:59:08 PM PDT by Georgia Girl 2 (The only purpose o f a pistol is to fight your way back to the rifle you should never have dropped.)
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To: broken_arrow1

“halting sales of debt securities to state and local governments, would provide nearly $363 billion in additional borrowing capacity.”

You mean fiscally irresponsible liberal Local & state government might actually have to find someone else to pay their debt for them?


20 posted on 03/08/2015 5:50:13 PM PDT by Monorprise
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