Skip to comments.Treasury Secretary Lew: Raise the Debt Limit Now (by Mitch, Boehner and the Surrender Monkeys)
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 ...
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.
“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.
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
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.
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.
McConnell in 2014
McConnell in 2013
McConnell in 2012
McConnell in 2011
I’ve heard that tune many times before. And it stinks.
I Bonehead will rely on RAT votes to pass this monster.
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.
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.
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.
no, no, and no!!!
Mammoth Cave Kentucky should be renamed McConnell Cave.
The evidence is in, the facts are clear and indisputable; McConnell and Boehner are in service to the king.
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. Youre irrelevant, Mitch.
Checks and balances? Pfffft
We have ZERO representation.
RESIGN CONgre$$. An executive branch apparatchik is dictating to we the people. WTF are we paying you clowns for?
Again? How many more times must this happen? I thought they had a budget....or something.
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.
“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?
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