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Posted on 07/28/2011 3:40:14 PM PDT by Qbert
If there is no clear path out of this morass by tomorrow, sources say that administration officials will likely brief the public on how the Treasury Department will try to handle the bills Congress mandates that the government pay given a situation where Congress has not given them a way to do so.
Look for that briefing to come no earlier than Friday after the markets close at 4 p.m. ET, sources say.
Officials are most concerned about paying the interest on the existing debt, since failure to do so would result in default and almost certain immediate market panic, as well as questions about how Treasury would be able to roll over a pre-existing $87 billion in debt that comes due next week.
After that -- a list of priorities, not all of which that can be met. Social Security checks? Medicare? Government workers? Pentagon contractors? Troops' salaries? The FBI?
Vice President Joe Biden and Senate Minority Leader Mitch McConnell have been talking privately about a possible way forward should Boehner's bill fail in the Senate, which seems likely, according to sources familiar with the talks.
(Excerpt) Read more at blogs.abcnews.com ...
He is having geitner make the announcement so he won’t look bad. The pubs need to get their heads out dark places and get ahead of them on it. They should come out and threaten impeachment LOUDLY if he thinks he or reid are going to get around congress.
Lay off half the bureaucrats and end all expense tabs in the beltway. How much would that save?
“IMO the one thing Americans won’t tolerate is some second rate politician openly supporting foreign entities over American citizens in this matter. I would love to see a list of all the checks the Treasury writes. I would like to see how many are going to foreign Govs and qustionable orgs.”
Like loan guarantees to Egypt (and the Muslim Brotherhood).
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“Like loan guarantees to Egypt (and the Muslim Brotherhood).”
EXACTLY!
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