Posted on 03/17/2015 7:10:35 AM PDT by SeekAndFind
While you were sleeping...
The final debt figure for today will come out later this week, it’s expected to be a limit of about $18.2 trillion.
But the government has some wiggle room for handling its debt situation while Congress considers whether and how to raise the debt ceiling, a process that could still take months to sort out. Most importantly, the Treasury Department can use “extraordinary measures” to cope with the debt, which are several tools the government has used before when up against its borrowing limit.
For example, Treasury Secretary Jacob Lew told Congress on Friday that as of Monday, he would stop issuing new debt to fill up the Civil Service Retirement and Disability Fund, and the Government Securities Investment Fund of the Federal Employees Retirement System Thrift Savings Plan. Those funds are used to pay out tens of billions of dollars worth of retirement benefits to federal workers each year.
“These actions have been employed during previous debt limit impasses,” Lew wrote.
The action means a real short-term hit to the two pension funds, but it’s one Congress can compensate for later. According to a Congressional Research Service report, federal workers contribute some to their pensions, but the federal government contributes huge amounts itself, and borrows money from other accounts to do so.
The government may also find additional wiggle room in the coming weeks, as April 15 income tax receipts flood the federal coffers and temporarily remove the need for immediate borrowing.
But the inevitable can only be held off for so long, and Lew again urged Congress to quickly increase the debt ceiling in anticipation of the need for billions more in government debt.
(Excerpt) Read more at theblaze.com ...
Print more money and raise taxes. Thats what they’ll do. 100 % guranteed...
I dunno - roll over?
What will the truly EXEMPT tax next?
Carbon?
Internet?
Oxygen?
Walking distance?
Reading?
No problem, just dig into Obomination’s stash.
Another War, I suppose.
Time for another white flag to be raised and flown by Boehner. He must have a drawer full of them.
...and I would respectfully suggest the Congress wake up, not increase the debt ceiling and begin to do the right thing by addressing the debt and deficit like the rest of the country must do.
“...and again I urge Congress to address this matter without controversy or brinksmanship.”
In other words, give us the ability to borrow unlimited amounts of money to fund a government that will continue to provide endless goodies to more and more people, including illegal aliens.
The ‘mature’ thing to do is always to borrow more and spend more...
The media will kill any attempt at cutting government spending so the borrowing must continue.
This plan has my support:
Former Congressman Connie Mack’s PENNY PLAN:
http://www.freedomworks.org/content/top-10-reasons-support-rep-connie-macks-penny-plan
Too bad Floridians did not see him worth returning to Congress.
Cave and give Obama a Blank Cheque ,like normal
shut the worthless mookabooker down.
Well, the sun came up today.
DC is functioning.
We are two days past the limit and the world did not end.
Tell Mr. Lew to do what Obama always does when he needs money—print it.
What difference does it make?
The House should just tell Lew to make do with what he has, amd to ask him why he gave $3 billion to the health care insurers that no one authorized?
Add that to the six billion missing from Hillary’s State Department tenure, and the government could run another twenty minutes or so.
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