Just announced on the Treasury department blog...Posted on 05/16/2011 7:13:54 AM PDT by SeekAndFind
Just announced on the Treasury department blog...
Today, the United States has reached the statutory debt limit. Secretary Geithner sent the following letter to Congress this morning alerting them to actions that have be taken to create additional headroom under the debt limit so that Treasury can continue funding obligations made by Congresses past and present. The Secretary declared a "debt issuance suspension period" for the Civil Service Retirement and Disability Fund, permitting Treasury to redeem a portion of existing Treasury securities held by that fund as investments and suspend issuance of new Treasury securities to that fund as investments. He also suspended the daily reinvestment of Treasury securities held as investments by the Government Securities Investment Fund of the Federal Employees’ Retirement System Thrift Savings Plan. For more information on these measures, please read this FAQ.
Last Friday, Secretary Geithner also responded to an inquiry from Senator Bennet regarding the fiscal and economic consequences of failing to increase the debt limit. That letter can be found here.
Secretary Geithner continues to urge Congress to raise the debt limit in a timely manner in order to uphold the full faith and credit of the United States.
(Excerpt) Read more at businessinsider.com ...
OK folks, John Maynard Keynes used to say in response to criticisms of his proposals regarding how it will affect the nation’s economy in the long run... “In the long run, we are all dead”.
Well, he was wrong. The long run has arrived and we’re all alive to see it.
READ Geithner’s plans....
First up, a raiding of government retirement funds!!
Uh-oh. The game of hardball has begun.
Time to put away the popcorn.
Geithner Implements Emergency Measures
RE: Does that mean he resigned?
We can only wish...
I vote Congress and presidential pension funds go first
Cut Congressional (reps, senators, and staffers) salaries by 5% every day until the Senate passes Paul Ryan’s budget. Immediately suspend all congressional taxpayer-paid travel. Withhold payment to the U.N. Suspend all funding for Obamacare. I can think of more, but this would be a good start.
They are quickly shuffling this to make it look like those dirty Republicans fault.
What Geithner is doing will have a serious impact on the markets and consumer spending. (By design)
Well, well, we are broke, now we can’t send 5-10 billion here and there at every world event. /yeahright
IRA's and 401k's, fixed it.
That means he won't be using TURBO TAX
RE: IRA’s and 401k’s, fixed it.
Only if cowardly Americans let them. For me, it’s over my dead body.
Agreed.
I think I can just make out Geithner up there re-arranging the deck chairs.
They said this might happen someday, I just didn't think it would be today! Cut spending NOW!
Wasn’t it just two weeks ago that he said, due to the influx of tax money, we wouldn’t hit the ceiling until sometime in August? Hmmmmmmm.
If they raid the 401k and IRA do they have to pay the 33% tax on early withdrawl?
No need for your demise; it’d be done electronically with little or no warning, probably at 2 a.m., or as Frank Zappa once put it, .....”while your children are sleepin, and yer puppy is crappin”.
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