Skip to comments.U.S. to Hit Debt Limit Monday [Merry Cliffmas]
Posted on 12/26/2012 2:35:48 PM PST by mykroar
The U.S. Treasury on Wednesday announced the first in a possible series of emergency steps to push back the day when the government will exceed its legal borrowing authority as imposed by the U.S. Congress.
The Treasury said on Dec. 28 it would suspend issuance of State and Local Government Series securities, known as "slugs", which are special low-interest Treasury securities offered to state and local governments to temporarily invest proceeds from municipal bond sales.
Slugs, which count against the debt limit, have been suspended several times over the last 20 years to avoid hitting the debt ceiling.
The Treasury said it will also begin other measures, such as suspending certain retirement investments, which together will raise $200 billion.
The Treasury said the debt ceiling is set to be reached on Dec. 31, but analysts believe extraordinary measures can stave that date off into February.
I don’t think anyone really cares. :(
We need fewer spendaholics in government
Yes you can have an increase in debt limit, but you won't need it because we're cutting starting next week, big time.
Doesn’t matter what they cut next week...this is money that’s already been spent. It’s not borrowing to spend more in the future, it’s borrowing to pay the bill that’s already been rung up.
That’s because a lot of us already realize we have passed the point
of no return anyway.
We passed the tipping point when John McCain was nominated to run against Barry in '08.
This past election just set it in concrete.
NO MORE SPENDING. Wield the power of the purse. Refuse to raise the debt ceiling for the NEXT TWO YEARS. Force Obama to live within his means.
federal workers care, since Timmy starts “borrowing” our TSP fund (Thrift Savings Plan individual retirement savings) to fund the govt
Since when have the idiots in DC minded the law(s). So you do not raise the debt ceiling. All they would do is call the new extra spending with no money to pay it some type of accounting gimmick such as "partially unfunded taxed over forever freebies" (PUTOFF). Congress is no longer rational.
Maybe that’s why Barry is coming back from Hawaii?
>> federal workers care
Federal workers are, in one way or another, the root cause of essentially all of our problems.
Nah! Moochelle threw him out!
Apparently this whole “debt ceiling by 31 December”
is an Adminstration lie by Little Lying Timmy Geithner, aka Timmy the Tax Cheat.
Early this morning someone calculated the tax receipts generated by early corporate dividend payments to beat the expected 1 Jan tax increase, plus taxes on capital gains being taken this month to beat the rise in capital gains taxes. The unexpected increase in revenue means the debt ceiling won’t be reached until 1 February.
I don’t have the source for that right now, but me thinks someone is having us on.
“YOUR public debt.”
Lord. Can we stop the “cliffmas” crap?
Stop federal funding to local government regulatory and anti-family offices. Lay off those who prevent small business competition from starting.
It’s the most wonderful time of the year. ...
There’ll be much fiscal cliffing with no budget ceiling and lots of good cheer.
Toss a socialist off the roof of the capitol building above the debt ceiling. This is a socialist-induced fiasco. They’re all socialists now.
Socialism Is Legal Plunder - Frederic Bastiat
Let those EBT credit cards expire Collectively.
Hit the debt limit? Anybody want to bet on that? This is exactly why Barry is coming home tonight.
The past election was lost because the Republican party selected (nominated) Romney.
By nominating Romney, the Republican party showed that it is not serious about its party-planks; moreover, it is an admission that the status quo is what they want -- Romney differed politically on so little that IMO having him in office would be indistinguishable from Obama, furthermore he is a statist, and as such would do nothing to restrain the powers grabs at by Obama.