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U.S. to Hit Debt Limit Monday [Merry Cliffmas]
FoxBusiness.com ^ | 12/26/2012 | Reuters

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.


TOPICS: Business/Economy; Front Page News; Government; News/Current Events
KEYWORDS: business; congress; debt; limit
This along with the (now grudgingly admitted) horrible shopping news should do wonders starting 2013.
1 posted on 12/26/2012 2:35:52 PM PST by mykroar
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To: mykroar

I don’t think anyone really cares. :(


2 posted on 12/26/2012 2:37:51 PM PST by Tzimisce (What do you do when every every branch of the government is corrupt and aligned against you?)
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To: mykroar

We need fewer spendaholics in government


3 posted on 12/26/2012 2:39:49 PM PST by GeronL (http://asspos.blogspot.com)
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To: Tzimisce
Fabulous news, since this is the debate with which we've got Obie by the balls....if we choose to exploit it. Given his shabby behavior towards Boehner and pubbies, I'd stick this right up his butt.

Yes you can have an increase in debt limit, but you won't need it because we're cutting starting next week, big time.

4 posted on 12/26/2012 2:45:30 PM PST by chiller (Do not consume any NBCNews;MTPTodayNightlyNewsMorningJoeMSNBCBrianWilliams)
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To: chiller

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.


5 posted on 12/26/2012 2:52:10 PM PST by Wolfie
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To: Tzimisce

That’s because a lot of us already realize we have passed the point
of no return anyway.


6 posted on 12/26/2012 2:57:15 PM PST by tennmountainman
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To: tennmountainman
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.

7 posted on 12/26/2012 3:05:25 PM PST by YankeeReb
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To: GeronL

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.


8 posted on 12/26/2012 3:11:36 PM PST by ez (When you're a hammer, everything looks like a nail.)
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To: Tzimisce

federal workers care, since Timmy starts “borrowing” our TSP fund (Thrift Savings Plan individual retirement savings) to fund the govt


9 posted on 12/26/2012 3:25:33 PM PST by silverleaf (Age Takes a Toll: Please Have Exact Change)
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To: ez
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.

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.

10 posted on 12/26/2012 3:28:56 PM PST by ProudFossil (" I never did give anyone hell. I just told the truth and they thought it was hell." Harry Truman)
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To: mykroar

Maybe that’s why Barry is coming back from Hawaii?


11 posted on 12/26/2012 3:32:57 PM PST by smokingfrog ( sleep with one eye open (<o> ---)
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To: silverleaf

>> federal workers care

Federal workers are, in one way or another, the root cause of essentially all of our problems.


12 posted on 12/26/2012 4:05:20 PM PST by Nervous Tick (Without GOD, men get what they deserve.)
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To: smokingfrog
Maybe that’s why Barry is coming back from Hawaii?

Nah! Moochelle threw him out!

13 posted on 12/26/2012 4:07:17 PM PST by Don Corleone ("Oil the gun..eat the cannoli. Take it to the Mattress.")
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To: Don Corleone

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.


14 posted on 12/26/2012 4:29:32 PM PST by Cincinnatus.45-70 (What do DemocRats enjoy more than a truckload of dead babies? Unloading them with a pitchfork!)
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To: Cincinnatus.45-70

“YOUR public debt.”

http://www.youtube.com/watch?v=7Au2-J-3on0


15 posted on 12/26/2012 4:47:54 PM PST by maxsand
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To: mykroar

Lord. Can we stop the “cliffmas” crap?


16 posted on 12/26/2012 5:45:07 PM PST by thoolou ("I may have invented it, but Bill made it famous." - David Bradley, inventor of Ctrl-Alt-Del)
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To: mykroar

Stop federal funding to local government regulatory and anti-family offices. Lay off those who prevent small business competition from starting.


17 posted on 12/26/2012 6:05:11 PM PST by familyop (We Baby Boomers are croaking in an avalanche of rotten politics smelled around the planet.)
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To: thoolou

No. LOL


18 posted on 12/26/2012 6:14:54 PM PST by mykroar (BAD-ANON: One Game At A Time)
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To: mykroar

It’s the most wonderful time of the year. ...
There’ll be much fiscal cliffing with no budget ceiling and lots of good cheer.


19 posted on 12/26/2012 6:51:15 PM PST by shineon
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To: mykroar

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


20 posted on 12/26/2012 7:02:34 PM PST by PGalt
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To: shineon

Let those EBT credit cards expire Collectively.


21 posted on 12/26/2012 7:04:23 PM PST by Broker (Be vigilant!)
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To: mykroar
Excellent. The pubbies need to pas the Paul - Mac Penney plan and tell the Senate and White House no debt limit extension unless the senate passes it and the president signs it into law. This will fix our debt problem by reducing spending.
22 posted on 12/26/2012 7:17:49 PM PST by Nuc 1.1 (Nuc 1 Liberals aren't Patriots. Remember 1789!)
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To: mykroar

Hit the debt limit? Anybody want to bet on that? This is exactly why Barry is coming home tonight.


23 posted on 12/26/2012 8:16:18 PM PST by houeto (https://secure.freerepublic.com/donate/)
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To: YankeeReb
This past election just set it in concrete.

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.

24 posted on 12/27/2012 8:19:15 AM PST by OneWingedShark (Q: Why am I here? A: To do Justly, to love mercy, and to walk humbly with my God.)
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