Skip to comments.Geithner: Debt Limit of $16.39 Trillion Will Be Met New Year's Eve
Posted on 12/26/2012 10:28:26 PM PST by Olog-hai
Treasury Secretary Timothy Geithner said the U.S. debt limit of $16.394 trillion will be met on New Years Eve, in a letter to Congress on Wednesday.
I am writing to inform you that the statutory debt limit will be reached on December 31, 2012, and to notify you that the Treasury Department will shortly begin taking certain extraordinary measures authorized by law to temporarily postpone the date that the United States would otherwise default on its legal obligations, Geithner said in the letter addressed to Senate Majority Leader Harry Reid (D-Nev.)
Geithner said extraordinary measures taken by the Treasury Department could create approximately $200 billion in headroom under the debt limit.
(Excerpt) Read more at cnsnews.com ...
time to start shutting off the obama phones and other such giveaways that are abused and miss used I guess.
Why not just set the limit to eleventy gazillion and be done with it - until about 2050, when we’ll probably hit that limit too.
Start eliminating government agencies and firing all their employees until revenue exceeds expenses!!!
“Start eliminating government agencies and firing all their employees until revenue exceeds expenses!!!”
Because, that’s totally racist
Santa Barack has never run a business. His secretary admits to being stumped by Turbo Tax prompts.
Dick and Jane America, on the other hand, know that they can only re-finance so many times, that eventually they run out of credit card companies.
Barry & Co. run out of other people’s money in five (5) days.
The D.C Central Party Structure (D.C.””Bi-Partisan”) had this “fiscal cliff” propaganda all prepared to pull out of the propaganda file, if their Extortion-Care Candidate of Massachusetts had been elected.
Now they (The Exempt Ones)have no choice but to jack up the trillions, and are facing the same music (wheelbarrows and price pressures) themselves, along with the rest of us.
Watch how they attempt to pass this off on everyone else (just as they Exempted themselves from Extortion Care), and even jack up their own salaries in attempt to insulate themsleves from the 16 trillion price pressures that everyone else will, and are now facing.
Cliff jumping ping
I could care less. Let the chips fall where they may. I am sick of Dem extortion. I promise you that little Timmy has all kinds of illicit offshore goodies waiting for him when he retires.
Use it as a tool in negotiations with zer0. Don’t panic, demand a budget from zer0.
I agree. Every time we play cards with these guys, they lie, bluff, cheat and steal. The GOP should just get up from the table and walk away.
Don’t extend the debt ceiling, and we’ll have a balanced budget immediately.
Turn out the lights. The party is over.
“Use it as a tool in negotiations with zer0. Dont panic, demand a budget from zer0”
Right! We can hope that the GOP leadership saw the numbers and anticipated this coming from Kazoo. The strange Plan B move may have been their way of drawing their line in the sand, having realized that they should have done it weeks ago.
The real reason Obama cut his “vacation” short...budgets must originate in the congress and they must approve raising the debt ceiling!
No Hejust wanted to save the tax payers money. HA
The federal government has trillions worth of unessential assets. Let them start to pay off debt.
Head in noose and standing on tip toes,how long can it last?.
congrats obama....................YOU OWN IT!
Usurper 0bama, Mr. Reid, you claim a mandate to spend +3 trillion per year.You soon will have Clinton era tax rates and a tsuammi of new 0bama care revenues.
If you run short of cash, please present a budget detailing your entitlement cuts.
Hawaii makes a delicious shaved ice.
Wish you were here.
Spreading the wealth isnot a legal entitlement
Sell Federal lands. Roll back regulations
No it isn’t. It’s thinly disguised reparations and supporter payola.
NO MORE CREDIT EXTENSIONS, BOEHNER. Defund the entire Department of Education and send the schools back to the states, and respectively, to the people.
Never in history has any nation seen deficit spending of this magnitude.
I have a couple of business degrees, and my economic understanding is that any entity engaged in such frivolous spending without generating equivalent benefit, will perish. History is littered with persons, companies, and nations who spent their way into the grave.
This situation is not survivable, especially in a polarized country where political institutions decision making is frozen. Spending a Trillion every year that the government does not have is simply economic suicide.
It will go down.
Thats all, folks!
“If your outgo exceeds your income, your upkeep becomes your downfall”.
Little snippet I heard on a weekend radio show years ago.
simple and to the point.
If Boehner had any negotiation skills, he would have said, “That’s okay. When we hit the debt ceiling I get a balanced budget for free.”
Doesn’t that drive you nuts?! I correct people on that one all the time. It just doesn’t make any sense the other way!