Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Geithner: Debt Limit of $16.39 Trillion Will Be Met New Year's Eve
Cybercast News Service ^ | December 26, 2012 | Elizabeth Harrington

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 Year’s 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 ...


TOPICS: Business/Economy; Government; News/Current Events; US: District of Columbia
KEYWORDS: geithner

1 posted on 12/26/2012 10:28:33 PM PST by Olog-hai
[ Post Reply | Private Reply | View Replies]

To: Olog-hai

time to start shutting off the obama phones and other such giveaways that are abused and miss used I guess.


2 posted on 12/26/2012 10:36:30 PM PST by cableguymn (The founding fathers would be shooting by now..)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Olog-hai
Think about it. We were barely under 10 billion dollars when this idiot took office. This country has been around over two hundred and thirty years. He will double its entire debt in one presidency
3 posted on 12/26/2012 10:38:27 PM PST by political1 (Love your neighbors)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Olog-hai

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.


4 posted on 12/26/2012 10:51:22 PM PST by AnotherUnixGeek
[ Post Reply | Private Reply | To 1 | View Replies]

To: Olog-hai

Start eliminating government agencies and firing all their employees until revenue exceeds expenses!!!


5 posted on 12/26/2012 10:54:20 PM PST by dalereed
[ Post Reply | Private Reply | To 1 | View Replies]

To: dalereed

“Start eliminating government agencies and firing all their employees until revenue exceeds expenses!!!”

Because, that’s totally racist


6 posted on 12/26/2012 11:00:21 PM PST by dsrtsage (One half of all people have below average IQ. In the US the number is 54%)
[ Post Reply | Private Reply | To 5 | View Replies]

To: political1

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.


7 posted on 12/26/2012 11:38:46 PM PST by tumblindice (America's founding fathers: All armed conservatives.)
[ Post Reply | Private Reply | To 3 | View Replies]

To: Olog-hai

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.


8 posted on 12/26/2012 11:48:42 PM PST by Varsity Flight (Extortion-Care is the Government Work-Camp: Arbeitsziehungslager)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Olog-hai

Cliff jumping ping


9 posted on 12/26/2012 11:52:26 PM PST by gleeaikin
[ Post Reply | Private Reply | To 1 | View Replies]

To: Olog-hai

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.


10 posted on 12/26/2012 11:52:30 PM PST by dennisw (The first principle is to find out who you are then you can achieve anything -- Buddhist monk)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Olog-hai

Use it as a tool in negotiations with zer0. Don’t panic, demand a budget from zer0.


11 posted on 12/26/2012 11:53:55 PM PST by reefdiver
[ Post Reply | Private Reply | To 1 | View Replies]

To: dennisw

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.


12 posted on 12/27/2012 12:00:23 AM PST by tumblindice (America's founding fathers: All armed conservatives.)
[ Post Reply | Private Reply | To 10 | View Replies]

To: Olog-hai

Don’t extend the debt ceiling, and we’ll have a balanced budget immediately.


13 posted on 12/27/2012 12:03:01 AM PST by Rightwing Conspiratr1
[ Post Reply | Private Reply | To 1 | View Replies]

To: dennisw
I could couldn't care less.
14 posted on 12/27/2012 12:30:14 AM PST by Isabel C.
[ Post Reply | Private Reply | To 10 | View Replies]

To: Olog-hai

Turn out the lights. The party is over.


15 posted on 12/27/2012 1:14:39 AM PST by pallis
[ Post Reply | Private Reply | To 1 | View Replies]

To: reefdiver

“Use it as a tool in negotiations with zer0. Don’t 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.


16 posted on 12/27/2012 1:32:45 AM PST by ReaganGeneration2
[ Post Reply | Private Reply | To 11 | View Replies]

To: Olog-hai

The real reason Obama cut his “vacation” short...budgets must originate in the congress and they must approve raising the debt ceiling!


17 posted on 12/27/2012 1:35:01 AM PST by mdmathis6 ("Barry" Xmas to all and have a rapaciously taxable New Year!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: mdmathis6

No Hejust wanted to save the tax payers money. HA


18 posted on 12/27/2012 2:26:40 AM PST by DooDahhhh (ma)
[ Post Reply | Private Reply | To 17 | View Replies]

To: Olog-hai
Now the people of New York will have something else to celebrate (they helped vote these bastards in) on New Year's Eve...


19 posted on 12/27/2012 3:19:30 AM PST by raybbr (People who still support Obama are either a Marxist or a moron.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Olog-hai

The federal government has trillions worth of unessential assets. Let them start to pay off debt.


20 posted on 12/27/2012 3:28:43 AM PST by freedomfiter2 (Brutal acts of commission and yawning acts of omission both strengthen the hand of the devil.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Olog-hai

Temporarily postpone
Head in noose and standing on tip toes,how long can it last?.


21 posted on 12/27/2012 3:32:41 AM PST by Vaduz
[ Post Reply | Private Reply | To 1 | View Replies]

To: Olog-hai
I am quite sure the checks will keep on a rollin' for Obama's worshipers.


22 posted on 12/27/2012 4:35:07 AM PST by SkyPilot
[ Post Reply | Private Reply | To 1 | View Replies]

To: Olog-hai

congrats obama....................YOU OWN IT!


23 posted on 12/27/2012 4:35:11 AM PST by V_TWIN (obama=where there's smoke, there's mirrors)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Olog-hai

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.

Republican Congress


24 posted on 12/27/2012 4:42:18 AM PST by Steven Tyler
[ Post Reply | Private Reply | To 1 | View Replies]

To: Olog-hai

Spreading the wealth isnot a legal entitlement


25 posted on 12/27/2012 4:43:49 AM PST by Steven Tyler
[ Post Reply | Private Reply | To 1 | View Replies]

To: freedomfiter2

Sell Federal lands. Roll back regulations


26 posted on 12/27/2012 4:46:53 AM PST by Steven Tyler
[ Post Reply | Private Reply | To 20 | View Replies]

To: Steven Tyler

No it isn’t. It’s thinly disguised reparations and supporter payola.


27 posted on 12/27/2012 5:11:20 AM PST by SueRae (It isn't over. In God We Trust.)
[ Post Reply | Private Reply | To 25 | View Replies]

To: Steven Tyler

NO MORE CREDIT EXTENSIONS, BOEHNER. Defund the entire Department of Education and send the schools back to the states, and respectively, to the people.


28 posted on 12/27/2012 5:15:04 AM PST by ez (When you're a hammer, everything looks like a nail.)
[ Post Reply | Private Reply | To 26 | View Replies]

To: Olog-hai

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!


29 posted on 12/27/2012 5:55:58 AM PST by FlyingEagle
[ Post Reply | Private Reply | To 1 | View Replies]

To: FlyingEagle

“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.


30 posted on 12/27/2012 6:21:05 AM PST by Texas resident (Enilgat)
[ Post Reply | Private Reply | To 29 | View Replies]

To: Olog-hai

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.”


31 posted on 12/27/2012 7:39:55 AM PST by DannyTN
[ Post Reply | Private Reply | To 1 | View Replies]

To: Isabel C.

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!


32 posted on 12/27/2012 11:35:44 AM PST by dead (I've got my eye out for Mullah Omar.)
[ Post Reply | Private Reply | To 14 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson