Skip to comments.US Treasury to take steps to avoid borrowing limit
Posted on 12/27/2012 11:40:31 PM PST by Olog-hai
The U.S. Treasury Department will begin taking steps on Friday to delay hitting the government's $16.4 trillion borrowing limit on Dec. 31.
Treasury Secretary Timothy Geithner said in a letter Wednesday to congressional leaders that the department will use accounting measures to save approximately $200 billion. That could keep the government from reaching the limit for about two months.
For now, Treasury will take several steps to delay reaching the limit. Geithner said it will stop selling Treasury securities used by state and local governments to support their own sales of tax-exempt bonds. That will keep the department from accumulating more debt.
And the department will stop investing in government retirement funds.
(Excerpt) Read more at bigstory.ap.org ...
That'll leave a mark.
Non essential unpaid furlough of gubmnt sloths until back on sound fiscal path would be a start. They can file for unemployment until their future prospects match a reduced revenue base.
535 current and former members of Congress get no pay, no retirement, no medical, no perks until the debt clock becomes a surplus clock (without raising taxes or fees). When the surplus clock ticks into positive territory, current taxes are reduced drastically.
Eliminate the FED. The progressive ping-pong plunder game between the FED & Treasury is eliminated.
--That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness.
No one , who is elected ever retires and draws money from the gubmint.
No health care, oh, and lay off all the secret service.
Now, there are some great steps.
They are just going to cook the books for a couple of months.
Might as well stop worrying about it. 53% of Americans voted for this and there is nothing we can do about it for 4 years. Especially when we have a Congress that goes along with it.
Might as well stop worrying about it. 53% of Americans voted for this and there is nothing we can do about it for 4 years.
No way in hell will this fast evolving situation go 4 years without a rumble. Elections, forget it.