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Treasury’s Lew to warn lawmakers: No payments guaranteed if debt ceiling breached
Washington Post ^ | October 9, 2013 | By Zachary A. Goldfarb and Lori Montgomery

Posted on 10/09/2013 10:25:01 PM PDT by Brad from Tennessee

Treasury Secretary Jack Lew plans to warn lawmakers Thursday that he will be unable to guarantee payments to any group — whether Social Security recipients or U.S. bondholders — unless Congress approves an increase in the federal debt limit.

With Washington in gridlock and a key deadline in the debt-limit debate just one week off, Lew plans to tell a Senate panel that he would do all he can to minimize the pain of breaching the $16.7 trillion debt limit, according to Treasury officials briefed on the testimony. But Lew will also note that in an unprecedented situation in which he would be relying entirely on the erratic flow of incoming revenue, the economy would suffer and there would not even be certainty that the government could make all interest payments.

With anxiety growing about that outcome, Republicans in the House and the Senate were floating ideas Wednesday for raising the debt limit — if only for a short time — in hopes of forcing President Obama to the negotiating table. . .

(Excerpt) Read more at washingtonpost.com ...


TOPICS: Front Page News
KEYWORDS: hack
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The administration is leaking Lew's planned testimony to produce the maximum negative impact on the markets when they open this morning. This is a dangerous game because many can't differentiate between Obama Theater and genuine danger.
1 posted on 10/09/2013 10:25:01 PM PDT by Brad from Tennessee
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To: Brad from Tennessee

Jack Lew is holding a gun to our heads! /s


2 posted on 10/09/2013 10:28:23 PM PDT by mylife (Ted Cruz understands the law, and he does not fear the unlawful.)
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To: Brad from Tennessee

Boehner and Ryan will cave. Bet on it.


3 posted on 10/09/2013 10:29:26 PM PDT by montag813 (NO AMNESTY * ENFORCE THE LAW * http://StandWithArizona.com)
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To: Brad from Tennessee

Seems the Beltway Libtards are out in force on the compost comments tonight.


4 posted on 10/09/2013 10:34:04 PM PDT by mylife (Ted Cruz understands the law, and he does not fear the unlawful.)
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To: Brad from Tennessee

... Lew plans to tell a Senate panel that he would do all he can to minimize the pain ....

Make sure Mr. Lew is under oath when he tells this lie.


5 posted on 10/09/2013 10:36:22 PM PDT by Oldeconomybuyer (The problem with socialism is that you eventually run out of other people's money.)
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To: Brad from Tennessee

A clear violation of the explicit provisions of the United States Constitution.

Impeach him immediately just for suggesting such a thing.

He’s a danger to the security and well-being of the people.


6 posted on 10/09/2013 10:36:40 PM PDT by EternalVigilance
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To: Brad from Tennessee
Cave now and maybe we'll negotiate.......later!

What a concept, even moderate GOP members would jump at the opportunity of a lifetime like this.

After hearing Sen. Johnson (R Wisconsin's split-tongued Senator) on Levin this evening, I'm really beginning to understand what an uphill messy brawl we're going to have, ridding the Party of such sell outs, who can only imagine themselves "making bipartisan agreements rather than refusing to cooperate!"

7 posted on 10/09/2013 10:36:43 PM PDT by zerosix (Native Sunflower)
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To: Brad from Tennessee
The thing to do is pass a one week DL increase with no CR. Keeping doing that to Obama caves.

I’m also convinced that the only way to stop amnesty is to keep the shutdown/DL going for as long as possible.

8 posted on 10/09/2013 10:38:13 PM PDT by Conservative Actuary
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To: Brad from Tennessee

Failure to make the debt payments even though there is far more than enough to do so should be an impeachable offense even for the most craven Democrats. I think they will enjoy threatening it, but would never do it. Obama will want to, but his people will tell him no.


9 posted on 10/09/2013 10:38:56 PM PDT by Defiant (GOPe Strategy: We have to fund Obamacare in order to see how bad it is. Good idea, guys!)
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To: EternalVigilance

Bump.


10 posted on 10/09/2013 10:46:32 PM PDT by Gene Eric (Don't be a statist!)
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To: Brad from Tennessee

Another govt punk that thinks he’s above the law and constitution.

An orange jumpsuit awaits you punk.


11 posted on 10/09/2013 10:50:19 PM PDT by Kevin in California
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To: Brad from Tennessee

Sure, just raise it some more, what's the worst that could happen?

12 posted on 10/09/2013 10:51:12 PM PDT by RC one
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To: Brad from Tennessee; All
Impeach Lew

It is time.

That would send the correct message.

The Obots are LYING!!

13 posted on 10/09/2013 11:00:12 PM PDT by Kansas58
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To: mylife

Its the same thing I always do when my credit card limit is reached:...Threaten the bank!..I say Look..I’ve faithfully paid the interest owed for years....Either up my credit limit or I ain’t paying you any interest ever again..../s


14 posted on 10/09/2013 11:05:09 PM PDT by M-cubed
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To: Brad from Tennessee

Democrats to America: give us what we want or else!


15 posted on 10/09/2013 11:05:46 PM PDT by Tzimisce (The American Revolution began when the British attempted to disarm the Colonists.)
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To: mylife

Jack Lew is holding a gun to our heads!

Really? The Senate confirmed him!! I will bet 44 Republicans voted for this Progressive!!! We get what we voted for!!!


16 posted on 10/09/2013 11:19:42 PM PDT by tallyhoe
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To: montag813

maybe be they have done a fantastic job since this began


17 posted on 10/09/2013 11:30:16 PM PDT by genghis
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To: tallyhoe

” We get what we voted for!!!”
_________________________________________
Yes, there is now only one party...The Republicrats, and all, but maybe a few of them, are filthy to the core.


18 posted on 10/09/2013 11:30:34 PM PDT by AlexW
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To: Brad from Tennessee

What about EBT cards? Can they guarantee payment on those? I can damn guarantee you that they will! After all, the administration has priorities.


19 posted on 10/09/2013 11:45:51 PM PDT by Cowboy Bob (They are called "Liberals" because the word "parasite" was already taken.)
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To: mylife

This “LEW” is full of crap! Time to flush him down the toilet of politics.

Come on Republicans. Grow a pair and attack this piece of leftist crap like bacteria in a cesspool would.

Challenge almost everything he says. Make him prove what he claims, and cut off Treasury funding when you can.


20 posted on 10/09/2013 11:53:30 PM PDT by MadMax, the Grinning Reaper
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