Skip to comments.Treasury’s Lew to warn lawmakers: No payments guaranteed if debt ceiling breached
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 ...
Jack Lew is holding a gun to our heads! /s
Boehner and Ryan will cave. Bet on it.
Seems the Beltway Libtards are out in force on the compost comments tonight.
... 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.
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.
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!"
I’m also convinced that the only way to stop amnesty is to keep the shutdown/DL going for as long as possible.
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.
Another govt punk that thinks he’s above the law and constitution.
An orange jumpsuit awaits you punk.
Sure, just raise it some more, what's the worst that could happen?
It is time.
That would send the correct message.
The Obots are LYING!!
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
Democrats to America: give us what we want or else!
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!!!
maybe be they have done a fantastic job since this began
” 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.
What about EBT cards? Can they guarantee payment on those? I can damn guarantee you that they will! After all, the administration has priorities.
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.