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, what a liar !
right here in the Bureau of Public Debt’s own “Strategic Plan” (page 9) they claim to be ready to operate even after “terrorism, cyber attacks, natural disasters or pandemic illnesses”.
and now they claim they can’t guarantee debt payment prioritization even with 2 weeks notice... LIE !
Jerk Loo, thanks for the warning. We certainly can’t afford to put limits on the imperial government’s spending binge!
Think for a moment. They don’t send out the SS checks. What happens to the banks when that huge amount of money doesn’t get deposited? I don’t think the “bankers” will allow this.
Start drawing up the Articles of Impeachment, now.
Since Moody’s has declared that “default” would be an illegal CHOICE made by Lew, IMPEACHMENT is the proper Constitutional remedy for the “high crime” Lew has threatened.
Sponsoring FReepers are contributing
$10 Each time a New Monthly Donor signs up!
Get more bang for your FR buck!
Click Here To Sign Up Now!
Time for a RICO case to be brought against Lew, DOI and the NPS. Extorting the citizenry for funding.