Skip to comments.The New Debt Ceiling Deadline Is Going To Be Earlier Than We Thought
Posted on 01/23/2014 12:15:55 PM PST by Brown Deer
The U.S. is likely to exhaust its borrowing authority on the earlier side of what Treasury Secretary Jack Lew had estimated, he said in a letter to Congressional leaders on Wednesday.
Lew warned in the new letter that Congress will likely need to raise the debt ceiling by late February to avoid a potential default on the country's obligations.
As part of the bill to reopen the government in mid-October, the debt limit was suspended through Feb. 7. The Treasury can use so-called "extraordinary measures" after that point to keep borrowing and paying the nation's bills for a few weeks thereafter.
(Excerpt) Read more at businessinsider.com ...
Setting it up so Obama can bash away at the Pubbies during next week’s SOTU.
The liberals and Obama have already declared that raising the debt ceiling is just allowing us to pay the bills already incurred, and doesn’t lead to additional debt. Other liberals have said a president can ignore a debt ceiling per some twisted interpretation of the 14th amendment.
We’ll see what happens.
According to the White House’s Office of Management and Budget, during his eight fiscal years, Bush ran up a total of $3.283 trillion in deficit. When 0bama took office, the national debt stood at $10.626 trillion. It is now at $17.341 trillion in only 5 years.
That is more than $6.7 trillion additional debt that he ran up in only 5 years. That is more than double what it took Bush to do in 8 years. In fact, 0bama has already accumulated about as much debt as all prior presidents before Bush ran up during the entire history of our country!
Shut It Down.
I thought Recovery Summer was going to fix everything. /sarc
Ggggggrrrrreeeeaaaaattttt another opportunity for Boehner to piss his pants and cry while he snivels at the microphone with his pathetic quivering lip and the rest of us take up the six...next. Can we please just skip the drama and the buildup and have Boehner just bend over and grab his ankles...we’ve seen this all before and as long as he is “the leadership” we know damn good and well what we are going to get.
Pubbies never let an opportunity to cave go to waste.
Mitch McConnell on the senate floor will no doubt dourly and monotonedly read a long and boring statement of pretended concern on the subject!
after killing the sequester and raising spending how can the House refuse?
They’ve taken the blame for the debt onto themselves.
I just hope they don’t do away with the debt limit.
That’s what the establishment wants now.
Which one lays the biggest eggs????
To paraphrase Larry the Cable Guy: Shut ‘er down!
This is going to be an ongoing automatic thing. The GOP will always vote to raise the debt ceiling. Time to quit warrying about it. Just keep buying food.
Isn’t this the freebie limit increase they gave Obama? If the House won’t agree, he can unilaterally raise it using provisions of the last agreement?
Of course the debt ceiling will be reached sooner than we thought. OUR COUNTRY IS RUN BY A BUNCH OF IRRESPONSIBLE INFANT CHILDREN WHO CAN’T ADD, OR SAY ‘NO’.
What us the SOTU please.
That number seems low.
While the debt limit will be raised, there is still value in fighting raising the limit. If it continuously gets back into the news, people will eventualy recognize that they keep having to raise it and start to wonder why.
Picking up speed on the road to ruin.
“That number seems low.”
Well yeah but add a few trillion here and a few trillion there, now we are talking about some real debt — But in the end it is no different than pissing your pants in a blizzard, oh sure, you feel all warm at first, but then you realize that you just screwed yourself.
That’s about right.
According to the White Houses Office of Management and Budget, during his eight fiscal years, Bush ran up a total of $3.283 trillion in deficit. When 0bama took office, the national debt stood at $10.626 trillion. It is now at $17.341 trillion in only 5 years.
So Bush ran up the debt from $7.343 trillion to $10.626 trillion in his eight years. It is still a disgrace, but about the right amount.
Go ahead. Run up the debt faster, and do the Fed “tapering” thing at the same time. See what happens. Bond investors, this is going to be interesting.
The bottom line is you can't trust the R's and D's to control spending.
Senator Barry Soetoro 2006
Ooof! That’s great!
I do have to point out that nobody elected you.In your capacity as an adviser we shall take note of your request.However,it is the House that determines national spending, not the Senate,nor the Presidency nor the Treasury.
Each member is answerable to their constituents whose views are taken notice off especially in such a serious issue.
We shall address the situation during the current session at an appropriate time.Meanwhile please be aware that fiscal prudence must be observed until you hear further from the House.
John (got some) Boenher
Ah! dream on.
That's what I understood as well, which makes this topic moot. Lew's letter is to put political pressure on Boehner, so that Obama won't be forced to take political responsibility for the debt limit increase.
I thought the only way to prevent a Presidential increase would be for both Houses to overrule Obama. I can't find the language. Maybe I'm looking in the wrong statute.
Looking in my crystal ball I see a train heading for a broken bridge... and accelerating.
Banker-masters of new world order had their minion, Jack Lew, deliver their cue for the banking-captive Congress to keep adding to dollars owed by taxpayers to the banksters.
Of course, the government has no need to borrow dollars when it can create dollars.
By why spend a trillion into the economy and NOT OWE it to banksters when you can spend a trillion into the economy and OWE it to banksters ?
Agreed, Vince. There was value in the fight, last time, but the pubbies caved.
And, there is great value in this fight upcoming, as well. The pubbies, though, don’t have the stones, IMO, for the fight, and Boner will cave, yet again.
For me? Shut it down. The routine cash flows are more than adequate to fund the debt service, and most of the real and necessary functions of fedgov.
If we don’t continue to fight, people will think it is fixed. If the debt is a problem at 16 trilliion, it is a problem at 17, and a problem at 19. If we stop fighting at 19, then people will doubt it is a real problem or a manufactured crisis we made up.