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.