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Treasury's Lew warns that U.S. default could happen quickly
Yahoo Finance ^

Posted on 02/03/2014 6:54:09 AM PST by Red in Blue PA

WASHINGTON (Reuters) - The Obama administration warned on Monday it could start defaulting on the government's obligations "very soon" after hitting a limit on the national debt later this month.

Treasury Secretary Jack Lew said the federal government should hit the ceiling by the end of February unless Washington raises the nation's limit on public borrowing.

The federal government would then burn through its remaining cash more quickly that it would at other times of the year because the Treasury will be issuing tax refund checks, Lew said.

"Without borrowing authority, at some point very soon, it would not be possible to meet all of the obligations of the federal government," Lew said in prepared remarks at a Bipartisan Policy Center event.

(Excerpt) Read more at finance.yahoo.com ...


TOPICS: News/Current Events
KEYWORDS: chart; debtceiling; jacklew; usdefault
Your "borrowing authority" is what got us into this mess in the first place morons.
1 posted on 02/03/2014 6:54:09 AM PST by Red in Blue PA
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To: Red in Blue PA

Is he setting the stage to withhold tax refunds and blame Republicans?


2 posted on 02/03/2014 6:56:37 AM PST by Buckeye McFrog
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To: Buckeye McFrog; COUNTrecount; Nowhere Man; FightThePower!; C. Edmund Wright; jacob allen; ...
Is he setting the stage to withhold tax refunds and blame Republicans?

ding! ding ! ding! we have a winna!!!

Nut-job Conspiracy Theory Ping!

To get onto The Nut-job Conspiracy Theory Ping List you must threaten to report me to the Mods if I don't add you to the list...

3 posted on 02/03/2014 7:01:38 AM PST by null and void (<--- unwilling cattle-car passenger on the bullet train to serfdom)
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To: Buckeye McFrog

Bringing out the boogie man to scare Republicans.


4 posted on 02/03/2014 7:02:32 AM PST by meatloaf (Impeach Obama. That's my New Year's resolution.)
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To: Red in Blue PA

Let’er rip tater chip!


5 posted on 02/03/2014 7:03:26 AM PST by LibLieSlayer (FROM MY COLD, DEAD HANDS! BETTER DEAD THAN RED!)
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To: Red in Blue PA

You mean we are running out of other peoples money? How could this be?


6 posted on 02/03/2014 7:03:27 AM PST by unixfox (Abolish Slavery, Repeal the 16th Amendment)
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To: Red in Blue PA
About that refund money the feds will have trouble paying back....if I get a refund, it's money the federal government has been holding for me. I should be able to get it back as easily as I can withdraw money from a bank account. It would have been reasonable for the feds to be holding a percentage of taxes they collected in anticipation of refunds.

I should be collecting interest on that money if the feds are using it as a loan.

7 posted on 02/03/2014 7:07:10 AM PST by grania
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To: Red in Blue PA

The biggest De Fault in America is sitting in the White House.


8 posted on 02/03/2014 7:07:29 AM PST by ZULU (Magua is sitting in the Oval Office. Ted Cruz/Phil Robertson in 2016.)
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To: Red in Blue PA

Do you suppose that default is what the administration really seeks but cannot admit out loud?


9 posted on 02/03/2014 7:14:30 AM PST by Rapscallion (Had enough? Let me know.)
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To: Red in Blue PA

The Obama administration warned the sky is falling.
Cut spending has NEVER crossed his little mind idiots like him need to be locked up.


10 posted on 02/03/2014 7:15:05 AM PST by Vaduz
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To: Rapscallion

One thing for sure - they’ll warn their buddies to get all their wealth out of securities before they stop the music.


11 posted on 02/03/2014 7:18:38 AM PST by MrB (The difference between a Humanist and a Satanist - the latter admits whom he's working for)
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To: Red in Blue PA
We see this over and over and over again played out in the papers. We truly are turning into a Banana Republic.
12 posted on 02/03/2014 7:37:18 AM PST by Opinionated Blowhard ("When the people find they can vote themselves money, that will herald the end of the republic.")
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To: Buckeye McFrog

Sounds like a plan. Think how patriotic you’d feel donating a “little extra” to the regime...


13 posted on 02/03/2014 7:38:47 AM PST by nascarnation (I'm hiring Jack Palladino to investigate Baraq's golf scores.)
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To: Red in Blue PA

The crash is coming. That is obvious to anyone with above room temp IQ (and also explains why it is not obvious to the Obamdork, his White House Clown Crew, or the MSM.)

Since it is coming, better sooner than later.

After all, we’re well armed and prepared to defend against the rioting Obamafone owners.


14 posted on 02/03/2014 7:46:27 AM PST by Da Coyote
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To: Red in Blue PA
it would not be possible to meet all of the obligations of the federal government,

Is there a priority of the obligations? For example, keeping the Washington Monument open to the public is a lower priority than paying interest on the bonds.

15 posted on 02/03/2014 7:46:56 AM PST by glorgau
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To: Da Coyote
It is indeed coming....and soon:


16 posted on 02/03/2014 7:50:30 AM PST by Red in Blue PA (When Injustice becomes Law, Resistance Becomes Duty.-Thomas Jefferson)
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To: meatloaf

“Bringing out the boogie man to scare Republicans”

That won’t take much effort.


17 posted on 02/03/2014 7:55:28 AM PST by Georgia Girl 2 (The only purpose of a pistol is to fight your way back to the rifle you should never have dropped.)
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To: Georgia Girl 2

You’re right. A mean look would send the Republicans scurrying with their tails between their legs.


18 posted on 02/03/2014 7:57:08 AM PST by meatloaf (Impeach Obama. That's my New Year's resolution.)
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To: Red in Blue PA

Remember we woke up one morning and read in the paper that USSR was bankrupt. It does but it doesn’t happen over night........................

I worked with several farming operations through bankruptcy and nothing changed until the cashflow stopped. Until then, it was business as usual.


19 posted on 02/03/2014 7:58:12 AM PST by PeterPrinciple
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To: meatloaf

Bringing out the boogie man to scare Republicans.


that is true but the reality is if we make the tough decision now it will have BIG impact. It is too late for correction or solving the problem.

So, like many small businesses you put the decision off for someone else to make. That is human nature and you and I are no different. Very few of us will take our beating up front to get through it for better times...............................

So knowing history and human nature, the only way out is starting over. How many times in history did God say, “Lets start all over again.” Or in computer terms, it is time for a reboot.


20 posted on 02/03/2014 8:05:58 AM PST by PeterPrinciple
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To: Red in Blue PA
Unintended, I'm sure.

Cloward and Piven are the prophets we follow to utopia these days, not the profit margin.

We'll be arriving shortly. Please fasten your seat belts and place your seats and tray tables in their full upright and locked positions.

21 posted on 02/03/2014 8:08:22 AM PST by GBA (Here in the Matrix, life is but a dream.)
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To: Red in Blue PA

“Skip to my Lew my darlin’...”


22 posted on 02/03/2014 8:35:21 AM PST by TurboZamboni (Marx smelled bad and lived with his parents .)
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To: PeterPrinciple

You’re are 1000% correct. Given everything that’s going on globally, we’re not going to do anything but kick the can down the road hoping the future will automagically bail us out.


23 posted on 02/03/2014 8:39:45 AM PST by meatloaf (Impeach Obama. That's my New Year's resolution.)
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To: Red in Blue PA
"Default" is nonsense. There is enough money coming in to pay interest on bonds and to redeem maturing bonds. Cuts elsewhere will have to be made, though, to stay under the debt limit.

How about we stop paying poor people to stay poor, and we stop paying never-married women to have babies? That would save a lot of money.

24 posted on 02/03/2014 8:42:13 AM PST by JoeFromSidney (Book: Resistance to Tyranny. Buy from Amazon.)
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To: null and void

are we taking bets yet on O actually giving up the WH at the end of his term????


25 posted on 02/03/2014 9:08:18 AM PST by Nifster
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To: null and void

U.S. default could happen quickly




Support your Free Republic



26 posted on 02/03/2014 9:32:57 AM PST by Lady Jag (Tolerance and apathy are the last virtues of a dying society. - Aristotle)
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