Skip to comments.US to get approximately $17.2T debt limit Friday
Posted on 02/07/2014 11:13:26 AM PST by mdittmar
The U.S. government is getting a new borrowing cap Friday, almost four months after Washington defused October's government shutdown and debt crisis.
The new cap on borrowing is expected to be about $17.2 trillion. It means Treasury Secretary Jacob Lew will have to employ bookkeeping maneuvers to keep the government functioning until Congress further raises the borrowing limit.
Lew warns he has less maneuvering room now than he had last year, when such "extraordinary measures" bought five months of time for the government to keep borrowing while at the previous $16.7 trillion debt ceiling.
Lawmakers temporarily suspended the borrowing limit last October in the agreement to end the shutdown. It will be reset at the total amount of debt at close of business on Friday.
(Excerpt) Read more at abcnews.go.com ...
why set it at anything
We must do more!!! /s
Impeach Obama in 2014, PERIOD.
“I went to buy a new Missile Defense System and my Visa Card got declined...”
Let’s just set the new borrowing cap at 100 Trillion Dollars this time,it’s not like it’s real money anyway.
Obama would reach that in a year or two
Obviously we have a paying for it problem.
Sounds illegal to me..
But what do I know?
You cannot say that enough!
It’s very real money. All that the Treasury borrows is paid back with interest.
The principal and interest paid back to bondholders comes from taxes.
When we pay taxes, that’s real money, because we had to work or invest to earn it.
That is why US citizens can be aptly labeled debt slaves.
Like a loan shark, the holders of government debt are getting a small cut of all economic production.
While financial elites do not purchase every government bond, they arrange for the floating of the bonds, i.e., arrange for investors around the world to buy the bonds.
Thus the financial elites that form the bond underwriting syndicate are a key leverage point of control over the government. And they’re using a good deal of other people’s money (investors) to implement their control scheme.
1 Trillion Dollars could never be paid back,let alone 17.2 Trillion Dollars
Why even bother with a debt limit if it is always raised?
They are the five words that will do the most to create jobs, Jobs, JOBS!
Assuming that 2014 can be said as one word, of course.
Lemme try: twothousandfourteen.
Yup, one word!
They lie about that number also... it was 17 Trillion before the raised the debt ceiling TWICE. One thing is certain... THE GOVERNMENT NEVER TELLS THE TRUTH.
I thought Bernacke might have severed the printer cable on the way out of the office, but clearly not so.
I was thinking the same thing. Why screw around with a trillion or so at a time when there are bigger numbers to play with? What’s the point of having a fantasy government with limits?
Make raising the debt ceiling a weekly activity. Don’t worry. It’ll be fun! There’s no risk in the U.S. Dollar!
Paying back 1 trillion dollars at 1 million dollars per day takes one million payments,one million days. Dividing by 365 we get 2,739 years and 265 days.
The high interest on the refund loans is charged by the day until the refund is rec’d. which is currently within 21 days. Sounds like the banks would come out winners if they still give out the loans and can charge for each day the refund is delayed. Unless Elizabeth Warren comes to the rescue.