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US to get approximately $17.2T debt limit Friday
ABC News ^ | February 7, 2014 | ANDREW TAYLOR Associated Press

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 ...


TOPICS: Constitution/Conservatism; News/Current Events
KEYWORDS: ceiling; debt; obamanomics; spending
Let's just set the new borrowing cap at 100 Trillion Dollars this time,it's not like it's real money anyway.
1 posted on 02/07/2014 11:13:26 AM PST by mdittmar
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To: mdittmar

why set it at anything


2 posted on 02/07/2014 11:15:27 AM PST by bigheadfred
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To: mdittmar

We must do more!!! /s


3 posted on 02/07/2014 11:15:52 AM PST by exit82 ("The Taliban is on the inside of the building" E. Nordstrom 10-10-12)
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To: mdittmar

Impeach Obama in 2014, PERIOD.


4 posted on 02/07/2014 11:21:00 AM PST by Graewoulf (Democrats' Obamacare Socialist Health Insur. Tax violates U.S. Constitution AND Anti-Trust Law.)
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To: mdittmar

“I went to buy a new Missile Defense System and my Visa Card got declined...”


5 posted on 02/07/2014 11:25:25 AM PST by Buckeye McFrog
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To: mdittmar

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


6 posted on 02/07/2014 11:27:25 AM PST by molson209 (Hillary Clinton)
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To: mdittmar

Obviously we have a paying for it problem.


7 posted on 02/07/2014 11:29:01 AM PST by Organic Panic
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To: mdittmar
There was a story on yahoo that Lew might order the IRS not to release any tax refunds until the debt ceiling is raised. If that's not a blatant attempt to get the Obama voter riled up and mad at Republicans I don't know what is, you see the dirty secret is that because of the Earned Income Tax Credit, many low income people get back FAR more in tax refunds than they actually pay in (sometimes to the tune of $5,000 or more). In reality the Earned Income Tax credit is the biggest welfare transfer in the nation. Well these same people have come to expect said payout by the middle of February every year and will even go take out and make purchases on credit or take out short term, high-interest loans (Refund Anticipation Loans) expecting to pay them back by a set date. If the spigot is cut off....the excrement is going to hit the air circulation device quickly...
8 posted on 02/07/2014 11:31:43 AM PST by apillar
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To: mdittmar

Bookkeeping maneuvers..

Sounds illegal to me..

But what do I know?


9 posted on 02/07/2014 11:32:03 AM PST by NormsRevenge (Semper Fi)
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To: Graewoulf; All

You cannot say that enough!


10 posted on 02/07/2014 11:38:46 AM PST by Jane Long (While Marxists continue the fundamental transformation of the USA, progressive RINOs assist!)
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To: molson209

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.


11 posted on 02/07/2014 11:39:53 AM PST by PieterCasparzen (We have to fix things ourselves)
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To: PieterCasparzen
"It’s very real money",no it's not.

1 Trillion Dollars could never be paid back,let alone 17.2 Trillion Dollars

12 posted on 02/07/2014 11:43:33 AM PST by mdittmar
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To: mdittmar

Why even bother with a debt limit if it is always raised?


13 posted on 02/07/2014 11:47:02 AM PST by BillT (If you can not stand behind our military, you might as well stand in front of them!)
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To: Jane Long

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!


14 posted on 02/07/2014 11:51:17 AM PST by Graewoulf (Democrats' Obamacare Socialist Health Insur. Tax violates U.S. Constitution AND Anti-Trust Law.)
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To: mdittmar

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.


15 posted on 02/07/2014 11:53:12 AM PST by LibLieSlayer (FROM MY COLD, DEAD HANDS! BETTER DEAD THAN RED!)
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To: mdittmar

I thought Bernacke might have severed the printer cable on the way out of the office, but clearly not so.


16 posted on 02/07/2014 11:54:16 AM PST by Zuben Elgenubi (NOPe to GOPe)
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To: mdittmar

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?


17 posted on 02/07/2014 12:01:26 PM PST by pallis
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To: mdittmar

Make raising the debt ceiling a weekly activity. Don’t worry. It’ll be fun! There’s no risk in the U.S. Dollar!

;-D


18 posted on 02/07/2014 12:06:00 PM PST by familyop (We Baby Boomers are croaking in an avalanche of corruption smelled around the planet.)
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To: Zuben Elgenubi; All

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.


19 posted on 02/07/2014 12:06:38 PM PST by mdittmar
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To: apillar

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.


20 posted on 02/07/2014 12:28:15 PM PST by Rusty0604
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To: mdittmar

It’s a madhouse! A madhouse....


21 posted on 02/07/2014 1:36:08 PM PST by Buffalo Bob
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To: mdittmar

That’s how the loan shark keeps his victims paying. He makes sure he keeps the amount owed and interest rate high enough so his victim is stuck paying him weekly after every paycheck. Forever.

If he lent only a small amount at a reasonable rate, the victim could pay off the loan.

Our highjacked government, on the other hand, as a sovereign nation, can create any amount of its own money.

So the loansharks in our government’s case, international banking, need to keep the government from doing that. If the government starts creating its own money - it will not need to borrow any of its own money from anyone.

Thus we have the scare tactic about fiat paper money being “worthless”.

Also - we see the enormous and constant pressure by financial elites to keep the government spending far beyond its tax revenues. This is to ensure that the government has a need to borrow. That’s the real reason there is constant pressure from the elites minions to have a “nanny state” and, on the conservative side, to have constant and enormous national security challenges.

It’s just the elites dreaming up things to spend government money on. As long as the government spending is shooting up, the financial elites are firmly in control of all branches of government.


22 posted on 02/07/2014 1:46:30 PM PST by PieterCasparzen (We have to fix things ourselves)
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To: mdittmar

There’s actually more REALITY to the Roadrunner-Wylie E. Coyote cartoons than there is to these clowns in Washington running their scam on the American tax payers


23 posted on 02/07/2014 9:26:12 PM PST by VideoDoctor
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