Posted on 07/23/2011 1:12:07 PM PDT by Qbert
Geithner’s excuse, math is hard.
HuffPo — For months, markets have been girding themselves against the possibility that the U.S. will reach the limits of its borrowing ability on August 2 and default on its debts. But researchers at Barclays Capital think the real deadline may not be until a week later.In a note published Friday, the Barclays Interest Rates Research team wrote that “the date on which the Treasury will run out of cash to pay its obligations might not be August 2; it might be around August 10 instead.”
Why the change? The note explains that previous projections showed the Treasury running out of money on the morning of Wednesday, August 3. On that day, it was predicted, the Treasury would need to spend $32 billion, including $22 billion in Social Security payments — and it was only projected to have $30 billion at its disposal.
That projection was made on July 13. But since then, the researchers say, the Treasury has taken in about $14 billion more than expected, and paid out about $1 billion less than expected. Hence, the deadline date might actually be August 10, a week later than previously believed.
The August 2 deadline has never been set in stone. When Treasury Secretary Timothy Geithner announced in May that the federal debt limit had been reached, he said that the government could use “extraordinary measures” to extend borrowing authority until August 2 — and that this date could change “based on government receipts and other factors.”
The fearmongering idiot who cried wolf.....=.=
Fear - Great Leader’s fulcrum. Looks like the first of the month checks will go out in August. No inner-city riots after all.
Good thing it’s August 10. August 3 or 4, I kinda remember is the date of ‘evil’. Like someone unholy and stupid was born on those dates, someone so despicable and disgusting I forget his name...
Little Timmy is an architect of the 2008 meltdown for the benefit of the DemonRats. He helped force TARP on us.
He’s a little dickey man just like Tony Weiner. Another candidate for an Chicago Style ‘tune up’...
Still another despicable piece of Obozo crap bent on socializing the USA. He needs to disappear.
Bluff meet call.
We’re winning
Here’s a more important issue: When’s Geithner’s STFU date?
Just make it July 23 and be done with it.
Geithner’s a tax-cheating whore, and a dumb one at that.
Can we stop paying social security taxes if the gov doesn’t send SS checks to the elderly?
Who'd a thought something like that? /s
Tim Gietner should be fired. He is dis-honest and corrupt.
Somebody had better tell zero, he’s still saying SS checks
won’t go out in August.
“Can we stop paying social security taxes if the gov doesn’t send SS checks to the elderly?”
Good point.
this is no different than keeping congress in session until they got the votes for obamacre . they’ll just keep moving the date down the road until they get what they want
The fedgov will not run out of cash to pay its debt obligations..... if Obama chose to pay them.
What they are really saying is: We need more time for scaremongering. More time to move the polls.
So pay the 22 billion in SS checks and the debt interest first. Then go down the list of importance. Easily can do!
I swear they picked the Aug. 2nd date in large part because they didn’t want anything to interrupt his little birthday/fundraising party.
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