"We're broke?"
Posted on 07/29/2015 2:40:13 PM PDT by Olog-hai
Treasury Secretary Jacob Lew told Congress on Wednesday that he will extend for another three months the authority he is using to take emergency measures to keep from breaching the nation’s borrowing limit.
In a letter to congressional leaders, Lew said he will extend the current debt-suspension period, which was set to expire Friday, through Oct. 30. He said he believes the emergency measures he is using may be sufficient to keep the government operating for a brief period after Oct. 30.
Since March 16, Lew has been employing a variety of bookkeeping maneuvers such as removing investments from government pension funds to keep from breaching the current debt limit of $18.113 trillion. …
(Excerpt) Read more at hosted.ap.org ...
As long as we have central bank that can print money, monetize debt, suppress interest rates, bail out banks - we never have to worry about the Federal Government running out of money for all its social-engineering schemes.
Extending his own authority.....
“...such as removing investments from government pension funds to keep from breaching the current debt limit of $18.113 trillion.”
I don’t know much about this kind of thing, but this sounds a lot like fraud.
Since March 16, Lew has been employing a variety of bookkeeping maneuvers such as ................... fill in the blank
Remember in past debt ceiling stories, the liberal view was that Obama can personally spend past the debt limit due to the 14th amendment????,,, there is some clause in that amendment to the effect that the debt of the nation shall be paid, or some such language?
I was wondering how much longer the Nat’l debt clock was going to be stuck at 18.3 Trillion dollars.
Even though the Fed’s been printing $65,000,000,000 each month for QE purposes, the debt clock’s read the same for 3+ months if I recall correctly.
What a self delusional sad sham we’ve permitted to happen.
Good thing our bubble economy is going to expand forever.
The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned. But neither the United States nor any State shall assume or pay any debt or obligation incurred in aid of insurrection or rebellion against the United States, or any claim for the loss or emancipation of any slave; but all such debts, obligations and claims shall be held illegal and void.Nothing in there about increasing the level to the stratosphere. Of course, President “Unpatriotic” (to raise the national debt) ought to have the clause concerning his “aid(ing) of insurrection or rebellion against the United States” thrown in his face.
"We're broke?"
Why bother to tell congress? What are they going to do? They don’t want to deal with the debt and don’t want this hot potato in their laps. Congress has no interest whatsoever in addressing any of the nation’s problems. It is planning for far more important things such as its upcoming summer recess. See you in September. LOL
Didn’t notice earlier that the title is written in ebonics. Good one, AP.
Our politicians are destroying the future of our children. The debt is going sweep over them like a tidal wave.
He be extending. lol
"We broke?"
That’s OK. The Orange Man and Yertle will give Lew all the debt limit he needs whenever Baraq tells them to.
Or, “We be broke?”
e.g. Jun’ell: Don’t be gettin’ all hahd and goin’ to da shoulders wit da boy, no suh, you ain’t sellin’ Beaver no woof-ticket tonite, Da’Ward.
“I don’t know much about this kind of thing, but this sounds a lot like fraud.”
****
No different than the Social Security lockbox scam that consists of an IOU from Uncle Sam to Uncle Sam for funds looted and spent.
It
Down
If he’s borrowing the money from FERS, I believe that’s government money set aside to pay FERS pensions. If he’s plundering TSP accounts, however, that’s outright theft. TSP is not the government’s money. It’s employee pay.
Don't be deceived they are destroying the future of all Americans.
This borrowing thing does not put off the pain to some future date the monetizing of the debt is a tax on anyone holding US dollars or instruments valued in dollars or that must be payed in dollars if you prefer.
It is the same thing as a company issuing new stock it devalues the existing stock.
You can not Quantitatively Ease the currency with devaluing the currency.
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