Tim Geithner: U.S. to hit debt ceiling on Monday

[ScienceRocks]

Tim Geithner: U.S. to hit debt ceiling on Monday
CNN Money ^ | 12/26/2012 | Jeanne Sahadi

Government borrowing will hit the debt ceiling on Monday, Treasury Secretary Tim Geithner said in a letter to Congress Wednesday.

As a result, the Treasury Department will soon start using what it calls "extraordinary measures" to prevent government borrowing from exceeding the legal limit.

Such measures include suspending the reinvestment of federal workers' retirement account contributions in short-term government bonds.

On Monday, debt subject to the limit was just $95 billion below the $16.394 trillion debt ceiling. All told, the extraordinary measures can create about $200 billion of headroom under the limit -- normally about two months worth of borrowing.

But it's unclear how much time the extraordinary measures can buy now because there are so many unanswered questions about tax and spending policies, Geithner said, referring to the lack of any resolution of the fiscal cliff.

"If left unresolved, the expiring tax provisions and automatic spending cuts, as well as the attendant delays in filing of tax returns, would have the effect of adding some additional time to the duration of the extraordinary measures," he wrote.

After the extraordinary measures run out, Treasury won't be able to pay all the country's bills in full and on time. At that point, the United States will run the very real risk that it could default on some of its obligations.

Geithner: U.S. to hit debt ceiling on Monday - Dec. 26, 2012

 

[ScienceRocks]

Maybe they should stop giving away food stamps and free passes?

 

[Clementine]

Maybe they should stop giving away food stamps and free passes?

They will go after military members, both active and retired, before they will discourage more illegals coming in to get their freebies. Ads continue to run in Mexico informing people of the giveaways that await them in the states.

People are chatting away on their free phones and spending food stamp money on tattoos and gambling, but the first cuts will be to those who earned their way. This administration could care less if military retirees can survive without their hard-earned, yet measley pensions. Active military might have to figure out how to survive for a few months with no pay. They might even threaten the elderly that they won't get their social security checks again.

But, never do government dependents worry about whether they will receive less fun money or be forced to make do without free phones. We keep hearing about all these new jobs, so if they are real, time to kick some able-bodied butts and direct them to the nearest employment office.

Obama could have saved money by skipping his vacation. Michelle Obama doesn't need so damn many assistants. Yea, they could make cuts if they really cared about this country's plight, but instead they continue to spend as fast as they can.

 

[francoHFW]

Try paying the bills you've already passed, and stop ruining the recovery. What a bunch of braindead, brainwashed twits...

 

[C_Clayton_Jones]

Tim Geithner: U.S. to hit debt ceiling on Monday

Great.

Another opportunity for the TPM nitwits to get our credit rating downgraded again.

 

[Politico]

Cool.

 

[ScienceRocks]

Obama has added 48% more food stamps since being in office
6 trillion dollars in debt

Yet, we're the idiots? LOL He has spent very little of this on useful infraustructure or to keep our tech edge.

Where has it gone? Besides on free shit.

 

[Plasmaball]

Maybe they should stop giving away food stamps and free passes?

thats not the problem you simpleminded moron.

 

[waltky]

Granny say...

... "Looks like Dec. 21st gonna be a few days late."

 

[RoadVirus]

Government borrowing will hit the debt ceiling on Monday, Treasury Secretary Tim Geithner said in a letter to Congress Wednesday.

That's what happens when you spend money you don't have, dumbass.

 

[Duped]

Something drastic has got to happen to quench our appetite for spending - better a good dose of pain now than constantly struggling with a financial malignantcy. Unfortunately no matter what happens we still have to pay back the money we wasted.
If Obama refuses to make meaningful cuts, than we need to use the debt ceiling as leverage - let the libs go ape shit.

 

[BreezeWood]

tax reform - cut Defense spending.

 

[SniperFire]

Tim Geithner: U.S. to hit debt ceiling on Monday

Great.

Another opportunity for the TPM nitwits to get our credit rating downgraded again.

Sounds like you are disappointed that the People's House of Representatives will indeed be taking charge of the public spending once again.


LOL

 

[Avatar4321]

Tim Geithner: U.S. to hit debt ceiling on Monday

Great.

Another opportunity for the TPM nitwits to get our credit rating downgraded again.

Yeah because it's the TP who hasnt been willing to cut spending and get our house in order.

 

[Mad Scientist]

tax reform - cut Defense spending.

Obama (and his handlers) want more US Military in Africa so THAT'S not gonna' happen.

 

[Missourian]

tax reform - cut Defense spending.

Tax reform, cut everything.

 

[Bill Angel]

If one of the consequences of sequestration was that Congressmen would stop being paid their salaries, you know that they would reach an agreement in time to avoid going over the "fiscal cliff".

 

[uscitizen]

We have never hit the borrowing ceiling before and the world will now end.

 

[Avatar4321]

We have never hit the borrowing ceiling before and the world will now end.

I doubt that. World ending will happen a bit later when no one expects it.