US will hit debt limit in mid-Oct

[Nova78]

Treasury says US will hit debt limit in mid-Oct | Financial Headlines | Comcast

Treasury Secretary Jacob Lew has told Congress that the government will run out of money to pay its bills in mid-October unless lawmakers raise the country's borrowing limit, which is capped at $16.7 trillion.

Lew said in a letter to Speaker John Boehner released Monday that the government is running out of accounting maneuvers it has used to avoid hitting the borrowing limit. He pressed Congress to act so Treasury can keep paying the government's bills.

Lew said it's impossible for Treasury to predict exactly when borrowing limit will be reached. But he warns that if action isn't taken soon, the government could be left with $50 billion in cash by mid-October. He says that wouldn't be enough to cover Social Security payments, military personnel salaries, Medicare and other programs for an "extended period."

The government is spending more than it takes in, running up annual deficits in excess of $1 trillion in each of the past four budget years. It has been borrowing the difference to meet its obligations.

That good old Obama just keeps on breaking records , record debt , but no problem pissing away a few hundred million on vacations......

 

[Moonglow]

No more debt increases!

 

[dilloduck]

hmmmmm I wonder what will happen this time....

 

[Darkwind]

Well, time to tell the old people that the money they socked away with the government isn't there unless the government can borrow more of it.

IT never occurs to anyone that if you are running out of money, you cut spending on non essential things....Like Congress, Departments of Education, foreign aid to our enemies, and the other 1 trillion dollars in discretionary spending.

 

[The T]

Well, time to tell the old people that the money they socked away with the government isn't there unless the government can borrow more of it.

IT never occurs to anyone that if you are running out of money, you cut spending on non essential things....Like Congress, Departments of Education, foreign aid to our enemies, and the other 1 trillion dollars in discretionary spending.

That's WHY I yanked every BIT of it...took the TAX HIT to get it out of their clutches, and put it elsewhere.

 

[The T]

Treasury says US will hit debt limit in mid-Oct | Financial Headlines | Comcast

Treasury Secretary Jacob Lew has told Congress that the government will run out of money to pay its bills in mid-October unless lawmakers raise the country's borrowing limit, which is capped at $16.7 trillion.

Lew said in a letter to Speaker John Boehner released Monday that the government is running out of accounting maneuvers it has used to avoid hitting the borrowing limit. He pressed Congress to act so Treasury can keep paying the government's bills.

Lew said it's impossible for Treasury to predict exactly when borrowing limit will be reached. But he warns that if action isn't taken soon, the government could be left with $50 billion in cash by mid-October. He says that wouldn't be enough to cover Social Security payments, military personnel salaries, Medicare and other programs for an "extended period."

The government is spending more than it takes in, running up annual deficits in excess of $1 trillion in each of the past four budget years. It has been borrowing the difference to meet its obligations.

That good old Obama just keeps on breaking records , record debt , but no problem pissing away a few hundred million on vacations......

View attachment 27349 View attachment 27350 View attachment 27351

LET them hit it and fight over it...should make for a great political show.

FUCK THE FED.

 

[TheOldSchool]

If we start blowing people up our debts will magically disappear. Let's start with Syria...

Oh shit!!! Conspiracy???

 

[Duped]

Then I guess we need to be conservative!

 

[Nova78]

The Government needs to be rounded up put in an insane asylum . Amazing how the American tax payer is helpless to stop this endless insanity .

 

[The T]

Then I guess we need to be conservative!

The ONLY way. Constitution TELLS Congress what to do...it as usual is ignored.

 

[The2ndAmendment]

Eventually, private and public investors will stop buying treasury bonds when the interest can no longer be repaid ---

then what?

US DOLLAR HYPERINFLATION AND FEMA/DHS CRACKDOWN ON THE RIOTS AND LOTS OF GOVERNMENT + CRIMINAL/THUG/GANG + PATRIOT WARS!

Get dat ammo, even the DHS is purchasing billions of rounds, why aren't you?

 

[The T]

Well, time to tell the old people that the money they socked away with the government isn't there unless the government can borrow more of it.

IT never occurs to anyone that if you are running out of money, you cut spending on non essential things....Like Congress, Departments of Education, foreign aid to our enemies, and the other 1 trillion dollars in discretionary spending.

Borrow or print it in the ETHER...

 

[Darkwind]

Well, time to tell the old people that the money they socked away with the government isn't there unless the government can borrow more of it.

IT never occurs to anyone that if you are running out of money, you cut spending on non essential things....Like Congress, Departments of Education, foreign aid to our enemies, and the other 1 trillion dollars in discretionary spending.

Borrow or print it in the ETHER...

Open a file, add a few dozen zeros, and viola!

Money to burn!!!!

 

[The Rabbi]

Obama has already said he wont negotiate on the debt ceiling.
Time for the House to pass a budget that defunds all non essential functions of gov't and sends it to him. If he vetoes it, it's his problem.

 

[NightFox]

Obama has already said he wont negotiate on the debt ceiling.
Time for the House to pass a budget that defunds all non essential functions of gov't and sends it to him. If he vetoes it, it's his problem.

IMHO Highly unlikely, Republican politicians like to talk about principles but when it comes down to backing them up with action they're just a bunch of political cowards. They'll agree to raise the debt ceiling and fund all the egregious nonsense Washington engages in, at best they'll make a show of it and get some miniscule "cuts" on future spending increases just like they did the last time.

 

[Little-Acorn]

Umm... we hit the debt limit last May.

The National Debt hasn't risen a penny since then.

You didn't notice?

 

[NightFox]

Umm... we hit the debt limit last May.

The National Debt hasn't risen a penny since then.

You didn't notice?

Actually it has risen, it's just that faux accounting that the federal government relies on doesn't require them to report the deficit impact of raiding pension funds on an annualized basis.

Smoke & mirrors accounting, the kind that would land any accountant in the private sector in prison.

 

[Little-Acorn]

Umm... we hit the debt limit last May.

The National Debt hasn't risen a penny since then.

You didn't notice?

Actually it has risen, it's just that faux accounting that the federal government relies on doesn't require them to report the deficit impact of raiding pension funds on an annualized basis.

Smoke & mirrors accounting, the kind that would land any accountant in the private sector in prison.

(BTW, I just updated that graph.)

True. They've been draining various Federal retirement accounts ever since sequestration hit in April. What they haven't done, is reduce spending. Not even a little bit.

Oddest thing about it is that the media hasn't said a word.

It's actually the biggest scandal since Teapot Dome, other than the fact that nobody has died so there are no sobbing mothers the press can put on the 7:00 news.

When they say "We'll run out of money in October" or whenever the latest prediction is, they actually mean we'll run out of accounts we can illegally steal from.

They figure that when the TEA Party Republicans cave, they can borrow a $trillion overnight (might be closer to $2 trillion by October), pay back all those accounts, and no one will be the wiser.

Just one thing: What if the TEA Party Republicans don't cave?

 

[NightFox]

Umm... we hit the debt limit last May.

The National Debt hasn't risen a penny since then.

You didn't notice?

Actually it has risen, it's just that faux accounting that the federal government relies on doesn't require them to report the deficit impact of raiding pension funds on an annualized basis.

Smoke & mirrors accounting, the kind that would land any accountant in the private sector in prison.

(BTW, I just updated that graph.)

True. They've been draining various Federal retirement accounts ever since sequestration hit in April. What they haven't done, is reduce spending. Not even a little bit.

Oddest thing about it is that the media hasn't said a word.

It's actually the biggest scandal since Teapot Dome, other than the fact that nobody has died so there are no sobbing mothers the press can put on the 7:00 news.

When they say "We'll run out of money in October" or whenever the latest prediction is, they actually mean we'll run out of accounts we can illegally steal from.

They figure that when the TEA Party Republicans cave, they can borrow a $trillion overnight (might be closer to $2 trillion by October), pay back all those accounts, and no one will be the wiser.

Just one thing: What if the TEA Party Republicans don't cave?

Try the raw treasury numbers on for size --> U.S. National Debt Clock : Real Time

As you can see we're already over the debt ceiling limit and the actual deficit (spending vs. revenue) is already WAY over what the CBO is projecting for the entirety of FY 2013.

What the liars in charge hope is that they can use smoke & mirrors accounting to spread out the actual deficit impact over future years so (as you pointed out) the general public will be none the wiser and won't be able to make the connection back to their criminality in 2013. I don't which is more sickening, the dishonesty in Washington or the fact that so many partisan lackey's not only believe it but fall all over themselves to regurgitate the party line whenever possible.

 

[Little-Acorn]

Try the raw treasury numbers on for size --> U.S. National Debt Clock : Real Time

Thos aren't raw Treasury numbers. Actually, that's not even a government website. It's just a site sombody set up with a bunch of free-running counters, whose speed he adjusts every now and then, to roughly keep up with the debt etc.

The graph I made IS from Treasury numbers, as the URL indicates... but as I mentioned, they are full of lies.

The cap on the National Debt, means that they cannot borrow money above that limit... and we hit the limit last Spring.

Since they consider that THEY own all those retirement funds, they can take the money out without calling it "borrowing"... even though the plan is to pay them back.

How that is not "borrowing", they haven't explained.

But I just explained it: They are lying about what they are doing.

And as I mentioned, if any financial person in any company in America did this, even a little bit, they would be thrown into prison for fraud.

As they deserved.

Unless they are in government. Those, we re-elect.