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Old 09-16-2009, 07:43 AM
 
12,869 posts, read 14,025,394 times
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the treasury is planning on winding down some of its programs as it nears the debt ceiling. as i posted earlier, from the treasury website, US debt is close to hitting its authorized limit of 12.1 trillion dollars.

AP story:
WASHINGTON – The Treasury Department said Wednesday it will begin winding down one of the emergency programs created at the height of the financial crisis to give the government more time before it hits the national debt limit.
Treasury said in a statement that it planned to trim the size of its Supplementary Account to $15 billion. The program is currently running around $200 billion, down from a maximum of $560 billion that it reached last year.
By reducing the size of the program implemented to help fund financial rescue efforts, Treasury will buy about six weeks of maneuvering room before it hits the current debt limit of $12.1 trillion.

Last edited by floridasandy; 09-16-2009 at 08:10 AM..
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Old 09-16-2009, 10:10 AM
 
Location: Castle Hills
1,136 posts, read 2,468,596 times
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Yeah, its pretty freaking terrible. Sounds like a perfect time for healthcare reform...what do you say? Lets give healthcare to 50 million people who don't currently have it for free. It won't cost us much at all.
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Old 09-16-2009, 10:30 AM
 
823 posts, read 2,087,071 times
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Quote:
Originally Posted by ufcrules1 View Post
Yeah, its pretty freaking terrible. Sounds like a perfect time for healthcare reform...what do you say? Lets give healthcare to 50 million people who don't currently have it for free. It won't cost us much at all.
That is a great idea! Someone should propose that since none of the various health care proposals include anything close to "give healthcare to 50 million people who don't currently have it for free."

As for the debt ceiling, it is not terrible. Raising the debt ceiling happens with regularity.

http://www.whitehouse.gov/omb/budget/fy2010/assets/hist07z3.xls (broken link)
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Old 09-16-2009, 12:04 PM
 
Location: San Diego California
6,797 posts, read 6,809,820 times
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Quote:
Originally Posted by PeteyNice View Post
That is a great idea! Someone should propose that since none of the various health care proposals include anything close to "give healthcare to 50 million people who don't currently have it for free."

As for the debt ceiling, it is not terrible. Raising the debt ceiling happens with regularity.

http://www.whitehouse.gov/omb/budget/fy2010/assets/hist07z3.xls (broken link)
If indebting future generations to the degree that it will substantially lower their standard of living is not terrible, what is?
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Old 09-16-2009, 02:49 PM
 
Location: Business ethics is an oxymoron.
2,285 posts, read 2,805,757 times
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Quote:
Originally Posted by jimhcom View Post
If indebting future generations to the degree that it will substantially lower their standard of living is not terrible, what is?
Who cares? That's THEIR problem. As long as the HERE AND NOW gets taken care of, why worry?

Signed,
Baby Boomer Generation
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Old 09-16-2009, 03:47 PM
 
Location: Castle Hills
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Originally Posted by Des-Lab View Post
Who cares? That's THEIR problem. As long as the HERE AND NOW gets taken care of, why worry?

Signed,
Baby Boomer Generation
lol.. that was beautiful. Bravo!!
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Old 09-16-2009, 05:56 PM
 
12,869 posts, read 14,025,394 times
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Quote:
Originally Posted by PeteyNice View Post
That is a great idea! Someone should propose that since none of the various health care proposals include anything close to "give healthcare to 50 million people who don't currently have it for free."

As for the debt ceiling, it is not terrible. Raising the debt ceiling happens with regularity.

http://www.whitehouse.gov/omb/budget/fy2010/assets/hist07z3.xls (broken link)
i would like to read your link but can't get it to open. i don't think that we have ever had a 12.1 trillion dollar debt ceiling before though......

1 million seconds (of time) equals 11 days
1 billion seconds (of time) equals 33 years
1 trillion seconds (of time) equals 33,000 years
1 quadrillion seconds (of time) equals 33,000,000 years (approx)

Last edited by floridasandy; 09-16-2009 at 06:09 PM..
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Old 09-16-2009, 07:44 PM
 
Location: Warwick, RI
4,075 posts, read 4,868,787 times
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Quote:
US debt is close to hitting its authorized limit of 12.1 trillion dollars.
They key word there is AUTHORIZED. Don't worry, congress will up their own limit soon enough I'm sure.
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Old 09-16-2009, 08:23 PM
 
12,869 posts, read 14,025,394 times
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here are some of the other options:

CIVIL SERVICE RETIREMENT AND DISABILITY FUND

As it has in the past, the Treasury could suspend payments to the Civil Service Retirement and Disability Funds, another government employee pension fund. For the first 11 months of the fiscal year, the government has contributed an average of $5.63 billion to this fund every month.

EXCHANGE STABILIZATION FUND

The Treasury could dip into this seldom-used pool of money earmarked to stabilize currency rates. For the past year, the Treasury has pledged $50 billion from this fund to guarantee money market mutual funds, but that program is due to expire on Sept. 18.

GOVERNMENT SECURITIES INVESTMENT FUND

To free up cash, Treasury can stop investing in a federal employee pension fund known as the G-fund. Normally, the G-Fund is reinvested daily in government securities. But the Treasury has statutory authority to retain a portion of the fund daily, as long as it provides proper notification and reimbursement for any lost earnings from the move.
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Old 09-18-2009, 07:09 AM
 
Location: Backwoods of Maine
7,355 posts, read 9,443,405 times
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Quote:
Originally Posted by floridasandy View Post
here are some of the other options:

CIVIL SERVICE RETIREMENT AND DISABILITY FUND

EXCHANGE STABILIZATION FUND

GOVERNMENT SECURITIES INVESTMENT FUND
Naw, they need to do anything as drastic as all that! You forgot the next option:

THE FED CAN PRINT!
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