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Did you folks know that we've already passed the legal limit ?
Little Timmy from the Treasury is using "extraordinary measures" to pay our bills.
Bernanke is probably now printing and giving him money directly.
So it's really a moot debate because we've passed the $16 trillion limit and the Treasury found some other way to get money (company secret I guess) to pay our bills.
Lawmakers dig in on debt ceiling debate – CNN Political Ticker - CNN.com Blogs
The country's borrowing has actually already passed its legal limit - currently $16.394 trillion. As a result, the Treasury can't borrow any more money in the markets, so it has begun to use "extraordinary measures" to ensure that the government can continue to pay all its bills in full and on time. But those measures can only buy about two months' grace.
the Treasury found some other way to get money (company secret I guess) to pay our bills.
It's not a company secret. The following is a summary of 'extraordinary measures' available to Treasury to extend its borrowing ability beyond the statutory debt ceiling.
1. Suspend the investments of the Thrift Savings Plan G Fund (otherwise rolled over [or reinvested] daily, such investments totaled $154 billion in Treasury securities as of October 31, 2012).
2. Suspend the investments of the Exchange Stabilization Fund (otherwise rolled over daily, such investments totaled $23 billion as of October 31, 2012).
3. Suspend the issuance of new securities to the Civil Service Retirement and Disability Fund and Postal Service Retiree Health Benefits Fund (totaling about $17 billion on December 31 and about $2 billion each subsequent month).
4. Redeem a limited amount of Civil Service Retirement and Disability Fund securities and Postal Service Retiree Health Benefits Fund securities (valued at about $6 billion per month) early.
5. Suspend the issuance of new State and Local Government Series (SLGS) securities and savings bonds (typically between $3 billion and $12 billion in SLGS securities and less than $1 billion in savings bonds are issued each month)
6. Replace Treasury securities subject to the debt limit with debt issued by the Federal Financing Bank,which is not subject to the limit (up to $8 billion)
As a conservative republican I once again call upon the Speaker of the House to allow President Obama to write a bill that is limited to, but fully encompassing of his complete spending and taxation plans for the next 4 years.
One shot. Nothing else to be added (like gun control or expanding the healthcare law or global warming etc)
Just one bill that fully fleshes out what the permanant tax rates should be, including Income, SS, Medicare/aid, death tax....everything. then fully fleshses out his spending budget.
Then Republicans step aside, vote "present" and allow the dems to pass that one bill.
Lets get this over with and move on. We will either see that Obama is right and all become democrats or see that he is a commie idiot and be done with the dems in 4 years.
As a conservative republican I once again call upon the Speaker of the House to allow President Obama to write a bill that is limited to, but fully encompassing of his complete spending and taxation plans for the next 4 years.
One shot. Nothing else to be added (like gun control or expanding the healthcare law or global warming etc)
Just one bill that fully fleshes out what the permanant tax rates should be, including Income, SS, Medicare/aid, death tax....everything. then fully fleshses out his spending budget.
Then Republicans step aside, vote "present" and allow the dems to pass that one bill.
Lets get this over with and move on. We will either see that Obama is right and all become democrats or see that he is a commie idiot and be done with the dems in 4 years.
I like this approach, but the democrats have mastered winning elections without governing. As you well know, they haven't proposed or passed a budget in three years. Obama gave a speech about a budget once, but the CBO head said they don't score speeches, and his fellow dems voted 97-0 not to bring it to a vote. At least his speech was more than Reid has proposed. They could tell you why Paul Ryan's budget would end life as we know it, but god forbid they put out a budget of their own.
Now we have Obama telling Boehner that the country doesn't have a spending problem:
It's just the way Obama likes it, waiting until the last minute, going from one freaking crisis after another, and running around like a chicken with his head cut off.
I'd be happy if we just started by forcing Sen. Harry Reid to pass a federal budget, and then force Obama to sign one. that would be a start toward some fiscal sanity.
The fight will start in earnest and will need a lot of people to exercise their voices in what needs to be done. First of all, make sure Congress allows for the payment of bills they rang up.
This would be that on steroids. Beware, house Pubs/teabaggers/irrational Obamaphobes. Next year is an election year for congress. The public isn't as dumb as you think we are.
Actually, considering how they continue to run this country into the ground I think "dumb" is an extreme understatement.
You lefties don't have a leg to stand on in this fight.
The republicans WILL shut the government down.
Don't worry bob.....you'll still get your food stamps!
You could be right. That may be the quickest way to purge the GOP of the Tnuts. Collapse the Party then rebuild with actual Conservatives. That may only take a decade or so to complete. Good idea!
You could be right. That may be the quickest way to purge the GOP of the Tnuts. Collapse the Party then rebuild with actual Conservatives. That may only take a decade or so to complete. Good idea!
You wouldn't know a conservative if you tripped over one.
Yep, Republicans have strapped on their suicide vests and have walked into Congress declaring they'll destroy the global economy unless everyone gives them what ever they want. They're once again declaring they'll force America to default on its national debt just because they can, they are irrational and deeply evil people. They had no problem voting to spend the money but now that the bill is due they suddenly are once again declaring they'll never ever pay it and instead just force the nation to default.
It should be pointed out that the nation's debt service costs have NEVER been lower, that we are now getting net negative real interest rates on 30 year T-bills so it literally is free money. Hell, just refinancing old high interest debt to new net negative real interest rate debt would save mountains of cash but the Republicans, as stupid and evil as always, continue to insist they'll burn every thing down unless we gut social security. No, there is no crisis but they're determined to make one just so they can grandstand. It looks like we're set for yet another Republican extremist shut down of the government as well as another "tea party credit downgrade" when they once again threaten default.
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