Maxed Out: U.S. Reaches Borrowing Limit
by PubliusFrom the Associated Press:
Treasury Secretary Timothy Geithner is telling Congress that he will halt investments in two big government pension plans Monday to allow the government to continue borrowing money for the next few months.
Geithner says the government will reach its $14.3 trillion borrowing limit on Monday. Republicans have held back supporting an increase in the borrowing limit, saying they want Congress first to approve more spending cuts.
Geithner has suspended pension payments in past congressional debates over raising the borrowing limit. The money that the two pension funds will lose will be replaced if Congress votes to raise the borrowing limit.
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67 Comments
No Deal!
Shred the credit cards and CUT THE F**KING BUDGET!
You know you're in trouble when you start paying on one credit card using another.
If Repubicans cave in now Republicans will be out of a job come January of 2013.
How do you really feel Missy? Ha ha, just kidding what Missy said times infinity… Like our debt if we don't say no, stop, enough!
Who're you gonna put in to replace them though? The Repubs and Democrats are like night and later that same night.
How do you really feel Missy?
Agreed. I sense she's trying to make a point here, but it's just coming through…
Time for the Republicans to prove their worth…
I highly doubt, however, that the Progressives in the Republican party will let Obama fail.
Sad…
Simple, do what the feds do. Just get another 14 trillion credit cards.
Don't make the same mistake twice…remember what was supposed to be a 32 billion dollar deal turned into a multi million dollar deal and the party of stupid…well…acted stupidly.
This time stick to your guns or we will fire every last one of you on the ballot in November!
Call the Democrats bluff (and thats what it is a bluff) Lets see if everything come to a screeching halt, and even if it did SO what! I don't need a Government handout and I don't need the peace right now either.
You're right but, just call 'em what they are…Progressives.
Oh no…What will we do now? Hmmm, cut some spending perhaps? I know some salt marsh mice who wouldn't know if they had $40 mil in research grants or not. There are some turtles who really don't like tunnels. Since Uncle O is up to 1200 plus waivers of the "O" care legs, perhaps we could just repeal that debacle and save a buck. Oh, and while Uncle O is at it, start stroking checks for the use of A.F. 1 while campaigning.
Hey Government employees,
Look how fast you are thrown under the bus when a financial Crack Head like Obama needs money for his political fix.
You better start supporting responsible government, because you're in the same boat as all of us who pay $$thousands a year into social security, at the same time being told it's going to be bankrupt at the time we are suppose to be drawing our benefit.
I think your message comes through OK, in the future don't be so shy, after all we are all like minded. Sarc.
Americans have reached our Debt Limit.
No More Debt. No more Government Spending.
American Citizens have had enough.
I finally figured out who you remind me of my friend…………
Ann Coulter.
Government employees shouldn't have pensions, they should have 401Ks like the rest of us. So I'm not concerned about them. Fire 25% of them. Eleminate HUD, EPA and Department of Education. Fire Michelle's 27 aides. No. More. Debt.
Thanks for the compliment!
Compromise is for weasels.
Right on EdSki Right on!
Oh, whats' the big deal, they have overdraft protection don't they? Besides, the government can't be out of money, they still have some blank checks!
Feet to the fire boys and girls. Do not let your elected representatives off the hook this time. Cut wide, cut deep, no new taxes and get the commie out of the WH. If we fail on any one of these this country is toast – if it isn't already too late.
We either stop the insane spending or the Wiemar Republic looks good to us.
Hog wash! This is to create a sense of urgency. Cut the credit card up…now!
Seriously though, the very first agency I would "dismember" is the EPA, simply on constitutional grounds.
Any agency that has the power to negate the constitutional powers of all three branches of government combined MUST be beheaded and have its bloody visage placed on a pike!
It's time for some budgetary vivisection!
and the elfin Tim Geithner has backed off his 'the world will end' rhetoric…
Now mid-August is the date of peril. That, too will be subject to change when the 'due date' arrives. Why, you ask?
Well, he is (feign surprise here) not telling the truth. What WILL happen is the government cannot BORROW any more. This makes Geithner- and Bernancke's 'smoke and mirrors' approach to international finance far more problematic. They will not be able to outspend everybody on fake credits.
Now, China does manipulate it's currency- and that is a major reason why the 'basket currencies' have not replaced the dollar- yet. The rest of the world knows China can't be trusted either. So this shell game will continue- for a while, anyway…
I don't remember who gave the speech, I believe it was the president of Hillsdale College, but I really can't remember who.
Something along the line We The People have already had this discussion with the ruling elites. We fought a war over it. And as I recall, we won.
I think it's time to call Dave Ramsey.
Do not worry folks, Obama is working very hard to do everything he can do to solve this very important moment.
Obama Golfs for the Seventh Weekend in a Row
by KEITH KOFFLER on MAY 15, 2011, 11:19 AM
http://www.whitehousedossier.com/2011/05/15/obama...
"Guard against the impostures of pretended patriotism." George Washington
In calling my inept Senators and Congressmen this AM, I had two pickup(staffers) as I expressed my dismay with the breaking of the Debit ceiling you would have thought that I was calling to report a pothole in the road. They do not get it at all. As I pressed on in my comment and tried to put it perspective they still did not grasp the concept of regular citizens ire at the fiscal mess. We are trouble when our legislative branch has completely the lack of will to address the situation. Ron Wyden of Oregon just does not pick up, his staff has gone off to hide. They already have the deadbeat routine down.
Unfortunately, the fed and the treasury have been doing that for a few years now….
This is the point where the credit cards are all maxed, and they refuse to raise your limits again
Hittin' the pension funds now. Cut up the credit card! Ask Dave, he'll tell you how.
$58,000 Per Second
$3,480,000 Per Minute
$208,800,000 Per Hour
$5,011,200,000 Per Day
$1,829,088,000,000 Per Year
I think at this point we can all say it is time to panic.
*Be advised that a dollar printed today will be far less valuable tomorrow.
There will not be a default; the government will continue to have plenty of money to avoid default. For one of the many, many excellent discussions of this fact available, see http://market-ticker.org/akcs-www?singlepost=2521....
If the debt ceiling is always raised, then is it even a ceiling? I mean, what's the purpose of having a "cap" that you continually take off? It's like telling an alcoholic that he can only drink one six pack per day at 8 am, then upping it to two six packs because he's reached the limit by noon.
Let me be clear. If you commies touch my kids college money, my 401K, my savings, or my home – America cannot be held responsible for what she does in retaliation. We earned that money and we saved it. When you spent it on a decade of war without using carpet bombing one time, or a nuke, on 9/12!
Keep your f-ing hands off of it!
Years and years it has taken to build this progressive empire,…
agency by agency,….. institution by institution,….appointment by appointment,……
and now we have come to the end of the line.
The Obama administration has calculated that one more big push and,…….
America is thrown over the cliff and the new world order takes over.
The next few months will show if the progs have over played their hand.
We are here now without Obamacare. Think of that. When the largest entitlement program in the history of this nation is put into full force what will our debts be then?
………..there is a crisis a minute.
Speaking of crisis, do you know we are borrowing $58,000.00 PER SECOND?
I'm still thinking September will be the telling/turning point. Once the M.E. truly explodes, the "behind the curtain" fiat governing will be switched into turbo.
Joe, this is their very exposed intensions. Everything else is smoke and mirrors to keep you distracted. Find out how you can protect what you do have before it is to late. Remember this is the party who gathered up everybody's gold in the early 20th century.
>> because you're in the same boat as all of us…
funny how the playing field tends to level itself, huh. All things eventually gravitate towards equilibrium. I think I'll keep my non-guv'ment job after all.
you forgot one thing…pay cuts for all the members of congress. What's congresses approval rating? 20%? Yup, give them 20% of their salary. That should do it.
Well, if there's no Trust Fund, time to bust into to the lockbox. You know, the one Al Gore was talking about. It must be huge by now.
oh it's much worse. They are paying a credit card off with a credit card that hasn't even been issued yet. A credit card that will belong to the great grandchildren of this country.
We have learned that the Govt. lies their ass off on most things,
Would it be a surprise to learn that the Federal Government is in dramatically worse financial shape than we have been led to believe?
it certainly seems that the period from say, mid-September to late November is fraught with peril…
The UN resolution on the Palestinian homeland, the death of the dollar (China's continued manipulation of their currency has saved us- for now) and other fun occurences (earthquakes? solar storms? grid outages?)
all are distinct possibilities.
Not to mention warfare of some sort.
As said before, The Powers That Be have decided Bad Things Are Coming. There is little doubt of that. And, being the weenies that they are, are planning to take advantage of any and all societal setbacks. Just a matter of the when's and how's…
First they came for social security and I didn't speak out because I didn't contribute . . . .
. . . Then they came for my government pension and there was no one left to speak out for me.
My father-in-law was a Postman and I was talking to my postman and this is the current compensation, he pays into a Federal retirement system, does not pay into social security. Along with this, they have a voluntary 401 K, that gets a certain Federal match.
The Treasury has dipped into their Federal Retirement system, some $20 Billion as of a year or so ago.
What's the market for property in Zimbabwe look like?
I guess they call this responsive government.
"I go on the principle that a public debt is a public curse, and in a Republican Government a greater curse than any other" James Madison
STOP THE BORROWING NOW!!!!!
I was reading on Drudge that Geithner the crook is going to tap into Federal Employee Pension funds because he cannot borrow any more money and he he's flat broke.
CAN YOU IMAGINE? The Federal Employee union will now be lending (or giving) money out of their piggy banks to help pay the bills. I find it very humorous. I wonder how the workers feel about this?
I posted down below…Geithner is tapping into the Federal Employee funds . Happy campers those employees after OBummer said that the best job in the world is a gubmint job. Ha ha ha.
I cannot shake the feeling that the Tea Party has been co-opted by those same ruling elites.
Dave would kick some ass. He'd be my first choice if I was Prez.
As the progressives who visit here will say:
Don't cut your spending… go get a higher paying job.
Then I guess those ruling elites need to go to.
We The People are running the show, I don't care what the politicians, talking heads or MSM says. It's We The People.
You have that right, makes you wonder what would government would do in chaotic crisis. Hey Moocelle is dancing again lets all go over for a look see. Unfortunately, I think I am not to far off on my assessment. Either that or hey, Media Matters has put up a buffet and open bar,lets go. We are on our own USA.
Remember this hoax. Nancy Pelosi on Deficit – Jan, 2007. It seems the left just says what ever suits their interest of the moment, and nothing more.
http://www.youtube.com/watch?v=hl0FPMdaA2c
"Guard against the impostures of pretended patriotism." George Washington
Even California is beating the Federal Government's arse when it comes to budget. They already cut 12 billion this year, or a third of the measily 38 billion cut by Geithner & Co.
We'll be lucky if the fed cuts will wind up being real. Considering they spend 37 times what California does, they are a dissgrace.
Almost half of voters do not want the debt limit raised. Half. That's courage in the face of this fear campaign.
Choosing not to fund federal pensions is no different than borrowing. It goes to show this fight has plenty of rounds left.
I bet Reid calls a vote just to punk the fiscal hawks. The banking money going to both sides will be saying "extend, extend, extend".
Herman Cain sounds off on race, a debate win, and the need to simplify government
http://washingtonexaminer.com/politics/2011/05/he...
"Guard against the impostures of pretended patriotism." George Washington
"Look how fast you are thrown under the bus when a financial Crack Head like Obama needs money for his political fix."
I sure hope that will wake some of them up.
It's wishful thinking. The only thing the Republicans are debating right now amongst themselves is WHEN to blink, not if.
This is it, guys. The Republicans have already shown us they are cowards with the last debacle on the 2011 budget.
What are we going to do if the Republicans fold? Wait for the next election when our choices will most likely be the same old same old? Or start the next American Revolution (though a peaceful one).
That is why we must stop doing the same thing and expecting different results. That's for the Left to do.
We must start thinking OUTSIDE the box.
Perhaps there is a reason I have no savings or retirement. Perhaps God does work in mysterious ways.
When you've got nothing, you've got nothing to lose.
OT – a little.
"New SEIU California Ad Shows What Unites Californians: Ending Extreme Cuts"
Stand Up For California dot org is an SEIU front group: Some of the members of the Stand Up for California coalition include:
California Labor Federation
California Partnership
California Calls
CSEA
Educate Our State
Health Access
SEIU California from: http://standupforca.org/
Eliminate unions from state employment NOW! Pass "The Right to Work" nationally!
I agree, I consider myself to an "out of the box "thinker. I do not see any will in the general population to innovate. I think people are tired and overwhelmed. How do you push back against a government with the media in it's pocket? Too many people refuse to confront the obvious. It is going to take major motivation and a blow to the status quo. I am game.
It may be wishful thinking, but right now the Republicans are all we have. THAT DOES NOT MEAN WE CAN'T DO ANYTHING ABOUT IT.
The key is to replace as many RINOS with Tea Party members and transform the party from within. This must continue with 2012. Hopefully, we can capture the White House, but hopefully, there will be a sizable number of Tea Party members in both Houses of Congress. This is the American Revolution that I would like to see in 2012 and it can be done.
When you've got something, hide the safe that you are keeping it in….
That day's coming, Joe, and soon I suspect.
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