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Post by Ozarks Tom on Oct 19, 2015 16:24:14 GMT
The Treasury Director is saying he'll run out of "extraordinary" means of paying bills by Nov 3 if Congress doesn't raise the debt ceiling. Does he mean there's no more money in the Widows and Orphans Trust Fund to steal from? He explains he needs more money to pay the bills Congress has already authorized. Hmmm, that may be the problem in a nutshell. Maybe Congress should stop/quit/desist/end spending money we don't, and never will have? Treasury Secretary Jack Lew said Monday he worries that waiting until the last minute to raise the nation's borrowing authority could result in an accident "that would be terrible."
Last week, Lew said the U.S. debt ceiling will be exhausted Nov. 3, two days before previously estimated. In a letter to congressional leaders, he added that a remaining cash balance of less than $30 billion would swiftly deplete.
"Our best estimate is November 3rd is when we'll exhaust what we call extraordinary measures; those are things we can do to manage things. I will run out of things that I can manage on November 3rd," Lew told CNBC's "Squawk Box."
The federal government is scraping by just under its $18 trillion legal borrowing limit.
www.cnbc.com/2015/10/19/lew-i-worry-there-could-be-a-debt-limit-accident-that-could-be-terrible.html
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Post by mzgarden on Oct 19, 2015 18:41:52 GMT
IMHO, it appears that repeatedly TPTB wait until we're teetering on the supposed cliff edge of absolute ruin and then throw a giant omnibus through. I favor breaking it up and voting on elements or smaller groups of elements then everyone is on record for what they voted for/against and the veto can be identified as specific to a subset of elements.
Who can disassemble the Omnibus approach and drive us back to clear voting?
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Post by Ozarks Tom on Oct 19, 2015 19:20:55 GMT
With the "I voted against it before I voted for it" attitude commonplace in DC, those omnibus bills give lots of cover for many things nobody want to be associated with, even though they sponsored it. Let's face it, we're being governed by cowards.
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Post by wolfmom on Oct 20, 2015 13:22:47 GMT
So, let the government shut down. It never shuts down all parts and in those it does, the workers get a paid vacation. Remember the scare tactics about people not getting their gov't checks? - only shutting down those parts that hurt the folks.
Vote for Hillary, et al and go the way of Greece....fair warning.
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Post by Deleted on Oct 23, 2015 1:30:52 GMT
Heck, what's $19.6tn? You know... What does it matter? www.zerohedge.com/news/2015-10-22/presenting-americas-new-debt-ceiling-19600000000000As the article states, "Yes, the republicans will pretend to demand concessions, such as a balanced budet and other "sound money" conditions, but they won't get them because the corporations pulling the strings of every D.C. politicians are the biggest beneficiaries from US debt-funded largesse, especially if one throws in the occasional contained or not so contained war." "If the chart below looks increasingly exponential, that is not a coincidence."
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Post by Deleted on Oct 23, 2015 1:34:32 GMT
Fact is, we've been buying things on credit, servicing the debt with credit, and it's all a major train wreck.
Read this today: "If you owe someone $1000, that's your problem. If you owe someone $1,000,000,000,000, that's THEIR problem."
I just can't quite figure out who owes whom... Somehow, I figger it's We the People who got stuck holding the bag of debt.
I am NOT pleased.
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Post by paisley on Oct 23, 2015 3:59:29 GMT
Just think he still has 14 months of vactions.
So the debt will soar higher than he was in college.
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Post by sawmilljim on Oct 23, 2015 4:05:38 GMT
Just think he still has 14 months of vactions. So the debt will soar higher than he was in college. Kind of like hitting a wall at 150MPH or 200MPH along about then it just don't matter ,like who had the best seat on the Titanic
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