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The New Debt Ceiling
Deadline Is Going To
Be Earlier Than We Thought

Business Insider, by Brett Logiurato

Original Article

Posted By:Desert Fox, 1/23/2014 2:29:01 PM

The U.S. is likely to exhaust its borrowing authority on the earlier side of what Treasury Secretary Jack Lew had estimated, he said in a letter to Congressional leaders on Wednesday. Lew warned in the new letter that Congress will likely need to raise the debt ceiling by late February to avoid a potential default on the country´s obligations. As part of the bill to reopen the government in mid-October, the debt limit was suspended through Feb. 7. The Treasury can use so-called "extraordinary measures" after that point to keep borrowing and paying the nation´s bills for a few weeks thereafter. "While this

      


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Reply 1 - Posted by: Ribicon, 1/23/2014 2:32:44 PM     (No. 9702797)

Republican House better bump Barry´s credit card limit yet again, or be accused of ruining the economy and tossing old ladies and orphans to the streets.

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Reply 2 - Posted by: uno_thatguy, 1/23/2014 2:36:47 PM     (No. 9702806)

Debt ceiling? No big deal! We don´t need no stinkin´ debt ceiling. Just stop the debt clock and buy another 152 days so we can just keep on spending however we please.

Criminals have deviant minds that can circumvent laws whenever they please also!

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Reply 3 - Posted by: zephyrgirl, 1/23/2014 2:48:20 PM     (No. 9702831)

No problem - Boehner and McConnell will cave again. They might as well write him a blank check through 2016.

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Reply 4 - Posted by: Philipsonh, 1/23/2014 3:02:35 PM     (No. 9702851)

This situation would not exist if we had an Administration in power that had any idea of what a budget was and did not spend more than the USA takes in. They caused it and let them eat it, no matter what the MSM tells the low
information voters. They are insane with power and should be stopped in their tracks. We are all aware that the increase in the National Debt from the time Obama took office is greater than almost all previous Presidents COMBINED and only direct Congressional action can stop the maniacal
actions occurring financially and otherwise.
( In my opinion ).

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Reply 5 - Posted by: Whamdbambam, 1/23/2014 3:19:13 PM     (No. 9702885)

Great! Another opportunity for our steel-spined Republicans to cave! Just great.

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Reply 6 - Posted by: KingBubo, 1/23/2014 3:46:37 PM     (No. 9702940)

There is an old joke I am sure many of you have heard..
The Lone ranger and Tonto were together.

Souix were attacking from the west and Apache were attacking from the east. Lone Ranger looks at Tonto and says "we´re in big trouble". Tonto looks at him and says, "what´s this we stuff, white man?"

The moral of this post is to ask, who didn´t realize that they would outspend their limits? I can say with certainty that many posters here realized that the spending limits would be reached sooner rather than later.

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Reply 7 - Posted by: OhMy, 1/23/2014 5:16:40 PM     (No. 9703063)

This does not add up in my mind. Usually the congress sets a dollar limit for new borrowing. In this case if Obama spends money even faster the limit would be reached sooner. This headline is assuming that everyone is analyzing it this way! As I recall this time the congress ( foolishly in my opinion ) set the limit as a specific date in effect saying that you can go and spend and borrow all you want till that date. I remember the date as Feb 6. There were news reports at the time saying Obama could borrow plenty more than needed before the date and put it in a slush fund to carry him along much later after the date. This made sense because there were long periods in the previous cycle that the official debt did not increase at all and then he borrows a trillion or so the day the new limit was authorized. Now they expect all this to go down the memory hole and there is this move to have this whole charade earlier this time. The GOP should show some guts for a change and demand that the annual repeat of the stimulus spending of a trillion a year be taken out of the spending. If Obama objects to this then ADD further cuts abolishing the EPA, NEA, NSA, IRS, Obamacare etc and all agencies that are not constitutional. While they are at it debunk the spin that you must borrow money to pay your debts. If that is the case you have already defaulted in reality! Confronting Obama on this is the only way to avoid default and the collapse of the currency! The GOP has the power of the purse and should use it!

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