Debt Ceiling to Hit Mid-October

Various short-term deals on the legal debt limit have seen creative and repeated extensions dating back to the big debt ceiling fight of 2011. Now, the Treasury Department has said they're out of options on the debt ceiling and it will be hit in the middle of October:

The myth of the so called 'shrinking deficit' explained for those are willing to listen.

Lew said in a letter to Speaker John Boehner released Monday that the government is running out of accounting maneuvers it has used to avoid hitting the borrowing limit. He pressed Congress to act so Treasury can keep paying the government's bills.

The government is running out of 'accounting maneuvers' eh ?

Lew said it's impossible for Treasury to predict exactly when borrowing limit will be reached. But he warns that if action isn't taken soon, the government could be left with $50 billion in cash by mid-October. He says that wouldn't be enough to cover Social Security payments, military personnel salaries, Medicare and other programs for an "extended period."

Sounds like the 'Fiscal Cliff part Deux' coming this fall to a pundit near you.

Alternate source:

The U.S. will hit the $16.7 trillion debt ceiling in mid-October, Treasury Secretary Jacob J. Lew said in a letter urging Congress to raise the limit “as soon as possible.”

Sorry the 'deficits' are shrinking so pray tell how are have we almost hit the debt ceiling ?

“Extraordinary measures are projected to be exhausted in the middle of October,” Lew said in the letter today to House Speaker John Boehner and other lawmakers.

Fiscal Cliff part Deux

So 'extraordinary measures ( playing 3 card monte) with cash, and treasuries, and taxes seems they have reached an 'impasse'.

Quick act soon before it is too late

Forecasting government cash flows is inherently uncertain, especially many months in advance.

Pretty much says it all doesn't it ?

Roll of the dice sooner or later it is going to come up snake eyes.

Duh.... I don't get it (?) or at least thats what they hope! its going to come crashing down like Belushi on drugs.

Not unless the Fed. Government can file bankruptcy? lol ummm can they? A prominent banker once told me Bankruptcy is a huge business. If done right, you keep everything w/ a new line of credit. haha

John Boehner has signaled a willingness to use the debt ceiling to negotiate for spending cuts - perhaps in the mould of a "grand bargain" with the White House. President obama, meanwhile, has repeatedly said "we are not negotiating on the debt ceiling."

The Republicans are doing their best to help Obama and Democrats look better.

The House Republican Majority since Jan 2011 has helped lower deficit spending.

Just Look at Republican Congresses' performance.
Especially the dramatic reduction in deficit spending in 2012
(reduced by $212 Billion from 2011, possibly the best in history !)

Democrats are traditional binge spenders. Republicans help get back on track.
Long fight this time however.

pretty sure the debt ceiling was hit awhile ago. see link.

cnsnews.com...


according to that, they've kept the debt at those numbers for the last 100 days.

Alright I'm no economist and don't play one on TV either but lets see if I got this right.

1. We need a higher credit limit to pay the debt we already charged.
2. If we can't pay and default our credit rating falls, cost of borrowing goes up.
3. We haven't exceeded the limit because the Treasury kept our spending locked (on paper) at $25mil under the limit with shifty accounting.
4. In Oct if not limit increase then SHTF.

If that's correct then bring it on. I'm tired of waiting. Or we could nationalize the FED and then forgive our own debts.

What? Would the Rothschild's declare war on us?

Cue war in Syria combined with goading the few remaining conservative members of the GOP into raising the ceiling because "Yoo guize, you have to raise the debt ceiling or else you don't support 'murica and 'murica's military. You don't wanna get accused of that, do you?"



Fricking modern day Babylon is all this place is.

Maybe be time to move my money in to gold If the Dollor goes bang then I get a flood of ££££££££.


And for your you hard core anti welfare supports ( you know who you are) maybe you can wash my toliets for me, better than welfare right ?

Originally posted by xuenchen

John Boehner has signaled a willingness to use the debt ceiling to negotiate for spending cuts - perhaps in the mould of a "grand bargain" with the White House. President obama, meanwhile, has repeatedly said "we are not negotiating on the debt ceiling."

The Republicans are doing their best to help Obama and Democrats look better.

The House Republican Majority since Jan 2011 has helped lower deficit spending.

Just Look at Republican Congresses' performance.
Especially the dramatic reduction in deficit spending in 2012
(reduced by $212 Billion from 2011, possibly the best in history !)

Democrats are traditional binge spenders. Republicans help get back on track.
Long fight this time however.

you mean like they did when "w" came into office?....or Reagan came into office?....c'mon...this is easy to check.

Originally posted by jimmyx

Originally posted by xuenchen

John Boehner has signaled a willingness to use the debt ceiling to negotiate for spending cuts - perhaps in the mould of a "grand bargain" with the White House. President obama, meanwhile, has repeatedly said "we are not negotiating on the debt ceiling."

The Republicans are doing their best to help Obama and Democrats look better.

The House Republican Majority since Jan 2011 has helped lower deficit spending.

Just Look at Republican Congresses' performance.
Especially the dramatic reduction in deficit spending in 2012
(reduced by $212 Billion from 2011, possibly the best in history !)

Democrats are traditional binge spenders. Republicans help get back on track.
Long fight this time however.

you mean like they did when "w" came into office?....or Reagan came into office?....c'mon...this is easy to check.

I think it's,how you might say...

"Tongue in cheek".

Wow! Two weeks into the new fiscal year and we hit the ceiling? That doesn't sound to good to me.

Maybe we should put 'ol Turbo Tax Timmy on the case. I'm sure he'll solve it.

To me, THIS is why we are going to war with Syria. Just another way of distracting the masses. This admin is rife with that ploy and yet the American public keep buying it over and over.

At some point, there has to be some accountability.

reply to post by crazyewok

Maybe be time to move my money in to gold If the Dollor goes bang then I get a flood of ££££££££.


And for your you hard core anti welfare supports ( you know who you are) maybe you can wash my toliets for me, better than welfare right ?

Not hardly!

If the dollar crashes you can say good bye to the value of all paper currency.

Holding that gold won’t make you rich because nobody will have a use for it. You’d be better off buying guns and ammunition.

OH WAIT……you can’t because you’re in UK!

MY BAD!

reply to post by thishereguy

Are you the one that drew attention to that interesting fact a while ago here on ATS? The numbers have stagnated and not moved unless you look at that one website that has the count ongoing.

Well now I know what the impending war in Syria is for. To distract us before this crisis hits. Our government sucks...

Originally posted by seabag


OH WAIT……you can’t because you’re in UK!

MY BAD!

Least I will still have a country.

If the dollar goes bang then say good by to America

The British pound will recover but the doller would be dead

reply to post by crazyewok

Least I will still have a country.

If the dollar goes bang then say good by to America

The British pound will recover but the doller would be dead

That is naïve.

We started from nothing before….we will do it again.

We’ll see how quickly Europe gets swallowed up by the not-so-nice super powers once US isn’t there to protect you. You'd better brush up on your Chinese and Russian, buddy!

reply to post by jimmyx

you mean like they did when "w" came into office?....or Reagan came into office?....c'mon...this is easy to check.

Yep.

Easy to check.

I'll let you start.

It's all right there in the chart.

Focus on the Congressional majorities.

Originally posted by seabag
reply to post by crazyewok

 

Least I will still have a country.

If the dollar goes bang then say good by to America

The British pound will recover but the doller would be dead

That is naïve.

We started from nothing before….we will do it again.

We’ll see how quickly Europe gets swallowed up by the not-so-nice super powers once US isn’t there to protect you. You'd better brush up on your Chinese and Russian, buddy!

Pfft China is the other side of the world infact they are closer to you. I think you will be seeing them first!


Russia? Well seeing as UK military spending is the around the same as Russia and we have more modern stuff them them I think we can take then even on our own, plus with france and Germany too? Meh could go ether way. The UK isnt the USA but it isnt some half trained tin pot 3rd world army. There is a reason the USA always likes dragging the UK into there little wars.

reply to post by crazyewok


You are foolish if you believe that if an economic crisis in America happens then the UK will come out just fine or with minor scrapes and bruises. The Depression in the 1930's proved that was the case. Sure it took ten years for America to catch up with the rest of the world, but that was only become of our isolationist policy at the time. Today things work VASTLY different. The whole world is reliant on the American dollar and if it goes kaput, then you can bet that the rest of the world will be thrown into chaos. I wouldn't sit there all smugly talking about how the UK will weather the storm brought on by America's collapse.

In fact America has a better chance of rebuilding its society then anywhere in Europe. We are a large country and only have two immediate neighbors, both of which couldn't even come close to our military might (money or no). What America really has to fear is being split into multiple countries (something that I believe could work out and help with all the divisions in our society). Uk on the other hand has immediate neighbors with several countries and more of which are about the length of an American state away.

reply to post by Krazysh0t



Yeah America is so great bla bla bla bla bloodly bla


Fact is if the doller goes we are all screwed up.

Unless you have a stockpile of metels and good that will always be in demand.

Me?

I have the best stockipe of all! Antibiotics If a SHTF situation happend those little life saveing tablets will be work more than a brick of gold. And its hidden, hidden far away.

reply to post by crazyewok


If you took that as me talking up my native country then you need a lesson in reading comprehension. My entire argument is based off of natural borders and neighbors. Its a lot harder to come conquer an army when you have to cross a vast ocean before doing so. It's kind of hard not to see them coming. Not that America is immune from being conquered, it's just that UK is far more vulnerable.

By the way, your stockpile of whatever will be worth diddly to you if some foreign army invades and forcibly takes them from you.