Monday, August 26, 2013

Lew: U.S. will hit debt limit mid-October

Subject: LEW: US WILL HIT DEBT LIMIT MID-OCTOBER
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Lew: U.S. will hit debt limit mid-October

Susan Davis, USA TODAY5:10 p.m. EDT August 26, 2013

Jack Lew
(Photo: PANTELIS SAITAS AFP/Getty Images)


STORY HIGHLIGHTS

·       Treasury Secretary Jack Lew said the U.S. will hit its borrowing limit in mid-October
·       The debt ceiling does not authorize new spending. It pays for spending already approved.
·       Without congressional approval for an increase, the U.S. could default and rattle financial markets

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WASHINGTON--The federal government's credit card will hit its limit in mid-October, Treasury Secretary Jack Lew said Monday in a letter to House Speaker John Boehner, R-Ohio.
Lew urged Congress to reach a budget deal to increase the $16.7 trillion borrowing limit in order to avoid rattling financial markets. Raising the debt ceiling, the nation's borrowing limit, requires congressional approval. It does not authorize new spending, but pays for spending that has already been approved.
A vote to increase the debt limit has been anticipated later this year, but Lew's Monday letter established a more specific deadline for congressional action.
The federal government makes about 80 million payments each month. If the U.S. failed to increase its borrowing authority, the Treasury would be forced to operate with only the cash it takes in every day -- an amount that would not cover its expenses and threaten payments including military salaries and Social Security payments, Lew said.
Congress approved a short-term increase in the debt ceiling earlier this year to focus on the annual budget debate. President Obama is trying to avoid a protracted debt limit fight, but he has demanded an increase with no conditions attached. Congressional Republicans, led by Boehner, have asked for commensurate spending cuts or reforms in exchange for raising the debt limit.
"The debt limit remains a reminder that, under President Obama, Washington has failed to deal seriously with America's debt and deficit," said Michael Steel, Boehner's spokesman, in response to Lew's letter.
"Protecting the full faith and credit of the United States is the responsibility of Congress because only Congress can extend the nation's borrowing authority," Lew wrote, "Failure to meet that responsibility would cause irreparable harm to the American economy."
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4 comments:

Anonymous said...

No it wont. There wont be any debt by then, national or individual; i.e. personal debt.

Anonymous said...

WE NEED TO GET OUR PITCH FORKS AND DO AS ICELAND AND HUNGARY DID.... RUN THESE CROOKED AHOS OUT..... LEW IS AS CROOKED AS THEY COME AND WAS ONE OF WALL STREETS CROOKED GANGSTER BANKERS.... BEING OBOZOS BOY .....HE...... NEEDS ......TO...... GO.

Anonymous said...

As long as the officials of the United States Inc. continue to function it shall be in the interest of its owners and shareholders the cabal Illuminati. Very little has changed in the favor of the people. In fact the US Inc. or US Government has warred against people globally and continues to do so at every opportunity, It cannot be entrusted to bring freedom to US folks or any other part of the globe. It was designed for its destructive potential and not to serve freedom. The banking or monetary system is glove in hand with it and likewise serves the interest of slavery by the overlords. It is time to separate from and remove that which prevent humanity of being its full creative potential. President Obama and Treasury Secretary Jack Lew like many of their predecessors and colleagues would therefore not have freedom loving folks' interest at heart. How could they or am I mistaken?

Anonymous said...

does anyone know where the wall out the window behind him is?