Geithner - US To Hit Debt Ceiling On December 31

Tyler Durden's picture

Just because the Fiscal Cliff was not enough...

  • GEITHNER SAYS U.S. WILL REACH STATUTORY DEBT LIMIT ON DEC. 31
  • GEITHNER: WILL USE `EXTRAORDINARY MEASURES' TO AVOID DEBT LIMIT
  • TREASURY: SPECIAL MEASURES TO MAKE $200 BLN  ROOM UNDER LIMIT
  • GEITHNER: $200 BLN TO LAST TWO MONTHS IN `NORMAL CIRCUMSTANCES'
  • GEITHNER: TAX, SPENDING `UNCERTAINTY' MAKES DURATION NOT CLEAR
  • GEITHNER SAYS ALL MEASURES HAVE BEEN USED IN PRIOR IMPASSES
  • GEITHNER OUTLINES PLANS IN LETTER TO SENATE MAJORITY LEADER

So since America's dysfunctional congress failed to "rise above" the Fiscal Cliff, it at least succeeded to "rise above" the debt ceiling. One out of two is not too bad...

To summarize: debt ceiling hit December 31, just in time for the no deal on the Fiscal Cliff, and then the Treasury will proceed to defund various Government retirement accounts for the next two and a half months, when sometime in March the true deadline to getting a joint solution on both the Cliff and the Debt Ceiling will becoming unextendable as the alternative is truly unthinkable: living within its means!

In other words, as we have said all along, the real deadline for a Fiscal Cliff is not December 31, but that day in March when all further debt ceiling extension avenues are exhausted.

The question therefore is - will the 2 months of America living under self-made austerity be enough to push it into recession.

And now cue flashbacks to August 2011

* * *

Full tiny tim letter: 

 

geithner letter

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fuu's picture

TIMMAH! knows special.

Go Tribe's picture

Nowhere to be found during the election. Now that they want more money to spend, they trot him out.

camaro68ss's picture

dam, bernake cant even take a vacation from holding his finger on the print button.

Stackers's picture

`EXTRAORDINARY MEASURES' ..... aka EMBEZZLEMENT

Freddie's picture

Honorable Harry Reid.  What a joke.

HobbyFarmer's picture

Like you other ZH'ers, I'm so grateful for the leadership we have in government today.  /sarc

flacon's picture

Hey Bernanke, guess what? FUCK YOU!

economics9698's picture

Oh fuck another clown show. 

john39's picture

meanwhile the U.S. is sending troops to 35 African countries (in addition to all the other occupied states).... 

http://rt.com/usa/news/us-deploying-troops-order-749/

banker vampires will use every last drop of American wealth and blood to enforce their new world order before they move to the next host.

verum quod lies's picture

You don’t really think that they will willingly move on to another host and just let us go free do you? Most parasites, by definition, do not kill their hosts, but these creatures seem to be I think the term is parasitoids (i.e., versus your garden variety parasites). Therefore, we must die before they let go. I have modest goals on this one, let’s just hope we take some with us.

 

Go Tribe's picture

As long as we have even the faintest heartbeats, they'll keep their blood funnels up our asses.

DosZap's picture

meanwhile the U.S. is sending troops to 35 African countries (in addition to all the other occupied states)....

 

Gotta do something, but a day late, and billions short, the REDS have Africa basically bought and paid for.(troops in Africa, is the only thing China has not deployed there.)

Urban Redneck's picture

If "all measures have been used in (the many) prior impasses" what extra-ORDINARY measures does Tiny Timmy plan on using?

Or is his command of the English language as deficient as his command of Turbo Tax?

rahbii's picture

All must not mean 'all' when you can't do math

silverserfer's picture

Extraordinary Measures II: Electric Boogaloo!

SafelyGraze's picture

xtraordinary maybe. or not.

1. sell federal land and buildings

2. increase civil forfeitures

3. nationalize professional and college sports (and endowments)

4. eminent domain

5. mobilize the metalions from ftknox, westpoint, nyfed

6. national lottery

7. recapitalize the exchange stabilization fund

8. us notes http://en.wikipedia.org/wiki/United_States_Note

9. national sales tax

10. million dollar face-value coins, and lots of em

get to work, mister secretary

francis_sawyer's picture

even MORE extraordinary...

~~~

Do away with joobux [& disallow the raping to continue]...

~~~

Edit: JUNKS... OK then ~ let the jew in resident Geithner handle it [as I'm sure he's fully qualified to do so]... Yeah ~ I'm sure that's the best plan...

Banksters's picture

That criminal cocksucker minion of kissinger, timmy g, should be in jail.   Instead he is pushing for unlimited debt by removing all semblance of fiscal responsibility.   Sadly,the only solution is revolution, folks.    

Go Tribe's picture

I think the way it will happen is that first the powerful will take out a few of their puppets, hoping to install some new ones. That won't work, then the powerful will split into factions, some favoring wider violence against the politicos that can't seem to get the mission accomplished.  At that point, a handful of key politicians will be taken down, and if that's not enough, then the powerful will foment an all-out revolution. Of course the violence will end when the chessboard is arranged as they see fit.

maxmad's picture

Dear Santa (Congress)

 

Can you please raise the debt ceiling so that I and my corrupt buddies can take our loot to offshore accounts... Please I promise if you do this for me, I'll never ask for anything ever again..

 

-lil Timmah

camaro68ss's picture

Emerika, fuk ya

forward comrades, not one step back !!!!!!

rahbii's picture

With tinyTim and subprime-is-contained Bernanke, were people really expecting a different outcome?  

kaiserhoff's picture

Hey, no short bus jokes.

Once we start those, there's no place to stop.

Sudden Debt's picture

Timmah drank to much egg punch when he crunched the numbers so it seems....
Last time I checked, with a burnrate of 135 billion a month, 200 billion won't cut it for 2 months...

Freddie's picture

Remember when NWO Bush ran $200 to $300 billion defecits and the newsmedia went ape sh*t?  Obama runs $1.3 trillion defecits and nothing is said. 

I heard idiots on local news radio claiming the Christmas business for retailers was down due to hurricane, shooting or bad deals at the stores.  The cowards never mention the Islamic's economic depression. 

otto skorzeny's picture

cindy sheehan hates obama more than bush and is continuing her protests against ths wars but now the MSM doesn't follow her around like when W was in office

TheFourthStooge-ing's picture

.

I heard idiots on local news radio

Still supporting the MSM? For shame.

The cowards never mention the Islamic's economic depression.

Probably because it's been repeated ad nauseam on the Michael Hussein Savage show.

Agent P's picture

I'm just waiting for the media to blame this on AR-15s and high capacity magazines.

blunderdog's picture

    NWO Bush ran $200 to $300 billion defecits and the newsmedia went ape sh*t?

Sure, and Dubya ran some way bigger deficits, and they were covered for awhile, but it just went out of fashion.  Obama's deficits get plenty of coverage considering how little anyone cares about fiscal policy.

The media only exists to sell ads.  Basically: if folks don't pay attention to the stories you print for many years, you eventually stop printing those stories. 

It's not a conspiracy--it's business.

DosZap's picture

The media only exists to sell ads

Wrong, to carry water for the Progressives/Marxists.

Spastica Rex's picture

Progressives/Marxists like Rupert Murdoch? Never heard him called that before.

Radical Marijuana's picture

DosZap, your views are too superficial, and too typically trivialized versions of what is wrong, and why! Forget the left/right paradigm! Go to the radical center!

The mass media are controlled by the fascist plutocracy. They use the fake Progressives/Marxists, and everybody else, to advance their interests. Fake democracy, fake liberals, fake conservatives, and pretty well every other faked isms possible. Look at the proof of what happens: the rich get richer, and they get richer because they control the government to legalize their lies. Fraud backed by force is the reality. All the other isms are lies.

The media make money by selling ads, however, they make MORE MONEY by promoting propaganda, within which all of those ads swim like fish in the sea of LIES! The established plutocracy is based on their supreme form of wealth being the ability to legally make "money" out of nothing. That plutocracy started as predation, but then became more and more parasitic, because it is not based on real wealth, but based upon being able to make wealth out of nothing.

 

DosZap's picture

Radical Marijuana

My views are not superficial, I GET IT ALL.

I know they make money, I know both are in concert with the same agenda, just one at a differnet speed.

The only thing WE can do is deal with the WORST devil at the time.

Right now it is BHO,(the Fed is just his monkey on HIS string)and the Dem controlled Senate.

silverserfer's picture

yeah its too bad the Mormon diddnt get elected he could have sold off Detroit to a scrap yard and a few states to the Chinese and paid of this god awful debt we have. We could get at lease $4 bill for Arkansas

blunderdog's picture

Sadly, Arkansas is a non-profitable endeavor for the Feds.  Even if they sold it for nothing, it would be a benefit on the Congressional budget sheet.

That's how you know someday this empire is going to end.  There'll come a time when the same applies to EVERY state in the union.

UNCOMPROMISED's picture

Hey FUU, I wonder what Timmahs little daughters birthday party looks like?

Pretty pink ponies, Clowns who can pull longs strings of candy out of their ears, Monkey's who speak English and say Mark-to-Bama!

Mini iPads all tuned into the end of day robotic ramp job.

What an event! Problem is the vendors and event coordinator never get paid!

fuu's picture

Puppies, vinegar, and quizzical looks meine Haare.

azzhatter's picture

God , I was hoping he died over Christmas

Everybodys All American's picture

Well that ought to get a call for another credit down grade. Congratulations Obama. You're well on your way to transforming America.

knukles's picture

Actually, the last downgrade(s) from the 3 main-liners were predicated upon Not the Amount of Debt Outstanding in Absolute of Relative Terms, but upon the Inability of Those Vested with Managing the Nation's Finances, to Do So.

Another Downgrade?

Du-fucking-h, dude.

"Like buttah......" as that clearheaded liberal Barbara Streisand might intone when speaking to Gubamint Austerity.

Gonna run, slide like a greased turd down the ratings scale.

kaiserhoff's picture

One of Dad's favorite expressions...

Like shit through a tin horn...., still don't know why that's so fucking funny.

odatruf's picture

That was one of my grandfather's favorite sayings, too. Made me laugh every time.

 

 

francis_sawyer's picture

I always liked "crap thru a goose" [well ~ not LITERALLY, more FIGURATIVELY]...

upWising's picture

Now that is a slick sayin'!  I like that.

That is "slicker than deer guts on the door knob."

[ Jesus watches Fox News © ]
[ Amercia is Jesus' Favorite Country © ]
[ When Jesus Returns, he will come back as an Amercian, driving a Hummer, and packing heat.  © ] 

azzhatter's picture

I usually say "like Bernanke's dick in Timmy's ass"

perchprism's picture

 

"That's slicker'n owl shit".

 

spentCartridge's picture

She's gonna go lower than the bilge shithouse in a scuppered submarine.