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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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Wed, 12/26/2012 - 17:26 | 3097239 fuu
fuu's picture

TIMMAH! knows special.

Wed, 12/26/2012 - 17:29 | 3097253 Go Tribe
Go Tribe's picture

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

Wed, 12/26/2012 - 17:31 | 3097259 camaro68ss
camaro68ss's picture

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

Wed, 12/26/2012 - 17:35 | 3097285 Stackers
Stackers's picture

`EXTRAORDINARY MEASURES' ..... aka EMBEZZLEMENT

Wed, 12/26/2012 - 17:41 | 3097321 Freddie
Freddie's picture

Honorable Harry Reid.  What a joke.

Wed, 12/26/2012 - 17:55 | 3097373 HobbyFarmer
HobbyFarmer's picture

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

Wed, 12/26/2012 - 18:33 | 3097497 flacon
flacon's picture

Hey Bernanke, guess what? FUCK YOU!

Wed, 12/26/2012 - 21:57 | 3097909 economics9698
economics9698's picture

Oh fuck another clown show. 

Wed, 12/26/2012 - 18:35 | 3097501 john39
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.

Wed, 12/26/2012 - 18:57 | 3097562 verum quod lies
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.

 

Wed, 12/26/2012 - 21:19 | 3097847 Go Tribe
Go Tribe's picture

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

Wed, 12/26/2012 - 19:16 | 3097616 DosZap
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.)

Wed, 12/26/2012 - 17:50 | 3097353 Urban Redneck
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?

Wed, 12/26/2012 - 18:09 | 3097368 rahbii
rahbii's picture

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

Wed, 12/26/2012 - 19:46 | 3097686 silverserfer
silverserfer's picture

Extraordinary Measures II: Electric Boogaloo!

Wed, 12/26/2012 - 18:00 | 3097392 SafelyGraze
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

Wed, 12/26/2012 - 19:49 | 3097418 francis_sawyer
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...

Wed, 12/26/2012 - 18:00 | 3097387 Banksters
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.    

Wed, 12/26/2012 - 21:23 | 3097853 Go Tribe
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.

Wed, 12/26/2012 - 18:22 | 3097459 maxmad
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

Wed, 12/26/2012 - 17:34 | 3097254 camaro68ss
camaro68ss's picture

Emerika, fuk ya

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

Wed, 12/26/2012 - 17:32 | 3097264 rahbii
rahbii's picture

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

Wed, 12/26/2012 - 17:36 | 3097287 kaiserhoff
kaiserhoff's picture

Hey, no short bus jokes.

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

Wed, 12/26/2012 - 17:38 | 3097303 Sudden Debt
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...

Wed, 12/26/2012 - 17:39 | 3097310 Freddie
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. 

Wed, 12/26/2012 - 17:43 | 3097331 otto skorzeny
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

Wed, 12/26/2012 - 17:55 | 3097372 TheFourthStooge-ing
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.

Wed, 12/26/2012 - 18:43 | 3097533 Agent P
Agent P's picture

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

Wed, 12/26/2012 - 18:59 | 3097572 blunderdog
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.

Wed, 12/26/2012 - 19:13 | 3097608 DosZap
DosZap's picture

The media only exists to sell ads

Wrong, to carry water for the Progressives/Marxists.

Wed, 12/26/2012 - 19:21 | 3097626 Spastica Rex
Spastica Rex's picture

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

Wed, 12/26/2012 - 20:08 | 3097724 Radical Marijuana
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.

 

Thu, 12/27/2012 - 12:02 | 3098986 DosZap
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.

Wed, 12/26/2012 - 19:59 | 3097711 silverserfer
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

Wed, 12/26/2012 - 20:45 | 3097794 blunderdog
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.

Wed, 12/26/2012 - 17:53 | 3097364 UNCOMPROMISED
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!

Wed, 12/26/2012 - 18:07 | 3097401 fuu
fuu's picture

Puppies, vinegar, and quizzical looks meine Haare.

Wed, 12/26/2012 - 19:00 | 3097574 azzhatter
azzhatter's picture

God , I was hoping he died over Christmas

Wed, 12/26/2012 - 21:50 | 3097896 ball-and-chain
ball-and-chain's picture

We've surpasse he debt ceiling?

I've seen that movie.

Wash, rinse, repeat.

http://www.angrysinner.blogspot.kr/2012/12/yesterday-we-went-to-burger-king-for.html

Wed, 12/26/2012 - 17:28 | 3097246 Everybodys All ...
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.

Wed, 12/26/2012 - 17:34 | 3097277 Zap Powerz
Zap Powerz's picture

What a myopic statement.

Wed, 12/26/2012 - 17:40 | 3097319 knukles
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.

Wed, 12/26/2012 - 17:50 | 3097351 kaiserhoff
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.

Wed, 12/26/2012 - 17:53 | 3097366 odatruf
odatruf's picture

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

 

 

Wed, 12/26/2012 - 18:20 | 3097446 francis_sawyer
francis_sawyer's picture

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

Wed, 12/26/2012 - 18:31 | 3097492 upWising
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.  © ] 

Wed, 12/26/2012 - 19:01 | 3097575 azzhatter
azzhatter's picture

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

Wed, 12/26/2012 - 19:04 | 3097582 perchprism
perchprism's picture

 

"That's slicker'n owl shit".

 

Thu, 12/27/2012 - 06:59 | 3098433 spentCartridge
spentCartridge's picture

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

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