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Geithner - US To Hit Debt Ceiling On December 31
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
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TIMMAH! knows special.
Nowhere to be found during the election. Now that they want more money to spend, they trot him out.
dam, bernake cant even take a vacation from holding his finger on the print button.
`EXTRAORDINARY MEASURES' ..... aka EMBEZZLEMENT
Honorable Harry Reid. What a joke.
Like you other ZH'ers, I'm so grateful for the leadership we have in government today. /sarc
When are they gonna tell us something we don't already know?
Hey Bernanke, guess what? FUCK YOU!
Oh fuck another clown show.
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.
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.
As long as we have even the faintest heartbeats, they'll keep their blood funnels up our asses.
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.)
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?
All must not mean 'all' when you can't do math
Extraordinary Measures II: Electric Boogaloo!
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
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...
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.
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.
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
Emerika, fuk ya
forward comrades, not one step back !!!!!!
With tinyTim and subprime-is-contained Bernanke, were people really expecting a different outcome?
Hey, no short bus jokes.
Once we start those, there's no place to stop.
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...
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.
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
.
Still supporting the MSM? For shame.
Probably because it's been repeated ad nauseam on the Michael Hussein Savage show.
I'm just waiting for the media to blame this on AR-15s and high capacity magazines.
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.
The media only exists to sell ads
Wrong, to carry water for the Progressives/Marxists.
Progressives/Marxists like Rupert Murdoch? Never heard him called that before.
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.
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.
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
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.
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!
Puppies, vinegar, and quizzical looks meine Haare.
God , I was hoping he died over Christmas
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
Well that ought to get a call for another credit down grade. Congratulations Obama. You're well on your way to transforming America.
What a myopic statement.
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.
One of Dad's favorite expressions...
Like shit through a tin horn...., still don't know why that's so fucking funny.
That was one of my grandfather's favorite sayings, too. Made me laugh every time.
I always liked "crap thru a goose" [well ~ not LITERALLY, more FIGURATIVELY]...
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. © ]
I usually say "like Bernanke's dick in Timmy's ass"
"That's slicker'n owl shit".
She's gonna go lower than the bilge shithouse in a scuppered submarine.
Sounds clear as can be, and very accurate.
Truth bothering you? You should turn in your guns right away.
Hahaha. Like that is a surprise.
Forward, Soviet!
Wait a minute I thought we had till March just last week.
Reading is fundamental: "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!"
http://www.zerohedge.com/news/2012-12-20/plan-c-anyone
"Luckily, at least the debt ceiling is a firm deadline... Sometime in late March"
Prescient.
Beat down deserved.
Nowadays EVERYTHING is a 'floater'...
~~~
I council peace...
Aw come on, I wanna see 'em fight.
More fun when somebody's eye gets poked out.
I was guilty of skimming before posting.
I was FORE skinning... Until I was AGAINST it... [oh wait ~ I meant 'skimming']...
Oh really knukles?
"Two Louisiana Women, convicted of plucking out their sister's eyes in an apparent attempt to drive a demonic spirit from her body, were sentenced to ten years' probation Thursday."
http://www.holysmoke.org/sdhok/ca-03.htm
Criminal Minds
http://books.google.com/books?id=7a-b9EJU4qYC&pg=PA242&lpg=PA242&dq=1994...
Louisiana, lol. Can get away with anything there, no?
Bet I can grow poundage of my special catnip there and nobody is the wiser.
You banksters and '.gov engineers' must love it there. And it is the PRIMARY reason for the treasonous Southern Poverty Law groupo.
Question: In the last "G" Fund raid...did the government ever put the money back?
thanks, I was going to buy gld and slv call on friday :)
better wait till februari so it seems :)
Buy the rumor; sell the news.
And the news is what, from where? Mostly rumors from bullshit-mongers.
The proper saying ought to be "buy what's undervalued & sell when it's profitable without being stupidly greedy". The rest is BS. Certainly it's up to personal judgement what's "greedy" or "stupid" or "under-valued" but whatever.
@ Tyler Durden,
Beware "The Ides of March." Max Keiser called for a meltdown/collapse in April. Either way, were fucked.
Let me have men about me who are fat... Happy men & men who sleep at night... Yon Cassius has a lean & hungry look... He thinks much... Such men are dangerous...
Max Keiser ALSO said "buy silver, crash JP Morgan". I'll take Tyler Durden over Keiser if they aren't in agreement
Remember when shit like this used to matter?
Yes.
And not too fucking long ago, I might remind everybody.
Seems like forever...
But weren't
Hey bro, just too old fashioned. Where do I get me one of dem Obamaphones. Now that is shit that matters.
Of course the off books Enron accounting of the gumitup obligations doesn't matter either these days. Crap, if I filed a 10K using accounting the way the US gumitup does, I would be sharing a cell with Bernie Ebbers.
Quite simple.
http://obamaphone.net/how-do-i-get-an-obama-phone1/
The last debt ceiling debacle led to automatic tax hikes and spending cuts, AKA, the Fiscal Cliff. Maybe we'll get a Fiscal Cliff 2 as part of the deal to raise this debt ceiling.
We haven't even had fiscal cliff 1, yet -- no tax hikes or spending cuts yet. They always find a way to weasel out of everything, especially cuts in spending.
This Fiscal Cliff will be weaseled out of. As long as they promise cuts in the future and then when the future becomes the present, postpone those cuts into the future, they can get around making real cuts.
The problem is the US can't stop growing its deficits without the entire fiat monetary ponzi imploding. The entire US economy is credit/debt based which means lower deficits leads to a slowing economy, which leads to malinvestments being realized and the banks going bust. Very few US politicians have the juevos to end the ponzi.
The newly to be passed legislation will begin with the following language:
"Not withstanding anything to the foregoing or hereafter, he whoever wants to do any damned thing they wish, who is authorized to do so by anybody authorizing such from a position of authority, having been previously authorized, with any and all taxpayer monies, either real or imagined, in existence or to be created, is hereby authorized to do so in perpetuity, ad infinitum, without recourse or penalty."
(Maybe we all ought a go for a dip in the Reflecting Pool in memory of Wilbur Mills before they close it to the public.....)
Isn't that Bernanke's oath of office?
I'm pretty sure Wilbur drove into the Tidal Basin, when he was drunk as a skunk with the (ahem) fancy stripper Fanny Fox..., Not that I know anything about Fox's Fanny or her lovely Svedish apprentice..., thank god for the days before every wanker had a camera;)
Timmah! Use your 7% GDP Growth Model. Ha ha ha!
i thought the only ones expecting 7% growth every year were govt union pension funds
Fear mongering time. Same as what it took to get TARP passed . Timmay is very familiar with this tactic.
"G" Fund raid AGAIN! Damn...couldn't they be a little more original...heck...even a valley chick has figured this one out...and this time not with my money.
push it into recession? like we ever left since 1980-other than a constant string of credit-driven bubbles
Mmmmbuahahah! *twirls moustache*
File your taxes early this year -- in march, they're going to begin delaying tax returns.
Never file early, always middle of pack.
Early n Late get the scrutiny.(Unless your a simple 1040EZ and they owe you.)
BFD.
So if the debt limit is reached Dec 31st all this means is the debt limit will be increased. Im surprised there is even still a debt limit at all because, as we all know, the borrowing is never ever going to stop until it is forced to stop.
You think the government is going to reign in spending? LOL. You think those "conservative republicans" want to decrease spending and reduce government? LOL.
This is pure theater. Meaningless theater at that.
The economy hasnt collapsed yet so the printing, borrowing and overspending will continue until such time that the economy does actually collapse.
Indeed. They will spend as long as they can borrow, borrow as long as they can print, and print until what they're printing doesn't buy anything. Pretty obvious what's coming down the road..
LOL, +10
What self-made austerity? What are they going to stop payment on?
I assumed it will only be accounting tricks - smoke and mirrors - to fund normal expenditures until the ceiling is raised in March.
And folks...they will just cheat....the laws are not made for them...they will just hit the print...they can and will bypass the Fed...go direct....just contol-P into whoevers account needs it...its all electronic anyway...any audits..never...its political slime...the new ruling class..
Timmy's head would look so good..., on a pike on Memorial Bridge.
It would be such a wonderful lesson on consequences.
What about the placement of the four quarters ?
If we are going traditional,lets do it right.
Those are moved from town to town in a wooden wagon pulled by strong horses.
Now we know what really got Oblamer off the golf course.
Golf is a fine game, get outdoors in a well manicured wonderland and all, but if I get to Hawaii I'm going where the wahinis and the surf are, and maybe do some diving. I doubt I would spend much time polishing my backswing. Maybe just the putter.
It seems the treasury has taken the 'purse strings' from congress. Tim is going to pass them an outline of what he is going to do.
You don't fucking say...
will the 2 months of America living under self-made austerity be enough to push it into recession.........
ha ha, austerity........there is the rainy day fund...the federal employees pension fund......and then all of the 401k/ira funds....dont worry, the govt will replace them with much more stable treasuries..........................
The austerity is not from the debt ceiling but from the Fiscal Cliff, which will not be resolved until the debt ceiling is extended.
im guessing for every "cut" made, there will be shortly be a new and different "financial need" that will arise so that the government money continues to flow into the economy and prop up that paltry gdp number that is on federal reserve life support.............a good war certainly helps offset all of those nasty cuts..........perhaps the money can come out of a new department that the obama administration will set up.............with its own fresh budget....................
.
huh???!?!? youve been hitting the bottle again???? nice stick save fuu....you deleted that one just at the buzzer....................
=)
Tom and Jerry!
I hate you because your so right.....
My how this date was hidden from the election...but I also think they are buring thru money a lot faster than they said they would...that 1.3 trillion defecit is probably 2 trilion right now....well if you don´t stand for something you stand for nothing...Disability hit a new high this month...another 30,000 increase mass o menos...this has to stop sometime...is it the 1% destroying the country or the 47%....
BTW wasn't Timmay stepping down? When does Treasury Secretary Dimon get sworn in?
It's like Double Secret Probabion.
Wait until S&P and the other rating agencies find out about it.
looks robo-signed
i'm thinking that there's a better than average chance that crusise missiles will be flyin' in the M.E. by the start of March.
Anyway, the debt ceiling...
This is so fucking disgraceful its hard to comment on the behavior of the trash running this country.
Did you all know that Barack Hussein Obama II is the first BLACK president of the United States of America? I've also heard that Barack Hussein Obama II is hip and cool too!
he's a fucking charlatan
how can this be ?.....it does not seem like they are getting anything fixed over the past 4 years
/SARC
The Treasury said on Dec. 28 it would suspend issuance of State and Local Government Series securities, known as "slugs", which are special low-interest Treasury securities offered to state and local governments to temporarily invest proceeds from municipal bond sales.
: http://www.foxbusiness.com/government/2012/12/26/us-to-hit-debt-limit-monday/#ixzz2GCd8TO6Q
SLUGS?! LIk our clad zinc coins! BWHAHAAHAHAH
The Fed and the BoJ made him do it. Two can keep a secret, but only if one is dead!
Obama's Turbo Timmy plays hardball.
Geithner. You mean to tell me he's not in jail yet.+
"GEITHNER"
Have any of you ever taken a good, long hard look at this guy? I mean longer than your 2 second threshold?
Yep, he was great in The Hobbit, oscar nod for sure. My Precious!
It may be time to bet against the money printers...you hopeless a-holes all you good for, print to oblivion.
Ha! The HFTs are looking frisky end year.
Shit, I get one of those every other month from American Express. When they call, just tell 'em to fuck off....they'll get their money. Then slam down the phone and knock over your shot onto the cat.
At least thats how it works in my house.
So how many thousands of little old ladies pensions are they going to steal to do that eh?
Fiat, it's a helluva habit
The Honorable Harry Reid. Majority Leader. United States Senate.
Let me fix that....
The Dishonorable Harry Reid. Majority Leader. United States Senate.
Dear Fuckstick Harry,
We're out of money again asshole. What are you going to do about it? I can loot the pensions for about $200B after that you're on your own
Sincerely, Timmay "Keebler" Geithner
Dearest Timmay,
We'll give it to you now but In June 2013 you'd better have our ZOG master fully engaged in the Persian armpit or it's all ova for you and your ilk. Get it?
Kind regards,
Harry Fuckstick
First will be the TSP money...and the best part is the "savers" are locked in....all you can do is take out up 1/2 on low interest loan and stop contributions....but you can't pull out all money/close account until you leave service.
Thanks for your service boys! Gotcha!
We just got done with our now holiday traditional annual TSP loan to PMs conversion last week....I borrow from myself at 1.375%...motherfuckers....but it's the only way to convert TSP holdings to PM that I could come up with.
Cheers Bitchez.
And yet I'm supposed to fucking pay my taxes like a good little boy and fucking plan for next fucking year for my business when I and these ass clowns fucking have no idea what the rules will be but fuck that just shut it and pay and go hire to create fucking jobs and send that quarterly fucking check in so we can fucking fly around in a G4 but do not think about not paying that fucking quarterly payment because if it is too far off we will fucking fine you and don't forget the new set of fucking regulations that now change every three years and then each fucking state has to fucking modify and then enforce with fucking half wits. It makes me want to fucking close the doors and fucking lay off everyone and just start drinking heavily.
Oh, and what about that fucking gem, "....under normal circumstances, the 200 billion headroom is good for about 2 months".....WTF "normal" circumstances are we borrowing 100 billion per month. Normal ?????
Hey Chuck Schumer, how about YOU get the fuck to work.
Hey, you can always stop and let 'em come get ya. Plenty of folks are doing that. Depending on what your earnings, you may have DECADES of safety margin.
The "bill" gets bigger every day, though. If you work it perfectly, your retirement benefit can go exclusively to penalties and interest on unpaid taxes.
Another whore at the capitalist gang-bang.
Watch them start demanding the Fed destroy some of its T-bill holdings to make room under the debt cap.
Simple. Make month and a half worth of state holidays. Most likely can save on employees, people would be more chill and relaxed. I don't think productivity will go down, but spending will be noticeably less.
Shouldn't have Geithner's name already been added to the US terrorist list?