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Debt Ceiling Drama Is Back: Two Days Until US Borrowing Capacity Is Exhausted
And so, a little over a year after the last debt ceiling melodrama, in which the US kicked the can on its maximum borrowing capacity to this Sunday, March 15, in the meantime raking up total US public debt to $18.149 trillion...
... the soap opera with the self-imposed borrowing ceiling on America's "credit card" is back, and the US is once again faced with sad reality of its debt ceiling (now at well over 100% of America's upward revised GDP of $17.7 trillion). Tthe reason: two days from today Congress’s temporary suspension of the debt ceiling, which was approved in February 2014, ends.
As Bloomberg reports, Treasury Secretary Jacob J. Lew called on lawmakers to raise the country’s borrowing limit and avoid playing politics when the U.S. government’s credit rating is at stake.
The creditworthiness of the United States is not a bargaining chip, and I again urge Congress to address this matter without controversy or brinksmanship,” Lew wrote in a letter Friday to House Speaker John Boehner and the rest of the legislature. The Treasury Department on Friday suspended sales of its state and local government series of non-marketable securities, one of the initial moves it makes to avoid exceeded the federal government’s debt limit.
Lew said he’s also declaring a “debt issuance suspension period” as of Monday with respect to the Civil Service Retirement and Disability Fund, and will suspend daily reinvestment of Treasury securities held by the Government Securities Investment Fund of the Federal Employees’ Retirement System Thrift Savings Plan.
The department has made similar moves in previous debt ceiling debates, using the tools to stay under the borrowing cap.
So-called “slugs” securities are sold to states and municipalities so they can comply with federal tax laws and arbitrage rules when they have money to invest from their issuance of tax-exempt bonds.
The U.S. probably doesn’t need to raise the debt ceiling until October or November, according to a Congressional Budget Office analysis. While U.S. lawmakers have struggled to raise the debt limit since Republicans won control of the House in 2010, nearing the brink of default in 2011 and 2013, Senate Majority Leader Mitch McConnell has pledged that there will be no default or government shutdown this time around.
The good news is that all the comedic idiocy surrounding the "trillion dollar platinum coin" is about to be unleashed upon a zombified US audience onc more, while the most important message: that $1 dollar of debt can't even buy $1 dollar of GDP, is once again lost on everyone.
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Zzzzzzzzz. Sorry, not biting on this shit again. Call me if something heppens.
print moar
This doesn't even move the needle on my give-o-fuck meter.
I'd rather have a threesome with Hillary and Chelsea than argue about this.
pods
give-o-fuck meter
good stuff! love it - gonna use that
my other favorite is:
if I gave a shit, I'd give it to you
A little haggling will NOT get in the way of Fascism. Don't be decieved...
Rest assured, there will be no haggling.
At this point they're just running out the clock.
Last time they just "suspended" it
OMFG!
It's the DEBT CEILING DOOMSDAY MACHINE!
(Sorry, I thought of my favorite Star Trek TOS episode)
The MUSIC is quite good! Que the music:
https://www.youtube.com/watch?v=hj1idKXAiCk
The 'DEBT CEILING' mirage is like a giant paper mache ice cream cone, and Congress is simply a kid that likes to LICK IT... again and again...
I'm going to buy some S&P CALLS on Monday morning just to spite them.
So let me get this straight. If both sides of congress squabble over raising the debt ceiling this may imperil the US's credit worthiness but if they both just agree to raise the fuck out of that ceiling or remove it all together . . . . . thissss . . . . willlllll . . . . . be goooooooddddd for US credit worthiness?
I'm beginning to think these dumb bastards actually believe the shit they spout as opposed to quietly sniggering behind the backs of their citizens.
Didn't the fascists do away with the debt ceiling alltogether? Why are we hearing about this shit again?
It's all about APPEARANCES.
If a KIA looks just like a Honda or a Toyota, but costs less, you buy the cheap car. Why pay MORE?
Well, if something LOOKS like another thing, but is actually made of shit, and you don't find out until LATER, then they got your money, and you got NOTHING (just like it's planned to be).
Totalitarian Socialists are much like this. They make you THINK that there is some kind of 'control' over the rights and liberties that is supposedly 'guaranteed' to you, while putting on a Hollywood show about 'how hard they fight for your country' (that ceased to exist back in 1872, or 1913, depending on who you ask that is actually informed about REALITY).
The KIA Congress is getting ready to authorize the FEDRES to print MOAR; and Soetoro to ACT any fucking way HE wants to. It's PLAINLY OBVIOUS.
What's wrong with a KIA? Pretty good cars.
You have obviously mistaken me for someone who gives a shit!
ummmm...i'll gladly jump on the debt ceiling train to avoid that disturbing thought; but for now i'm heading over to http://eyebleach.com/
Why ride the train when you could ride the mom and daughter Clinton tricycle?
At least you would have a good story?
This debt "ceiling" stuff is like eating packing peanuts. No taste, no nourishment. The most you can say is that you are doing something.
pods
I'm not concerned about arbitrary debt limits, but there will be a real debt limit at some point and that's when this is need to know information:
http://debtcrash.report/entry/i-bought-what
Are the packing peanuts salted or unsalted? Organic? Ethically grown and sustainable? These things needs be considered before we judge whether it's good for you or not, no?
Will they be served at a Mooch meal?
Will my dogs eat them?
"Will my dogs eat them?"
Your dogs ARE eating them.
So are YOU.
'Soylent' (t.m.) packing peanuts now come in all shapes, colors, sizes, and flavors. McDonald's was the pioneer in this field (with their realease of 'Chicken Nuggets'), and Purina is now leading the charge, with all types of fish and beef-flavored 'bits' for your kitten or puppy to eat. Whether it be 'cat chow', dog chow', 'chicken chow', or 'people chow', rest assured that our bioethically-trained chemists are working 24/7 (or else) to fulfill every desire of EVERY being.
(Side effects MAY include the need for electric people carts at our WalMart outlets due to gross obesity; and the need for a health 'care' system that you must be forced to sign up for NOW).
Thank you for your individual input. It is always important.
Sincerely,
MONSANTO
''The system is the master; all must serve it. Credit must grow or else SHTF. I told Douchinger too; if you do not borrow, they will borrow on your behalf.''
trav7777
'In hushed tones, they speak the name of the one that used to be here, but is no longer. With great reverence, they dim the lights, hiding the keyboards under their desks, and type the following:'
(Wait for it)
'His name was ...'
FRANCIS MARION
TRAV7777
?
Greetings. We are ANONYMOUS. WE were the ones that initiated the original 'Occupy Wall Street', those many years ago; before our message was hijacked by George Soros and his minions at the MSM, and the PTB finance 'MOTU'...
('MOTU' refers to the Jules Verne book, entitled 'Master Of The Universe'. It was pablum, suited for the average 12-year-old in the 1880's [and is probably still above the average college student to comprehend, in the 2010's]. It was the book written just after '20,000 Leagues Under The Sea', I think. I COULD be incorrect, though. I was pretty young when I digested it. Right after I read it, I found Pierre Boulle's books to be far more interesting. His tome entitled 'The Twenty-one Balloons' was far more exciting [I read Verne and Boulle concurrently]. It's actually hell when you are a nine-year-old with the mental capacity of a college graduate.)
Good to see you are back, Trav.
Where'd you get your give-a-fuck meter? I'm thinking of getting a new one, mine seems to be broken, nothing registers anymore.
does this mean that as soon as its raised there will be some sudden large borrowing like in the past. Or do extreme measures wait till next week.
DC thinks of everything! Time this to coincide with FED meeting, blame Republicans for whatever happens.
The Debt Ceiling will always be raised.
Here's why:
https://www.youtube.com/watch?v=iFDe5kUUyT0
(Pertinent section begins around 14 minutes in)
GREXIT! GREXIT! SYRIZA!
oh - wait
nevermind
sorry
Ahhhhhhhhhh Run for your lives!!!
Dance monkey,,dance!
"I think were losing the information war"
dumb bitch
I'm making over $7k a month working part time. I kept hearing other people tell me how much money they can make online so I decided to look into it. Well, it was all true and has totally changed my life. This is what I do... www.globe-report.com
As Bloomberg reports, Treasury Secretary Jacob J. Lew called on lawmakers to raise the country’s borrowing limit and avoid playing politics when the U.S. government’s credit rating is at stake.
I love a good joke and that's down right hilarious....
yes because nothing helps your rating more than more debt!
Yes, and what happened to the last agency that tried to downgrade the US credit rating.
They should just raise it to 800 trillion and quit wasting everyone's time.
Yep,
DrEvil is going to have to up his game at this point,,,
One giggaconpinfinion dollars! Mwahahahaha!
This Shawshank clip comes to mind.
https://www.youtube.com/watch?v=Vmo22iKC9ns
They would just have to raise it again next year tho...
Gee, i wonder if they will wait til the last second to show how useful they are.......? Such usless drama
just for ammusement....
via bloomberg
The federal debt limit was created in 1917 to make it easier to finance World War I by grouping bonds into different categories, thus easing the legislative burden on Congress. Before that, lawmakers approved each bond separately, including borrowing that paid for the Panama Canal.
lol nothing to do with pursueding the american public to go along with a central bank, right? its ok babe, im just going to put the tip in. dont worry i will be gentle.
Hey you said the tip!!!
Oh... You meant Tip O'Neal. No wonder I tore.
So once again, House and Senate Republicans will band together in an attempt to prevent the Democrats from pushing through another .... wait a second....?!?
"We furloughed some folks."
1. stop raising the debt ceiling
2. default on existing debt
3. excute massive restructure
4. raise rates to 4-5%
5. incentivise people to save their $$$ instead of sleeping outside the apple store for 3 nights to get new iphone
there - we've solved the debt problem and wealth envy inequality
I prefer cancelling the debt held by the Fed and cancelling its charter as well.
Neither aliki's or Bastiat's good suggestions have a chance of occurring until heads roll.
"Pragmatism seems wasted on the young, and idealism on the old" -Kirk
Debt is money in the fiat world. THE USA IS RICH!
Believe or I'll throw you out the window.
US Representative Pete Stark Blows Up Over National Debthttps://www.youtube.com/watch?v=UjbPZAMked0
Jan couldn't handle the truth!
wait until we (USA) mint those TRILLION $ PLATINUM COINS !! 1 oz I presume. I'm gonna go get me a shitload of platinum !
A year from now there will be an outcry for auditing all of the Platinum Coin vaults
Who cares if they run out of platinum, they will just make the TRILLION DOLLAR COIN out of plastic like those Fisher Price toy cahier tillers that we used to play with as kids. LOL!
maybe we should go the route of the greeks and not pay the government workers for 2 months!
Howsabout 20 years?
OT Oil not off the lows!
Down $2.25 and still falling. Burn, baby, burn.
What's a few trillion $$ between the treasury and the Federal Reserve anyway?
Just make it disappear anyway through QE magic.
US buys Chinese garbage so the Fed buys the US treasuries and makes it disappear by giving the money back to the treasury. Poof, gone.
Am I the only one who appreciates spelling and grammar?
as in Tori & Kelsey?
nO No your net
most Americans can no linger spill or rite while the reachers union gets rich & leftist celebrate dependency
Now you are just being a fucking idiot.
Political theater, bunch of bull shit
McConnell and Boehner are a bunch of vaginas and will do what Lew (and Obama) ask
correction they will all do what Goldman Sachs wants....they do want to get rich and nothing better than doing your part. Note how Geithner, Clintons, Lew, Obama, Orzag...etc have gotten rich....LISTEN TO WALL STREET!!! Paulson was already rich and making sure his criminal gand stayed rich and Bush...who the heck knows.
We're running a $400 billion dollar deficit just 5 1/2 months into FY 2015 ???
BUT OBAMA SAID DEFICITIS ARE DECLINING ???
and Dick (Cheney) said DEFICITS DON'T MATTER
Cheney said that when the national debt is $4 trillion and could be repaid.. today it's $18.15 TRILLION and will NEVER be repaid.
HUGE DIFFERENCE
Even when it was "only" $4 trillion it was never being repaid back then either. Don't kid yourself thinking it could have happened.
There's a reason why Andrew Jackson has been the ONLY president able to completely pay off the national debt. Not surprisingly, it was the same Andrew Jackson that held an intense hatred for paper money and central banks.
Come on now! That four trillion was always going to be rolled over. It never was going to be paid off.
Cheney understood how Central Banking and the Dollar works. He was and still is absolutely correct, because...
As long as King Fiat Dollar is the world's Reserve Currency and FRB is in place, the US can print until the cows come home. All the Fed is doing, is exporting inflation. The world HAS to eat our debt, if they keep using Dollars.
This will not be true "forever", but in his time and present day, this is still true. And this show can and will go on longer than the Tylers, ZHers or Libertarians like to admit or have predicted.
At this point, my Give-a-damn or Doomsday meters are at a mere 900-1500 RPM idle. This Idle speed will continue until I see massive MSM reports that point to an >8.0 earthquake on Wall St. -- given that ZH is crying wolf 5x/day, and I have to discount its Doom forecast accordingly.
YOY, it's higher in FY 2015 than FY 2014. At least so far.
We're bailing out everyone in sight, and paying for promises we can't afford to have made - what could possibly go wrong?
anyone know what time the FED ramp in the market is....I didn't get the memo
overnite futures, gold smack down overnite at chinese coffee break & around 10am & 3:30 3:58 pm
Yup, but that kind of truthiness will get you put on lists;)
maybe not so much anymore as 13 fedsters now openly admit they do SM intervention buying etf's futures, basically controlling the market cause if this puppy goes, there is nothing else save you neighbours chit he's hidden
any minute now ... keep btfd.
rino, chamber maids will fold in 3,2,1 - bingo, I got mine
They wont raise it this time! Wait, maybe Im not over that triple concussion
Boehner- The time has come for action. We will not raise the debt ceiling without equal cuts.
Obama- We will not negotiate with those who try to use the country as a bargaining chip.
Boehner-The American people spoke in the fall, and they agree that the spending must be cut and it must start today. The House and Congress today signed a bill to keep the government running. We did not include funding for immigration.
Obama- Because of more Washington gridlock, and the Republicans refusal to negotiate, and because there are folks that don't like me for obvious reasons, we will have to shut down the gov starting tomorrow. I have instructed my staff to close all monuments, museums, and anything else tourists do in this town. Police will not be working starting tomorrow, fire men and women will not report to duty. If the republicans want to shut down american, there is not much I can do. If you'd like to receive your social security check, I suggest calling your congressperson and let them know.
Boehner-We tired, but Mr Obama refused to work with us. Today we passed a clean resolution that funds all gov in accordance with the Presidents wishes. We did try though. <sobs orange tears down his shirt>
would I still be able to get my Starbuck latte?
If there's one thing everybody should have a high degree of confidence in, its the demonstrated core competency of the people running the show when it comes to can-kciking.
Smoker Tan will get down on his hands and knees and suck Obama cock, AGAIN.
Does anyone really believe they will do anything but continue to kick the can until the treasury debt markets finally collapse? It doesn't matter where you live or have your money, you won't be able to escape the financial black-hole that unleashes. My only hope is that there is swift "justice" served for politicans that voted to extend borrowing limits.
correct, but most low infos, millens don't care but they do know moochelles favorite color & size of kardi's ass - basically all is lost
Trillion Dollar Platinum Coinzzz, Bitchezzz!
It's MONEY because we say it is.
Problem solved!
Just a trillion? Mint the damn thing denominated at $100 trillion. The debt ceiling, "were broke", "credit card is maxed", "budget like a family" and other assorted bullshit would then be irrelevant.
Hi all...I usually would not post a youtube link, but its only a minute long and you only have to listen to the first 30 seconds...its obama talking a year ago about the debt ceiling,. I am sure you all have heard it, but posting it as a reminder to how crazy this black and white man/woman is.. :-)
https://www.youtube.com/watch?v=zZSMdlINVAk
Someone needs to go back to the very first fold by Boehner and he clearly said that its a one time thing and will not happen again. This was about 7 folds ago. Boehner more than Obama needs to be hanged for Treason.
long rope, or if you are a prepper, 900 paracord.
Geesh Tylers, one problem at a time. You've got so many problems stacked up here I can't drink my my Jack Daniels fast enough.
And would you or I get an increase in our credit limit, if we kept it maxed out? The card company would get scared pretty quick that something must be wrong and we weren't going to pay off the ever mounting debt....
<-- Groundhog Day.
<-- It's deja vu all over again.
This is a nothing-burger. Last time, IIRC, they suspended the debt ceiling, and the legislation was something along the lines that the president (then B. Obama, now Valerie Jarret!) would raise the limit and if the congress didn't object, then it was fine.
Kinda changed the whole narrative to avoid the drama. And, besides, they're going to just keep borrowing and spending. That's what they do.
A non-sequitur. Nothing to see here, move along. Serfs.
Time to add "coupons, sales and other discounts from FMV" to the GDP calculations so that GDP rises to $25t and the debt to GDP drops to 67%.
You know, should a creditor even be vaguely concerned about any of this???
Remember, a $ deposited can be "loaned" 12+ times
( and these days a LOT more than just 12 X ) soooo... , if 90%
of all debts outstanding blow up, there is still that 2 or 3
good ones out there to cover that $ on deposit...
Of course, if Uncle Sam is toast, then the actual currency is as well!
Hmmm... options... options...
!
Just print, print print God Damnit. I need my free shit. The defecits dont matter. My great, great great great grandkids can pay off my debt. Ill be dead, thats why it doesnt matter.
And on a separate note, .gov should be planning ahead. I propose a contest and a subtainial award for the best design of the first American 100 trillion dollar bill.
You do know that your great to infinity grandchildren are not going to pay off your debt, right? They will not need to. Beware of political constructs. They tend to bring out the worst of human ignorance.
Does a snarky portrait of Janet Yellen count? Or maybe Bernake?
Who cares, nothing is going to turn back the Imperial Presidency or the DemPublican control of the 3 branches of fascist-socialist governance.
Ben Franklin said "Tis better to go to bed hungry, than to awake in the morning in debt."
Just end The Fed.Get rid of Federal Reserve Notes ,make them illegal and bring back Treasury Notes backed by gold bullion and silver.Wipe out the debt to these mafia banks which are a private institution and continue on with an interest free society free from usury.The Federal Reserve is unconstitutional.The new Treasury bills will be AURUM made of gold and silver.Put crooks out of business.
"Circus comes to town" entertainment getting more frequent. Yawn ! If you are not up in the hills watching then what are you doing ? The only semblance of sanity rests with reading/writing in ZH.
Bullish for gold in the short term, even if it is much ado about nothing like before. NUGT?