Obama To Ask For Debt Ceiling Increase In "Matter Of Days"
Not even an hour after we asked the question, The Hill gives us the answer: "The Obama administration will be asking Congress to raise the debt limit in the coming days, White House press secretary Jay Carney said on Tuesday. "I'm confident it will be executed in a matter of days, not weeks," he told reporters. The notification by the administration — which had been scheduled for last month — was delayed because Congress has been holding only pro forma sessions. The White House will be asking Congress to raise the U.S. borrowing limit by $1.2 trillion. The move would mark the third and final increase from the debt-ceiling deal reached last year by Congress." Of course, the optics of yet another debt-ceiling increase, even a preapproved one, are simply horrible during campaign season. But such is life. Here is the kicker though: the US has preapproval for $1.2 trillion in debt issuance, as per the August 2011 agreement. So far so good. The problem is that since then the US has issued $900 billion in debt in five short months! In other words, somehow the remaining buffer of just $300 billion, or a final debt ceiling of $15.5 trillion, is supposed to last the US until after the presidential election, because this topic flaring up just before Obama is due to hit the debate circuit will be reelection suicide. So our question is: how will the US, which has a gross debt issuance rate of over $100 billion per month on average, last for a year with just $300 billion in dry powder? And even if the $1.2 trillion count begins from the new request, it still means the new debt ceiling will be breached some time in August/September, as we expected last year when we did the calculation assuming a $180 billion gross issuance per month ($900 billion in 5 months). We can't wait to hear the OMB's explanation.
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He has got to stop reading Zero Hedge. Hi Mr. Obama
Obama is making the whole world turn into sh*t!!!
-John
http://www.youtube.com/johnu78
they monitor this site closely. it is a "terrorist" site by their standards. thought this was interesting too: "True Patriots" are the new terrorist group in Tom Clancy's Rainbow Six game.
http://www.naturalnews.com/034592_Rainbow_six_video_game_domestic_terrorism.html
Why do you think all the pre-conditioning is happening? Welcome to the new Amerika. Boycott this piece of shit game
Ladies and gentlemen, fellow Americans, good citizens of the world. Today I would like to talk to you about our Federal debt ceiling. As you may have heard in some of the unauthorized (yet closely monitored) press, we are once again targeting the debt ceiling ahead of our original schedule. This, of course, is good news for the American people.
With our economy now fully out of recession we cannot afford to take a single step backward. This is why even in the face of massive deleveraging in the financial markets we have continued to improve our government programs and keep America on track, with government filling the role it was designed to fill; helping the American people. We are Americans helping Americans win the future. And targeting and exceeding our goals with the debt ceiling is a vital part of this role.
You may hear some say that debt is damaging the economy, that the debt ceiling should not be targeted for additional enhancements. Let me be clear; the debt ceiling target will be met, and it will be exceeded. We will succeed in this. As long as I am President I will make sure that we succeed in this. Those who fight us will be brought to justice, and we will once again have prosperity in all of this great land.
Thank you, good night, and God bless America.
No problema..
Since he used the last increase to pay back the $.25 Trillion he drained from the Federal Employees Retirement System when the country was last going bust, he will have all of that money to use again in an emergency. Oh, wait..
Well, he has the surplus from the Social Security System to tap then Oh, wait..
OK, the Postal Service retirement suplus? That doesn't exist either?
Well, where the heck is a pile of money he can use next?
He's got all the government retiree's money now.
There are no more excess retirement funds left for them to grab now, is there?
Whats the point of having a debt 'ceiling' again?
I'm SICK AND TIRED of this unamerican Muslim president ruining this great country. It's become clear that multiculturalism has FAILED, and the only person willing to preserve American culture is RON PAUL.
shut up redneck!
You called? Or are you shrieking at the shrub?
There's a reason we fight for the freedom of speech, even if propagandists use that freedom to smear their opponents through false association. His name should be changed, though, since he has about as much to with Patriotism as he does Ron Paul.
First they came for the terrorists, and I did not speak out—
because I worshipped a different God;
Then they came for the debtors, and I did not speak out—
because I owed no one;
Then they came for the elderly, and I did not speak out—
because I received no Social Security;
Then they came for the sick, and I did not speak out—
because I needed no medication;
Then they came for the starving, and I did not speak out—
because I had no hunger for SNAP;
Then they came for the defenseless, and I did not speak out—
because I had guns;
Then they came for me--
and there was no one left to speak out for me.
Hopefully, your buddies, Smith and Wesson, spoke on your behalf...
He's not a Muslim, he's a product of the Ford Foundation/Rockefeller Foundation/CIA.
http://thewhiteroseresistance.blogspot.com/2009/02/tim-geithners-dad-barack-obamas-mom-and.html
http://cannonfire.blogspot.com/2008/11/spies-lies-barry-and-his-mom.html
http://is-obama-a-rothschild.blogspot.com/2011/09/is-barack-obama-rothschild.html#comments
It eats the peas or it gets the drones, southern bitchez!
Who cares if the clown is a Muslim, what they can't be prez or something?
We have had every other flavor of the month, why not!
I've never seen a scrap of evidence that suggests Obama is, or ever has been, a mooslem. There are so many real reasons to pound that bitch, with mountains of genuine evidence, so why would you bother concocting obviously false baloney about him? Can't you just attack the shit out of him for the real stuff he's done? (and yes, we've all seen the faked birth certificate, so spare us that)
So that we can watch that video of the kid on South Park depositing the $100 check (it really should be a $1.2 trillion check) and hearing, "And poof.....it's gone."
Or so that we can watch that video of the guy asking for his own debt ceiling raise and then foisting the paperwork on his daughter.
That shit always makes me laugh. Both of them. Feel free to add stuff, like the video of the bears discussing QE....
Upon reading this post...Obama sends black helicopters, complete with tazers, hoods and plsticuffs to Zerohedge offices...be careful out there guys.
Wash, rinse, repeat.
Without debt, the current system collapses. This failed monetary experiment we are living in and calling an "economy" is nothing more than a charade. Sucks if you've got a conscience and don't believe financing your future is how you get ahead. But hey... who am I to step on the American Dream?
So exactly why is there a debt ceiling again? Does it serve a purpose?
Whats the over/under on when Washington will get rid of the debt ceiling altogether?
definitely
it may be obama who will 'have to do something, because congress isn't doing anything'
"- there ain't no constitution - only what I say" Broke Obumbler
My exact thought. I'd say the odds are better than 50-50 that at some point (who knows when) they will either extend a literal blank check/unlimited ceiling/abolish the ceiling, or they will choose to ignore it completely.
If a dollar collapse comes, and the interest rates skyrocket, and all of a sudden borrowing has to triple or more in a year, I would expect that the ceiling would have to be raised in 10-20Trillion increments, at which point you might as well through in the towel and admint defeat.
Semantics, keep raising or write a 'who are we kidding'/paygo bill. Aren't we there?
Who knows? Physicists tell us light does not escape once the event horizon of a black hole is crossed.
http://www.youtube.com/watch?v=EG4uDXYwafw&sns=em
You just know you're going to be cut off if you don't stick to the script now do you? It get good around min. 2
holy shit sudden debt +100
That's some Orwellian 'Ministry of Truth' shit right there.
I logged in to +1 you.. just awesome..
same here. incredible.
Keep those 'public service announcements' coming SD.
Wolf Shitzer and Crap News Network defecates on freedom of speech.. priceless.
speech is money and money ain't free , well not exactly......yet.
You get the "best" speech and just us , by the way that money can buy.
+1 I normally avoid youtube like a politician avoids the truth but I had to see this.
That's exactly what people who value freedom and support RP are up against.
Show some respect to the office. I think you meant, "Hi, President Soetero."
300 billion and 1 year left, no way that will last. And another debt increase, we already see inflation hitting the economy and what now. We may see hyperstagflation happen in the US pretty soon.
Didn't we just raise the borrowing limit by $1.2 trillion last year? Where is all this money going? Is it being burned to keep the White House warm?
It was suppose to last until 2013, no?
The more important question is where is it coming from!
This is the answer that could help awaken the sheeple!
From Benocide Bermonkey
If you really want to wake the sheeple, tell them the debt, before interest, is growing at about $300 per month per person. Then ask them what their family could have done with that money instead.
no, that was a joke , any who looked at the run rate could see that was not in the ballpark.
You know.... Stuff....
BUT DID YOU SEE THAT THE GOV MADE 75 billion THIS YEAR?
So if they would raise the debt hurdle with 5 trillion more, they might even double that income!
Have you seen the First Cow? She probably eats $50 billion per month in KFC and Ding Dongs. Not to mention having to secure vials of blood for their secret parties.
"Let dem bitches eat cake" - Michelle Obama with regard to the American people.
And let's not be silly here. O'Dumbo wants this fight right before election time. Let those cake-eating-hoes-on-the-dole go a week or three without dey food SNAPs cards because of the nigger-hatin Republicans refusing to up the sugar-daddy limit.
Yalls be finna elect dat WHITE BOY who bees talksin bout takin yo reparation biscuits?
Dead Dems be votin' like fo (4) mutha fuckas on election day.
What you call the 'gimme dats' are the pervasive view point of what is left of the cesspool land area between hockey and gorditas. From the Dimons to the SNAPs collectors and all inbetween. Only an unbelievable shift in consciousness and philosophical outlook could help rejoin the US to rest of the globe. Maybe. Atonement cometh.
During the Rodney King riots a reporter asked a rioter what they wanted. The answer:
"access to the dollar". Apparently the concept of work escapes them.
To the Treasury > Fed.> ECB> ...
...XAU? Just kidding. There's that 200 day MA thing again...damn you're good.
Alice in Wonderland parties....dontca know...and Hawaii vacations...that Mrs Obama can eat....alot
Where is all this money going?
SocSec, Medicare, the military.
By some proxy perhaps, Dimon will help...
He withdrew his previous request (end of December) so that he could argue that Congress wasn't in session, and thus he could make his "recess appointments". If Congress had just passed the request, he couldn't have argued that Congress was in recess.
Stupid games to abdicate more power.
Nobody will challenge the raising of the debt ceiling if we're at war.
But we're no- ohhhhh.... I see what you did there. Clever.
Oceania has always been at war with Central Asia.
So ... war is just $300B away? Finally something to plan investment strategies around.
/s
That would assume that we don't have this fight a half dozen more times over the next 11 months.
They could just change the calendar system and lower the amount of month a year normally contains. From 12 to 3 in 1, 2, 3!!
While we're at it can we get rid of daylight "savings" time...?
The debt ceiling will be raised, and then it will be soon old news again, not a "currently pressing problem" during the campaign.
You think the Rs are going to let them raise it high enough to get us past November? I don't.
There are several counters that have already been used, I'm guessing O will threaten "can't send SS checks because the R's are mean" counter yet again.
Wasn't the debt ceiling originally created to keep the U.S. out of war?
The inrony...
To surpress the price of gold in dollar terms after the dollar went off the gold standard.
To keep the U.S. out of the first World War...
It was established in 1917, specifically as a way to help fund the American participation in WWI through Liberty Bonds
sometimes my reading is as bad as my typing
+1 You can count on a Rothschild to know all there is to know about public debt and war.
regardless of any1 wishes, it will be increased ( may be with some clowns and show).
We don't have a choice at this point and are going all in. like it or not.
Did you know there where 3 types of clowns?
there may be even mroe types of clowns, we need them all.
All those clowns are part of the bigger circus ( world economy)
Simply put, clowns are fucking us and making more money than we are.
This is now a routine matter, like mowing the Whitehouse lawn.
We. Are. Screwed.
Exponential growth, people. It catches (almost) everyone by surprise at the knee of the curve.
Them positive g's are gonna crush a lot of punkin' heads...
Will he be 48 minutes late?
Actually the $1.2T will take them to to final limit of $16.6 or so.
Since these topics cross I'm cross posting what I said earlier;
Yes but he had to formally ask for it and Congress has the option to shoot down. It is procedural but still the letter of the law. That is why they withdrew the request early this month for next week. That
means each and everyday since Thursday they have been over the limit without one peep from MSM. I mean who do these guys think they are kidding.
What a joke.
Regardless they went through 900 billion in 5 months. Guess what that means for the 1.2T which they are as we speak drawing against now? It means June/ July at the latest. Which means Timmy G will rob as long as he can. Early October at the very, very, very latest.
Debt bomb right before elections. Fun times ahead.
They ain't fooling nobody.
Going to squeeze that teet as hard as I can come Feb and refund time.
OT: But where in the world is S&P already? They shoulnd't be taking anywhere near this long. It's like payments from Euroland must be pouring in. Moody's should have zero choice in the matter come October on downgrade or not. No excuses anymore. We saw enough of that in 08 to last a lifetime.
The real joke will the the flight to safety that will take place when that happens.
"To infinity and BEYOND!"
And wait until they get the bill for their loan modification schemes! Add ANOTHER trillion!
Ezra Klein’s on Story on Mortgage Modifications and The Parable of The Centrally-Planned Housing and Mortgage Markets
https://confoundedinterest.wordpress.com/2012/01/10/ezra-kleins-on-mortg...
What would President Gingrich do?
At that rate, we'll be running out of cash again just about the time that April 15th and tax day roll around. I don't think Americans are going to be in much of a mood for a bigger black hole!
Boehner buckled how many times last year? Fire Boehner and Obama! Bettter yet, just fire them all!
But but but, according to Krugman, the faster it burns the more EVERYTHING will grow. And Krugman can't be wrong, he's a well respected PhD AND a Nobel Prize winning eCONomist.
Well as is the custom....off to my Silver dealer...
Fucked is the country indeed.....
Cut the friggen theatrics. The market will eventually determine the debt ceiling. Let these money grubbing power hungry banker loving politicians spend away. The sooner it burns to the ground the sooner we can rebuild it, hopefully with a few less of them.
Bingo! The more rope the better
In order for the market to determine the debt-ceiling, you need genuine price discovery. Our reserve system has been manipulating the yields for too long. I suspect we can keep the yields low long enough to "wait out" the crash of Europe and China.
Interesting times.
The market encompasses more than just the stock bond market. Price discovery will happen when the market for dollars are rejected.
It's hard to see anyone "rejecting" dollars. There are no other currency-pools big enough for the big institutional guys.
You can't put a trillion dollars into the Swiss Franc, yanno.
Yep, classic "do u fe yucky punk?
Herman Cain may have his 9-9-9 plan (and by the way, I was a Cain supporter), but OBAMA has his 6-6-6 plan!
Cain was a hired sideshow