The Obama administration warned on Monday it could start defaulting on the government's obligations "very soon" after it runs out of room to borrow under a legal cap on public debt.
Washington is due to reinstate a limit on its borrowing at the end of this week and Treasury Secretary Jack Lew said the administration can use accounting measures to stay under the new cap until the end of February.
After that time, "very soon it would not be possible to meet all of the obligations of the federal government," Lew said at an event hosted by the Bipartisan Policy Center, a prominent Washington think tank.
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6 comments:
His salary and congress should be first on chopping block...so hurry chop chop chop get the spending down.the sky is not falling
I hope the fed crashes, and crashes hard! Good for US!
You might not think that when your federal reserve not is valueless, like that old conferedate currency
My money is already valueless! Bring it on!
This has not stopped the crack pipe users Obama's from taking Million Dollar Vacations all the time...
it's not the Fed that crashes-- it's the currency they print and our economy is driven by that will crash-- The owners of the FED have been busy stealing the world's Gold-- Libya had 144 Metric tons and Iraq better than 2 times that much. Half of Germany's is in the hands of them and Bernacke refused to allow them even see it..
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