The vast majority of Americans are likely unaware of it, but the U.S. Treasury blew past the country’s statutory debt limit quite a while ago – in mid-March – in fact. That means that since then, and for several months into the future, the Treasury has been and will be relying on what are called “extraordinary measures” to pay the government’s obligations.
It’s a term that has become plainly ridiculous in recent years because the number of debt ceiling crises lawmakers have forced the country into have made such measures, such as delaying required pension fund payments, anything but extraordinary.
When Congress comes back next month, there’s a good chance that lawmakers and the White House will face off over federal spending once again, taking the Treasury to the brink of default before finally agreeing on a deal to raise the debt limit.
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4 comments:
Congress really never tried to correct this massive problem. They're lame and we need to rid ourselves of these losers; soon.
I don't understand , why don't they just claim chapter 11 , like most Americans have done.
obamie said it will be alright and so does Hillary.
All the bunch of losers has to do is: 1) stop all foreign aide, except Israel, ASAP as in now, 2) cut all their salaries and benefits / perks the same as private industry, 3) Cut big Government such as immediately as in now. 4) Close up Dept. of Education, EPA, FDA for starters. Then continue to stop funding organizations such as Plan Parenthood, NAACP, ACLU and other Organizations that do harm to our Citizens against their proclaimed policy.
There is solace in hopelessness.
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