The U.S. Treasury Department announced today that the U.S. will reach its $16.4 trillion debt ceiling on Dec. 31, 2012, unless immediate steps are taken to avoid this grim milestone.
Treasury Secretary Timothy Geithner in a letter to congressional leaders Wednesday suggested his department use certain accounting measures that would save $200 billion in government spending, thereby keeping the government within its borrowing limit until at least February, 2013.
“The government is facing a crunch on the debt ceiling because the issue has become ensnarled in talks to avoid some $600 billion in tax hikes and spending cuts due to begin in early January. Failing to raise the debt ceiling could cause the government to default on its debt,” Reuters notes
More
DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
4 comments:
I used to care. So did a lot of Libertarians and 3rd party candidates. Republicans and Democrats don't care. They just want to jump up and down making everyone think they care, but are both running headlong toward the cliff, only to be "saved"by printing inflationary money to "{save us". \
\
Eat death, America1
Did I get my piece of the pie? I still have to pay for my own medication and for people I don't even know.
I would still rather be working class than have no sense of decency at all.
These people running our government will ensure our taxes will rise while pointing the finger at the other side. Any tax hikes will hurt these millionaires less than it will hurt the working class.
The TREASURY SECRETARY (!!) now wants us to use "certain accounting measures" to help with the runaway budget? HE is the Treasury Secretary?? Thats something Bernie Madoff did, but it SHOULD NOT be part of OUR plan. What he should be saying is "if Congress doesn't stop it's spending, it won't matter how much money we print (currently about 45 BILLION a MONTH! --- each month!)" They MUST stop this reckless spending and then blaming each other for the debt. Fat chance either one will happen....
Post a Comment