U.S. Treasury Secretary urges Congress to extend the right of the government to borrow

[yota691]

U.S. Treasury Secretary urges Congress to extend the right of the government to borrow

 

 

 

Posted: Wednesday, August 28, 2013

Dpa

Warned U.S. Treasury Secretary Jacob Liu in a letter sent yesterday to Congress, that the exceptional measures put in last May to avoid the government's inability to pay its debts will expire in mid-October, and urged Congress to extend the government's right to borrow.

Liu said that after the exhaustion of extraordinary measures, would leave the Treasury to finance the government's liquidity that exist only within the reach of her hand one day. Liu cautioned that the work of the government under this scenario, would put the United States in a position unacceptable.

The Ministry of the Treasury in the implementation of extraordinary measures after the government reached the maximum legal debt in May. In the letter addressed to House Speaker John Boehner, Liu urged the Council back to work as soon as possible to protect the good credit rating of the United States through the extension of the right to borrow before risking to become the inability to repay the debt, is imminent.

 

 

The latest estimates show that Treasury cash balance at the exhaustion of extraordinary measures in mid-October will be $ 50 billion, which he called Liu "is not enough to cover the net expenditure for a long period of time."

 

He noted that the Treasury Department spends about $ 80 million in the form of monthly payments in such things as military pay and social security payments and health care.

Liu also warned in his letter that there may be "serious disruptions to our economy," if investors become unwilling to lend money to the United States, which would leave the United States in need of funds.

He explained that the extension of the right of the government borrowing will not increase spending, but it will allow the Treasury Department to pay expenses approved by Congress before. "As I mentioned earlier, Congress should move as soon as possible to fulfill its responsibilities to the nation and an end to the threat of inability to repay the debt .. Under any circumstance, the Congress must act before mid-October. "

 

[bigwave]

In my household we stop spending if we can not pay. Pretty easy to trim down. No movies, no ice cream, no extra cable (heck no cable at all if I had my way), way less air conditioner and heater.

 

I've done it so long that all's I want to eat is rice and beans. Who needs a big steak all of the time anyway?

 

It is time for the DC group to get real. When they spend someone else's money they just don't get it.

 

When you run your own business it is a way different mind set. 

 

Peace

 

Come on RV

[sxsess]

Big wave they can't stop, especially when they know there is close to 20 trillion in retirement accounts that they could grab. This people have to be brought down before its too late.

[pattyangel]

I think we all know how this will end.  Congress will approve or O will over ride Congress.  Unconstitutional, but hey why not add one more unconstitutional move. 

 

Stay alert, so much is happening around us to distract us, no telling what's coming down the pipe. 

[SgtFuryUSCZ]

***///

 

..."feed the fed, feed the fed..."  we're sick and tired of it.

 

Let it starve to death. 

 

It should fail like any other corporation.  It IS a corporation, after all, y'know.

 

If it over-extended itself, too bad.

 

  It should meet the same fate it has forced so many of our other REAL American businesses into.

 

Americans will just have to suck up any ramifications of this evil corporation's demise,

put ourselves back on our feet,

start from scratch and pay attention from now on to our REAL LAWS and never let anything like this

bogus FED ever fool us again.

[Dinar Buddy]

I could lose a few pounds