USA Runs Out Of Borrowing Authority Today — Life Goes On

Today is the day, we bought our last hula hoop with chrome wheels today … First thing they do is raid federal pension funds, for maximum effect, RIGHT?

The WSJ reports:

The U.S. government is expected to hit the $14.294 trillion debt ceiling Monday, setting in motion an uncertain, 11-week political scramble to avoid a default.

The Treasury Department plans to announce Monday it will stop issuing and reinvesting government securities in certain government pension plans, part of a series of steps designed to delay a default until Aug. 2.

The Treasury’s moves buy time for the White House and congressional leaders to reach a deficit-reduction agreement that could clear the way for enough lawmakers to vote to raise the amount of money Congress allows the nation to borrow.

Gene Sperling, director of the National Economic Council, said reaching the debt ceiling “should be a warning bell to the political system that it’s time to get serious about preserving our full faith and credit.” The Obama administration says a default would tip the U.S. back into a financial crisis.

Let the Obama fear-mongering dance begin.

Is the 2012 election here yet??? I am sick of the lies coming from this regime.

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