Lew to Congress: US Hits Debt Limit On March 16, Needs To Be Raised ASAP

[Purveyor]

Source: CNBC

Unless Congress takes action, the U.S. will hit its debt limit on Mar. 16, but would begin taking "extraordinary measures" to finance the government on a temporary basis, according to the U.S. Treasury.

In a Friday morning letter to House Speaker John Boehner and other House and Senate leaders, Treasury Secretary Jack Lew said that his office will be forced to suspend the issuance of State and Local Government Series securities on Mar. 13 unless the debt limit is decreased.

"Accordingly, I respectfully ask Congress to raise the debt limit as soon as possible," Lew wrote in his letter.

The Treasury secretary emphasized that "increasing the debt limit does not authorize new spending commitments," but rather "simply allows the government to pay for expenditures Congress has already approved."

Read more: http://www.cnbc.com/id/102459024

[Diclotican]

1. Purveyor

Purveyor

I guess - back to Shutdown of the Federal Government again, thanks to the blustering and puffing from the GOP....

Diclotican

[Romeo.lima333]

2. lurching from crisis to crisis

[forest444]

3. Which, of course, means it won't.

Shorting the market, at least while the ensuing fracas lasts, might be a good way to make a quick buck right now.

[yallerdawg]

4. Oh shit.

The Holy Grail of defunding all of President Obama's programs.

No veto.

And so it begins.

[Sinistrous]

5. Oh Goody!

Another bill for the rethugs to hold hostage in their hopes of destroying the country.

[Cryptoad]

6. Well,,,,,,

let own up to it,,,,, the Prez has got to descend all his executive orders just for starters!

[Demeter]

7. Wow! Ten Whole Days' Notice! What's your hurry, Lew?

It takes Congress at least 30 times that long to order lunch!

[A Simple Game]

8. If I was a nicer person I would have felt some pity thinking of Boehner opening that letter.

But instead I got an evil smile thinking about it. I bet his heart stopped for a minute. How are we going to get through this one John?

[Wellstone ruled]

9. Nothing here move along.

Gee,think there will be a amendment repealing ACA and Immigration? Count on it baby. These twits are hell bent on busting Obama's economics one way or other.

[rurallib]

10. how about if we defund Homeland Security department for a while?

[Midnight Writer]

11. Shut 'R Down! Yee-hah!