Things just got real: U.S. will hit its debt ceiling limit on December 31


Posted by AzBlueMeanie:

Well, thanks for the headsup there, Timmy. You just now figured this out?

Treasury Secretary Timothy Geithner announced today that the United States will hit its borrowing limit on December 31st, according to a just-released letter from the Treasury Secretary to Congress. U.S. To Hit Debt Ceiling In Five Days:

As a result, Congress must vote to raise the debt ceiling in the next
five days or “extraordinary measures” will have to be taken to avoid
defaulting on our debt, but this would only buy two months. Geithner’s
letter also notes that if the so-called “fiscal cliff” is not avoided,
the resulting spending cuts and tax increases would add a bit more
wiggle room before hitting the debt limit.

Last time the country faced a fight over raising the debt ceiling, the
Tea Party’s intransigence and willingness to risk the full faith and
credit of the United States caused our national credit rating to be downgraded.

Going cliff diving on January 1 woud buy some more time because it automatically increases taxes and reduces spending (including military spending) under the sequestration plan the Congress enacted after the last time Tea-Publicans held this country hostage to their extortionary demands over the federal debt ceiling limit.

Keep in mind the debt ceiling limit is for the payment of debts already incurred. It is not about borrowing money to spend more. When Tea-Publicans say they do not want to raise the federal debt ceiling limit, what they appear not to understand is that what they really want is to default on the national debt and cause a global financial crisis.

If Tea-Publicans were serious about spending (they are not) the time to argue about it is in the budget process before incurring any debt which must be paid under the full faith and credit clause of the U.S. Constitution.

Sen. John McCain's puppet boy, little Lindsey Graham, has been
threatening to hold the country hostage again over the federal debt
ceiling, and this Neo-Confederate insurrectionist from South Carolina
indicates he is willing to default on the U.S. debt and cause a global
financial crisis if the Tea-Publican extortionary demands are not met.

President Obama has  been trying to negotiate a mechansim by which this recent phenomenon of Tea-Publicans taking this county hostage with resulting economic harm to the country is permanently ended.

This country is going to have to deal harshly with these Tea-Publican
economic terrorists, and put this country back on a stable and sane economic course.