Treasury Waits Until After Election To Warn That Debt Limit Will Be Reached Within A Month

Posted on November 8, 2012 by


How convenient.

Terence P. Jeffrey reports at CNS News:

The U.S. Treasury quietly warned at the end of a statement issued last Wednesday that it expects the federal government to hit its legal debt limit before the end of this year–which means before the new Congress is seated–and that “extraordinary measures” will be needed before then to keep the government fully funded into the early part of 2013.

On Aug. 2, 2011, President Obama signed a deal he had negotiated with congressional leaders to increase the debt limit of the federal government by $2.4 trillion. But, now, after only 15 months, almost all of that additional borrowing authority has been exhausted.

Read more at CNS News

Harry Reid is bragging that it’s already as good as done:

Senate Majority Leader Harry Reid (D-Nev.) said on Wednesday that if the $16.394 current legal limit on the federal government’s debt must be raised in the next few months by another $2.4 trillion, “We’ll raise it.”

That would set the debt limit at $18.794 trillion.

Read more at CNS News

I guarantee they won’t stop until China calls in our debts and the whole system collapses around our ears.

Cross posted at