“Protecting America’s creditworthiness and our economic leadership position in the world is a duty to our country that is shared by policymakers in both parties, in the Legislative Branch as well as the Executive Branch. Therefore any attempt by either party to use the full faith and credit of the United States as a bargaining chip to advance partisan policy agendas would be irresponsible.”
– Timothy Geithner
Those criminals (Republicans and Democrats alike) are intentionally bankrupting America. They are spending America into oblivion.
And yes, they know exactly what they are doing:
‘Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren,” Obama said in a 2006 floor speech that preceded a Senate vote to extend the debt limit. “America has a debt problem and a failure of leadership.’
– Barack Obama
And even Bush’s record budget deficit of $482 billion pales if you compare it to Obama’s projected deficit:
The administration is projecting that the deficit will hit an all-time high of $1.65 trillion this year.
Elite puppet President Obama is 3,42 times worse than even elite puppet President Bush and Obama correctly stated that under Bush “America had a debt problem and a failure of leadership.’
What does this say about Obama?
Secretary Geithner Sends Debt Limit Letter to Congress
By: Erika Gudmundson
Today, as Members return from recess, Secretary Geithner sent the following letter to Congress regarding the debt limit, which we estimate will be reached on May 16. He also details the extraordinary measures that Treasury will begin implementing this week in advance of that deadline (download the signed letter here). For more information on the State & Local Government Series (SLGS) referenced in the letter, read these FAQs. And get the facts about the debt limit, including previous letters from the Secretary and other information here.
May 2, 2011
The Honorable John A. Boehner
Speaker of the House
U.S. House of Representatives
Washington, DC 20515
Dear Mr. Speaker:
Further to my letters of January 6 and April 4, 2011, I am writing again to Members of Congress regarding the importance of protecting America’s creditworthiness by enacting an increase in the statutory debt limit. This letter is to inform you of the extraordinary measures the Treasury Department will begin taking this week in anticipation of the date the debt limit will be reached, and to provide an updated estimate of the Department’s ability to use these measures to preserve lawful borrowing authority without exceeding the debt limit. In my last letter, I described in detail the set of extraordinary measures Treasury is prepared to take in order to extend temporarily our ability to meet the Nation’s obligations if an increase is not enacted by May 16, when we estimate the limit will be reached. Because it appears that Congress will not act by May 16, it will be necessary for the Treasury to begin implementing these extraordinary measures this week.
On Friday, May 6, Treasury will suspend until further notice the issuance of State and Local Government Series (SLGS) Treasury securities. SLGS are special-purpose Treasury securities issued to states and municipalities to help them conform to tax rules that restrict the investment of proceeds from the issuance of tax-exempt bonds. These bonds are used to fund a variety of expenditures, including infrastructure improvements across the country. When Treasury issues SLGS, they count against the debt limit. Because the United States is very close to reaching the debt limit, Treasury must take this action now. However, it is not without costs; it will deprive state and local governments of an important tool to manage their outstanding debt expenses.
If Congress does not increase the debt limit by May 16, the Treasury Department will be forced to employ further extraordinary measures on that date to provide headroom under the limit. Therefore, on May 16, I will (1) declare a “debt issuance suspension period” under the statute governing the Civil Service Retirement and Disability Fund, permitting us to redeem existing Treasury securities held by that fund as investments, and to suspend issuance of new Treasury securities to that fund as investments and (2) suspend the daily reinvestment of Treasury securities held as investments by the Government Securities Investment Fund of the Federal Employees’ Retirement System Thrift Savings Plan. (Under the law, Federal employees are protected by a requirement that both funds be made whole after a debt limit increase is enacted.)