US Hits Debt Ceiling

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Just announced on the Treasury department blog...

Today, the United States has reached the statutory debt limit. Secretary Geithner sent the following letter to Congress this morning alerting them to actions that have be taken to create additional headroom under the debt limit so that Treasury can continue funding obligations made by Congresses past and present. The Secretary declared a "debt issuance suspension period" for the Civil Service Retirement and Disability Fund, permitting Treasury to redeem a portion of existing Treasury securities held by that fund as investments and suspend issuance of new Treasury securities to that fund as investments. He also suspended the daily reinvestment of Treasury securities held as investments by the Government Securities Investment Fund of the Federal Employees’ Retirement System Thrift Savings Plan. For more information on these measures, please read this FAQ.

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Secretary Geithner continues to urge Congress to raise the debt limit in a timely manner in order to uphold the full faith and credit of the United States.

The Treasury has said these emergency measures will get the government through August 2, at which point it could get really dicey, with the prospect of default having been put on the table.

http://www.businessinsider.com/the-treasury-officially-announces-that-its-taking-extraordinary-measures-to-avoid-a-debt-limit-breach-2011-5

[Vi-Jay 218]

Now we get to witness Geithner's check kiting skills.

[Obama 2012 1,714]

Hope & Change.

[Vi-Jay 218]

Hope & Change.

Am I correct if I assume you are blaming Obama for this?

[I AM NOT THAT GUY 5,715]

Who needs the Feds! Let the Devolution begin!

[Vi-Jay 218]

Who needs the Feds! Let the Devolution begin!

Debt limit reached, US halts 2 pension investments

US hits debt limit, Geithner suspends investments in 2 big government employee pension funds

AP Economics Writer, On Monday May 16, 2011, 12:39 pm

Edited May 16, 2011 by Vi-Jay