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Treasury to tap federal pensions to help fund government
05-16-2011, 05:40 PM #1
JayRodney ⓐⓛⓘⓔⓝ
Posts:31,572 Threads:1,443 Joined:Feb 2011
Quote:WASHINGTON — The Obama administration will begin to tap federal retiree programs to help fund operations after the government loses its ability Monday to borrow more money from the public, adding urgency to efforts in Washington to fashion a compromise over the debt.

Treasury Secretary Timothy Geithner has warned for months that the government would soon hit the $14.3 trillion debt ceiling — a legal limit on how much it can borrow. With the government poised to reach that limit Monday, Geithner is undertaking special measures in an effort to postpone the day when he will no longer have enough funds to pay all of the government's bills.

Geithner, who already has suspended a program that helps state and local government manage their finances, will begin to borrow from retirement funds for federal workers. The measure won't have an impact on retirees because the Treasury is legally required to reimburse the program.

The maneuver buys Geithner only a few months of time. If Congress does not vote by Aug. 2 to raise the debt limit, Geithner says, the government is likely to default on some of its obligations, which he says would cause enormous economic harm and the suspension of government services, including the disbursal of Social Security funds.

Source:seattletimes.com

So much for retirement and social security. I believe the US will be forced to default on all its loans as it's very apparent it's insolvent. No one much cares if they admit it or not, we all know it anyway, actions such as these speak far more than words.

wonder.gif
05-16-2011, 05:43 PM #2
yankees skier
Posts:5,889 Threads:215 Joined:Feb 2011
USA is bankrupt for sure. That's exactly how the world bankers want countries these days.

Biere.
05-16-2011, 05:51 PM #3
JayRodney ⓐⓛⓘⓔⓝ
Posts:31,572 Threads:1,443 Joined:Feb 2011
They own everything now. sad2.gif We've been sold out.

wonder.gif
05-16-2011, 05:53 PM #4
Kreeper Griobhtha
Posts:10,847 Threads:655 Joined:Feb 2011
The actions they take now will be the most telling of all. They will either take emergency steps to slash spending and get it under control in an effort to save the country and their retirement, or they will raise the spending limit and continue this path of destruction.

Any bets?

.

Politicians hide themselves away
They only started the war
Why should they go out to fight?
They leave that role to poor
05-16-2011, 06:07 PM #5
Shadow Mrs. Buckwheat
Posts:12,775 Threads:1,181 Joined:Feb 2011
The DOW will gain today, modestly but a gain. PMs suppressed and oil steady. Once the ceiling is raised on the debt limit oil will not pause until about $140/bbl with a few pauses. But by Sept we'll see all records smashed. PMs no. The SLV will guarantee there's more paper ounces and suckers will buy into that looking for safe haven but ask for delivery and get in reply an offer to purchase not deliver. All commodities except Precious metals will soar and what does that say?

My prediction fwiw.
05-16-2011, 06:09 PM #6
JayRodney ⓐⓛⓘⓔⓝ
Posts:31,572 Threads:1,443 Joined:Feb 2011
My money is on raising the spending limit and staying the course on the path of destruction. Social security and retirement funds are the last big prize and source of wealth that the banks have not been able to get their hands on and gamble it away.
yet.

wonder.gif
05-16-2011, 06:27 PM #7
Kreeper Griobhtha
Posts:10,847 Threads:655 Joined:Feb 2011
Consider this: Americans in record numbers are getting fed up and just a little more informed. The politicians know this. Their typical campaign lies and false promises aren't going to do the job. So, they will make some sort of gesture to placate the people. They will cut some spending and make a public show at getting the economy under control. Like gas prices, it will not go back to what it was, but it will get better. Enough to pacify the masses. Then, when the masses get comfy again, which shouldn't take long, they go back to business as usual.

Oh, they aren't going to lower the debt ceiling. It will get raised eventually.

.

Politicians hide themselves away
They only started the war
Why should they go out to fight?
They leave that role to poor
05-18-2011, 04:11 PM #8
Shadow Mrs. Buckwheat
Posts:12,775 Threads:1,181 Joined:Feb 2011
Sorry Kreeper


bump.gif
05-18-2011, 04:17 PM #9
Kreeper Griobhtha
Posts:10,847 Threads:655 Joined:Feb 2011
WHEW! hug.gif

I was serious, by the way. shït like that happens to me fairly often. I just say I am time loose.


dunno.gif

Politicians hide themselves away
They only started the war
Why should they go out to fight?
They leave that role to poor
05-18-2011, 04:34 PM #10
JayRodney ⓐⓛⓘⓔⓝ
Posts:31,572 Threads:1,443 Joined:Feb 2011
I know exactly what you're saying Kreeper. Sometimes things are not in chronological order for me and I'm at a loss to explain why, so I don't say much about it very often.
Especially in job interviews. rofl.gif rofl.gif

wonder.gif



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