Wednesday, September 25, 2013

Treasury Secretary Lew attempts to intimidate Congress over debt ceiling

President Obama picked a good company man when he appointed Jack Lew to replace Timothy Geithner as the newest Secretary of the Treasury.  And like the former head of America’s purse strings did during his time in office, Lew is choosing to use intimidation and threats over negotiation and fiscal planning in regards to the upcoming debt ceiling crisis.

Treasury now estimates that extraordinary measures will be exhausted no later than October 17. We estimate that, at that point, Treasury would have only approximately $30 billion to meet our country’s commitments. This amount would be far short of net expenditures on certain days, which can be as high as $60 billion.  If we have insufficient cash on hand, it would be impossible for the United States of America to meet all of its obligations for the first time in our history.

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