From Business Insider: “The New Debt Ceiling Deadline Is Going To Be Earlier Than We Thought.”
Lew warned in the new letter that Congress will likely need to raise the debt ceiling by late February to avoid a potential default on the country’s obligations.
As part of the bill to reopen the government in mid-October, the debt limit was suspended through Feb. 7. The Treasury can use so-called “extraordinary measures” after that point to keep borrowing and paying the nation’s bills for a few weeks thereafter.
“While this forecast is subject to inherent variability, we do not foresee any reasonable scenario in which the extraordinary measures would last for an extended period of time,” Lew wrote in the letter, which was addressed to House Speaker John Boehner (R-Ohio), House Minority Leader Nancy Pelosi (D-Calif.), Senate Majority Leader Harry Reid (D-Nev.), and Senate Minority Leader Mitch McConnell (R-Ky.).
In the letter, Lew urged Congress to raise the debt ceiling before Feb. 7, and “certainly before late February.”
“The Speaker has said that we should not default on our debt, or even get close to it, but a ‘clean’ debt limit increase simply won’t pass in the House,” Boehner spokesman Michael Steel said. “We hope and expect the White House will work with us on a timely, fiscally-responsible solution.”
I think a quick execution is too kind for the demons inflicting this upon the American people. What parent runs up an unpayable debt that will enslave his children, and grandchildren, and great grandchildren?
John Boehner and the House have the power to stop this madness. Do they have the character to do so? History would suggest the answer is a resounding “No,” but we can still pray for miracles.
I say we just declare bankruptcy, tell the Federal Reserve to pack up shop and choke on all of their paper nonsense, and start over.
Instead, I smell a war just around the corner—it’s the evil politician’s script.