What is it now?
War campaign costing more?
Propaganda funding needs an increase?
The secret government bonds buyback needs accelerated purchases?
BELOW Is A Very Curious Screen Capture From U.S. Treasury Dept. Website:
WHAT Is “the third Counter ISIL Financing Group (CIFG) meeting” @ U.S. Treasury Dept?
Puppet Masters Memo John A. Boehner:
J. B., Before You Leave, Please Pass This Debt Ceiling Increase Legislation!
“Over the past ten days, we have received quarterly corporate and individual tax receipts and additional information about the activities of certain large trust funds, including military retirement trust funds. The tax receipts were lower than we previously projected, and the trust fund investments were higher than projected—resulting in a net decrease of resources available to the United States government.” -Jacob J. Lew
Debt Limit Coming a Month Earlier Than Expected:
Treasury Sends Debt Limit Letter to Congress
By: Dan Watson 10/1/2015
Today, Secretary Lew sent the following letter to Congress regarding the debt limit:
*** October 1, 2015
The Honorable John A. Boehner
U.S. House of Representatives
Washington, DC 20515
Dear Mr. Speaker:
I am writing to follow up on my previous letters regarding the debt limit and to provide additional information regarding the Department of the Treasury’s ability to continue to finance the government.
In recent letters, I projected that the extraordinary measures we have been employing to preserve borrowing capacity would not be exhausted before late October 2015 and that they likely would last for at least a brief additional period of time. I cautioned, however, that Treasury’s estimates regarding the debt limit are subject to inherent variability, given the challenges of forecasting the timing and amount of thousands of daily government transactions.
Over the past ten days, we have received quarterly corporate and individual tax receipts and additional information about the activities of certain large trust funds, including military retirement trust funds. The tax receipts were lower than we previously projected, and the trust fund investments were higher than projected—resulting in a net decrease of resources available to the United States government.
Based on this new information, we now estimate that Treasury is likely to exhaust its extraordinary measures on or about Thursday, November 5. At that point, we would be left to fund the government with only the cash we have on hand, which we currently forecast to be below $30 billion. This amount would be far short of net expenditures on certain days, which can be as high as $60 billion. Moreover, given certain payments that are due in early to mid- November, we anticipate that our remaining cash would be depleted quickly. Without sufficient cash, it would be impossible for the United States of America to meet all of its obligations for the first time in our history.
Again, Treasury’s estimates are subject to inherent variability and could change as we receive additional information about daily receipts, investments, and expenditures. Over the last several weeks, the trend in our projected net resources has been negative, which has reduced the amount of time that we expect to be able to finance the government. The ultimate date that Treasury exhausts extraordinary measures, however, could be sooner or later than November 5. We will continue to update Congress as we receive additional information.
Finally, in my previous letter, I noted that Treasury’s cash balance already had fallen below $150 billion. Maintaining this minimum prudent balance helps protect against potential market interruptions, but it does not increase the debt limit or alter the time we can continue to pay the nation’s bills. Treasury’s cash balance rose temporarily after the September 15 tax deadline. Today, we anticipate that it will again fall below the minimum balance, and we expect it will continue to fall until Congress raises the debt limit.
Protecting the full faith and credit of the United States is the responsibility of the United States Congress. There is no way to predict the catastrophic damage that default would have on our economy and global financial markets. Moreover, we have learned from previous debt limit impasses that failing to act until the last minute and engaging in partisan brinksmanship can cause serious harm to business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States. To remove these unnecessary and avoidable threats, I respectfully urge Congress to take action as soon as possible and raise the debt limit well before Treasury exhausts its extraordinary measures.
Jacob J. Lew
Identical letter sent to:
The Honorable Nancy Pelosi, House Democratic Leader
The Honorable Mitch McConnell, Senate Majority Leader
The Honorable Harry Reid, Senate Democratic Leader
cc: The Honorable Paul Ryan, Chairman, House Committee on Ways and Means
The Honorable Sander M. Levin, Ranking Member, House Committee
on Ways and Means
The Honorable Orrin G. Hatch, Chairman, Senate Committee on Finance
The Honorable Ron Wyden, Ranking Member, Senate Committee on Finance
All other Members of the 114th Congress
Posted in: Debt Limit
By Niels Lesniewski Posted at 5 p.m. on Oct. 1, 2015 rollcall.com
The Treasury Department said Thursday it would reach the debt limit a bit earlier than was expected by many on Capitol Hill.
Treasury Secretary Jacob J. Lew told Congress in a new letter that thanks in part to lower-than-expected quarterly tax receipts, the extraordinary measures to forestall breaching the debt limit, combined with the new revenues, will run their course just a week after the resignation of Speaker John A. Boehner, R-Ohio, takes effect.
That makes it all the more likely the debt limit will need to be addressed before his departure.
[ *Oh my, how convenient! ~Ron]
“Based on this new information, we now estimate that Treasury is likely to exhaust its extraordinary measures on or about Thursday, November 5,” Lew wrote in a letter to Boehner. “At that point, we could be left to fund the government with only the cash we have on hand, which we currently forecast to be below $30 billion. This amount would be far short of net expenditures on certain days, which can be as high as $60 billion.”
House Minority Leader Nancy Pelosi, D-Calif., was among the first to respond with a call for quick action.
“Failure to protect the full faith and credit of the United States would have a devastating impact on hard-working families across the country – including tumbling retirement savings and rising interest rates for student loans, mortgages, credit cards and car payments,” Pelosi said in a statement. –CQ Roll Call
Halloween coming: Trick or Treat?
Video posted 29 Sep 2015
“Senators want outgoing Speaker John A Boehner, no longer handcuffed by hardline conservatives in his House conference, to send the Senate as many treats as he can before retiring”…
Have you heard about fraud and scandals in the U.S. Treasuries Market?
Video posted 30 Sep 2015
Remember the Market manipulation (Quantitative Easing) debates back in 2010?
“Rick Santelli on More Government Manipulation of the Treasury Market”
07 Oct 2015 Martin Armstrong said:
“Central banks have been dumping US Treasury bonds because of the debt ceiling problem and the Tea Party will shut down the funding if they have their way. This is illustrating the entire problem. The debt ceiling only ever rises. We will see a rise in taxation and this will help to collapse the US economy and thus the world. These people we call “representative” only represent themselves and they have no solution to this Sovereign Debt Crisis. It certainly looks like we will be seeing that blast to new highs next year. So hold on tight. This may even hurt a bit.”