U.S. Hits Debt Limit After Senators Put Off Raising Ceiling

[fob]

The federal government reached its $7.4 trillion debt ceiling yesterday, forcing Treasury Secretary John W. Snow to delay contributing to one of the federal employees' pension systems to avoid running out of cash and possibly defaulting on government debt.

-snip-

Snow has pleaded with Congress since Aug. 2 to raise the debt limit, but Senate Republican leaders -- whose aides said they were worried about the possible political backlash -- adjourned for the campaign this week without acting on Snow's request. The Treasury secretary repeated his plea yesterday in a letter to Senate Majority Leader Bill Frist (R-Tenn.), appealing to his "commitment to maintaining the full faith and credit of the U.S. government."

-snip-

The federal government regularly sells Treasury bonds to finance the difference between the amount of money it collects in taxes each year and the amount it spends.

-end snips-

Read that last paragraph again. With Bill Clinton's surplus, no need to sell T-bonds, no way to sell off America to foreign countries. bush*s plan all along was to MAKE SURE to create a deficit to keep the Saudi's et al able to "buy America". This is the only way they could possibly launder all the money they've been stealing.

:tinfoilhat:



edit: link

http://story.news.yahoo.com/news?tmpl=story&cid=1802&e=5&u=/washpost/20041015/ts_washpost/a32985_2004oct14

[WMliberal]

1. figures the first thing cut was employee pensions

why not pinch subsidies to MNC's first?

[Moderator]

2. Duplicate

http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=102&topic_id=906153