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the treasury is planning on winding down some of its programs as it nears the debt ceiling. as i posted earlier, from the treasury website, US debt is close to hitting its authorized limit of 12.1 trillion dollars.
AP story:
WASHINGTON – The Treasury Department said Wednesday it will begin winding down one of the emergency programs created at the height of the financial crisis to give the government more time before it hits the national debt limit.
Treasury said in a statement that it planned to trim the size of its Supplementary Account to $15 billion. The program is currently running around $200 billion, down from a maximum of $560 billion that it reached last year.
By reducing the size of the program implemented to help fund financial rescue efforts, Treasury will buy about six weeks of maneuvering room before it hits the current debt limit of $12.1 trillion.
Last edited by floridasandy; 09-16-2009 at 07:10 AM..
Yeah, its pretty freaking terrible. Sounds like a perfect time for healthcare reform...what do you say? Lets give healthcare to 50 million people who don't currently have it for free. It won't cost us much at all.
Yeah, its pretty freaking terrible. Sounds like a perfect time for healthcare reform...what do you say? Lets give healthcare to 50 million people who don't currently have it for free. It won't cost us much at all.
That is a great idea! Someone should propose that since none of the various health care proposals include anything close to "give healthcare to 50 million people who don't currently have it for free."
As for the debt ceiling, it is not terrible. Raising the debt ceiling happens with regularity.
That is a great idea! Someone should propose that since none of the various health care proposals include anything close to "give healthcare to 50 million people who don't currently have it for free."
As for the debt ceiling, it is not terrible. Raising the debt ceiling happens with regularity.
That is a great idea! Someone should propose that since none of the various health care proposals include anything close to "give healthcare to 50 million people who don't currently have it for free."
As for the debt ceiling, it is not terrible. Raising the debt ceiling happens with regularity.
As it has in the past, the Treasury could suspend payments to the Civil Service Retirement and Disability Funds, another government employee pension fund. For the first 11 months of the fiscal year, the government has contributed an average of $5.63 billion to this fund every month.
EXCHANGE STABILIZATION FUND
The Treasury could dip into this seldom-used pool of money earmarked to stabilize currency rates. For the past year, the Treasury has pledged $50 billion from this fund to guarantee money market mutual funds, but that program is due to expire on Sept. 18.
GOVERNMENT SECURITIES INVESTMENT FUND
To free up cash, Treasury can stop investing in a federal employee pension fund known as the G-fund. Normally, the G-Fund is reinvested daily in government securities. But the Treasury has statutory authority to retain a portion of the fund daily, as long as it provides proper notification and reimbursement for any lost earnings from the move.
Naw, they need to do anything as drastic as all that! You forgot the next option:
THE FED CAN PRINT!
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