U.S. Rep. Barney Frank(D-Newton) says America might have to default on its bills for the first time ever because Democrats and Republicans can’t agree to raise the government’s $14.3 trillion debt ceiling.
“I’m pessimistic about anything reasonable (winning congressional approval) in the near term,” Frank, the ranking Democrat on the House Financial Services Committee, told the New England Council in a Boston speech today. “It may be that we’re going to have to see some failure to raise the debt limit and some temporary hiatus in our ability to pay our bills (for lawmakers to act).”
The U.S. government officially hit its congressionally mandated debt ceiling on Monday when the nation’s red ink reached $14.3 trillion.Uncle Sam only avoided defaulting on his debts because U.S. Treasury Secretary Timothy Geithner used accounting tricks to keep the government solvent until Aug. 2.
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“I’m pessimistic about anything reasonable (winning congressional approval) in the near term,” Frank, the ranking Democrat on the House Financial Services Committee, told the New England Council in a Boston speech today. “It may be that we’re going to have to see some failure to raise the debt limit and some temporary hiatus in our ability to pay our bills (for lawmakers to act).”
The U.S. government officially hit its congressionally mandated debt ceiling on Monday when the nation’s red ink reached $14.3 trillion.Uncle Sam only avoided defaulting on his debts because U.S. Treasury Secretary Timothy Geithner used accounting tricks to keep the government solvent until Aug. 2.
More Here..
And after Aug 2nd he will find more accounting tricks to take see it thru 15 trillion, and after that, collectively; they will find more
ReplyDeleterabbits in the hat - the sky is the limit - after all the digital money isn;t worth the paper it's not printed on. Doesn;t really matter anyhow - tomorrow the world is ending
I wake up every day waiting for it to happen.
ReplyDeleteI'm ready
Bring it
Great Article. Barney had an interview in May Playboy. Smart man; funny too.
ReplyDeleteinteresting that the dems don't think the ceiling will be raised! e can only hope the repubs will stick to this...by an overwhelming margin all polls are saying people don't want it raised and letters have been sent en mass to reps saying they will NOT win elections if it is.
ReplyDeleteLet's hope!(but don't hold your breath)
Barney Frank. Smart man. ? ? ? ? WTF!!
ReplyDelete.
Lets watch how "smart" he is.
Barney Frank Being Smart
Barney Frank Being Smart Again
.
Anyone ready to hang this Son-of-a-bitch, now?
3:38pm is more funnier.
ReplyDelete