Happy New Year America from Barack Obama … Turbo Tim Geithner Says US will hit $16.4 trillion debt limit? on New Year’s Eve
An early Happy News Year’s greetings from Barack Obama, according to Obama’s Treasury Secretary Turbo Tax Timmy Geithner, the United States will hit $16.4 trillion debt limit? on New Year’s Eve. Sadly, as the crystal ball drops in Time Square, NY ringing in the new year, the debt clock will be ringing in its own welcome to 2013 and $16.4 trillion. As Americans attempt to budget for 2013 and the impending fiscal cliff, Obamacare taxes and payroll taxes, Obama goes another year without a budget and more deficit spending.
The United States will reach its $16.4 trillion borrowing limit on Dec. 31 and undertake “extraordinary measures” to avoid default, the Treasury Department informed congressional leaders in a letter on Wednesday.
The notice about the debt ceiling came packaged with a stark warning from Treasury Secretary Timothy Geithner, who said the policy uncertainty stemming from the “fiscal cliff” makes it impossible for him to say with certainty how much time lawmakers have left to raise the borrowing cap.
“Given the significant uncertainty that now exists with regard to unresolved tax and spending policies for 2013, it is not possible to predict the effective duration of these measures,” Geithner wrote.