Debt Crisis Shutdown Imminent
If you have money in banks or on Wall Street get prepared…The U.S. Government is facing another debt crisis shutdown. And this time it’s worse.
This week Secretary of the Treasury Jacob Lew sent John Boehner a letter stating the use of their extraordinary measures will cause the Government to run out of money on November 5th. This situation is getting so bad that the Secretary has stepped up sending these financial update letters now every month.
You can see each one of these here at the Treasury Department’s website. In fact the tax receipts were much lower than expected resulting in a net decrease in funds available for Congress to spend.
www.treasury.gov/initiatives/Pages/debtlimit.aspx
DEBT CEILING EXTRAORDINARY MEASURES
The Treasury spends about 60 billion dollars a day, and their cash position as of September was only 150 billion dollars. As Secretary Lew points out in his letter to Congress,
“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.”
One can only imagine what Secretary Lew’s extraordinary measure might be. Certainly, there must be some risk he is taking to find the money. There is one thing for sure…the lawmakers in Washington can’t be trusted. They can’t stop their spending, and have mortgaged the future of this country and our children to foreigners.
The end result is the destruction of the Freedom that the greatest generation and those that came before, sacrificed and gave their lives to protect
Poster Comment:
The other shoe is about to drop. Get ready.