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Thread: US government near to debt limit

  1. #1
    Barbarossa's Avatar mostly harmless
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    http://news.bbc.co.uk/1/hi/business/4780844.stm

    US Treasury Secretary John Snow has told Congress to raise the government's credit limit in order to avoid having some of its operations shut down.

    The government needs Congressional authority to borrow and the total accumulated debt is now close to its limit of $8.2 trillion (£4.7 trillion).

    If the limit is not increased, the government could find it difficult to pay debts or borrow money.

    Congress is expected to agree to an extension, averting any debt crisis.

    Massive deficits

    In a letter to Congress, Mr Snow said he has already taken "prudent and legal actions" to avoid reaching the debt limit.

    These include tapping the civil service pension funds and using the $15bn in the Exchange Stabilisation Fund, a reserve held for smoothing out volatile movements in the value of the dollar in currency markets.

    But the Treasury has warned that such measures will only postpone the credit deadline until mid-March, when an extension will be needed.

    This is the fourth time George W Bush's administration has asked Congress to raise the government debt limit.

    His administration has produced a series of massive deficits, brought on by the post dot-com recession, tax cuts, the September 11 attacks and wars and reconstruction in Afghanistan and Iraq.

    The US government has never defaulted on its debts, and to do so would destroy its credit rating and raise the cost of any future borrowing.
    I'm not convinced about the rate of exchange used in the report ( ) but that is alot of money.

  2. The Drawing Room   -   #2
    vidcc's Avatar there is no god
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    Indeed.

    Republicans should be banned from having credit cards.

    it’s an election with no Democrats, in one of the whitest states in the union, where rich candidates pay $35 for your votes. Or, as Republicans call it, their vision for the future.

  3. The Drawing Room   -   #3
    j2k4's Avatar en(un)lightened
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    Quote Originally Posted by Barbarossa
    US Treasury Secretary John Snow has told Congress to raise the government's credit limit in order to avoid having some of its operations shut down.
    I rather like that last part; the six concluding words, with the period, of course.
    “Think about how stupid the average person is, and then realize that half of 'em are stupider than that.” -George Carlin

  4. The Drawing Room   -   #4
    Rat Faced's Avatar Broken
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    Iran, apparently, is planning on selling Oil in Euro's...

    If that caught on, it would really fuck the US economy...

    An It Harm None, Do What You Will

  5. The Drawing Room   -   #5
    Busyman's Avatar Use Logic Or STFU!!!
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    Quote Originally Posted by Rat Faced
    Iran, apparently, is planning on selling Oil in Euro's...

    If that caught on, it would really fuck the US economy...
    Yup, old news.
    Silly bitch, your weapons cannot harm me. Don't you know who I am? I'm the Juggernaut, Bitchhhh!

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  6. The Drawing Room   -   #6
    zapjb's Avatar Computer Abuser BT Rep: +3
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    And the stupid American public (I'm American, I can say that) probably thinks the Democrats are responible for the $8.2 TRILLION debt. Bullshit, at least $7 trillion is a direct result of republican goverment & initiatives. OK you jumpin' josahafat righties, go ahead lie your way out of this one too.

  7. The Drawing Room   -   #7
    Rat Faced's Avatar Broken
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    On the plus side, you have actually managed the art of building a car that doesnt steer like a brick now... (Cadillac BLS)

    An It Harm None, Do What You Will

  8. The Drawing Room   -   #8
    Busyman's Avatar Use Logic Or STFU!!!
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    Quote Originally Posted by Rat Faced
    On the plus side, you have actually managed the art of building a car that doesnt steer like a brick now... (Cadillac BLS)
    Eh? What would that have to do with whateverthefuck?

    Great news though, that being the first American non-brick-like steering car.

    Maybe I'll switch from a LS to a BLS.
    Silly bitch, your weapons cannot harm me. Don't you know who I am? I'm the Juggernaut, Bitchhhh!

    Flies Like An Arrow, Flies Like An Apple
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  9. The Drawing Room   -   #9
    JPaul's Avatar Fat Secret Agent
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    Quote Originally Posted by Rat Faced
    Iran, apparently, is planning on selling Oil in Euro's...

    If that caught on, it would really fuck the US economy...
    That's why they won't let it happen.

    Didn't another oil producer already try to trade in Euros.

  10. The Drawing Room   -   #10
    Biggles's Avatar Looking for loopholes
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    Quote Originally Posted by JPaul
    Quote Originally Posted by Rat Faced
    Iran, apparently, is planning on selling Oil in Euro's...

    If that caught on, it would really fuck the US economy...
    That's why they won't let it happen.

    Didn't another oil producer already try to trade in Euros.
    A Mr S Hussein I believe Although Iran will be a harder nut to crack.

    The US worry is that other states will follow suit and the US will face inflationary pressures on fuel because the price will be determined by the US exchange rate to other currencies (although this could also work in the US's favour, it does take an element of control away). On the plus side such a move might be the final push needed to make US go cold turkey on oil.
    Last edited by Biggles; 03-11-2006 at 08:59 PM.
    Cogito cogito ergo cogito sum


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