The federal government has reached its debt limit today.
The day of reckoning looms: The federal government has reached its debt limit today.
Treasury Secretary Timothy F. Geithner told Congress that the U.S. hit its statutory debt limit, necessitating emergency steps announced last week as a way to keep funding the government and avoid default. Geithner said he had issued a “debt issuance suspension period” for the Civil Service Retirement and Disability Fund, effective today and to last until Feb. 28, 2013. The letter said the Treasury was taking similar action for the Postal Service Retiree Health Benefits Fund.
This is only a temporary solution that solves nothing. And the fake negotiations over the fake “fiscal cliff” are doing even less than nothing to deal with the debt situation. We are bankrupt and worse, we are continuing to refuse to face that reality.
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In 2020 when the world panicked over COVID I wrote that the panic was unnecessary, that the virus was apparently simply a variation of the flu, that masks were not simply pointless but if worn incorrectly were a health threat, that the lockdowns were a disaster and did nothing to stop the spread of COVID. Only in the past year have some of our so-called experts in the health field have begun to recognize these facts.
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The day of reckoning looms: The federal government has reached its debt limit today.
Treasury Secretary Timothy F. Geithner told Congress that the U.S. hit its statutory debt limit, necessitating emergency steps announced last week as a way to keep funding the government and avoid default. Geithner said he had issued a “debt issuance suspension period” for the Civil Service Retirement and Disability Fund, effective today and to last until Feb. 28, 2013. The letter said the Treasury was taking similar action for the Postal Service Retiree Health Benefits Fund.
This is only a temporary solution that solves nothing. And the fake negotiations over the fake “fiscal cliff” are doing even less than nothing to deal with the debt situation. We are bankrupt and worse, we are continuing to refuse to face that reality.
Readers!
Please consider supporting my work here at Behind the Black. Your support allows me the freedom and ability to analyze objectively the ongoing renaissance in space, as well as the cultural changes -- for good or ill -- that are happening across America. Fourteen years ago I wrote that SLS and Orion were a bad ideas, a waste of money, would be years behind schedule, and better replaced by commercial private enterprise. Only now does it appear that Washington might finally recognize this reality.
In 2020 when the world panicked over COVID I wrote that the panic was unnecessary, that the virus was apparently simply a variation of the flu, that masks were not simply pointless but if worn incorrectly were a health threat, that the lockdowns were a disaster and did nothing to stop the spread of COVID. Only in the past year have some of our so-called experts in the health field have begun to recognize these facts.
Your help allows me to do this kind of intelligent analysis. I take no advertising or sponsors, so my reporting isn't influenced by donations by established space or drug companies. Instead, I rely entirely on donations and subscriptions from my readers, which gives me the freedom to write what I think, unencumbered by outside influences.
You can support me either by giving a one-time contribution or a regular subscription. There are four ways of doing so:
1. Zelle: This is the only internet method that charges no fees. All you have to do is use the Zelle link at your internet bank and give my name and email address (zimmerman at nasw dot org). What you donate is what I get.
2. Patreon: Go to my website there and pick one of five monthly subscription amounts, or by making a one-time donation.
3. A Paypal Donation or subscription:
4. Donate by check, payable to Robert Zimmerman and mailed to
Behind The Black
c/o Robert Zimmerman
P.O.Box 1262
Cortaro, AZ 85652
You can also support me by buying one of my books, as noted in the boxes interspersed throughout the webpage or shown in the menu above.
I have noticed something odd.
Why are the main banks not screaming about this? They have skin the game also. The federal government doesn’t pay its bills federal workers don’t get paid and federal contractors don’t get paid.
If the fed doesn’t make its bills someone down the line is not making loan payments, or getting loans for new stuff, Or making large orders for the future.
What do they know that we do not? Have they been told that everything will be fine and the government will just print more money, thus selling more bonds to cover them,which these banks either transfer, sell or buy for an eventual profit.
Are they on the verge of making more money on government bonds than on private loans?
And if my theory is wrong then everyone in the know must expect the bills to be fully paid eventually. Thus this whole cliff idea is just a made up political boogy man formed up to attack someone with.
We all know that the Dems have been for YEARS (since Bush at least) have been crying to end the Bush tax cuts in total. Well now they finally get what they want and they get the chance to blame the Republicans for raising taxes. Since we all know the repubs couldn’t make a real deal with the President and the dems to extend the tax cuts.