The United States runs out of money New Year's Eve.
- Spending is so out of control that the Treasury Department has moved to 2012 the time the US hits the debt ceiling and can borrow no more money.
- Both the Socialist Democrats and the Socialist-lite Republicans are totally clueless as the nation slides into a fucking mushroom cloud of bankruptcy, debt and taxes.
Tax cheat and Treasury Secretary Timothy Geithner said the U.S. debt limit of $16.394 trillion will be met on New Year’s Eve, in a letter to Congress on Wednesday.
“I am writing to inform you that the statutory debt limit will be reached on December 31, 2012, and to notify you that the Treasury Department will shortly begin taking certain extraordinary measures authorized by law to temporarily postpone the date that the United States would otherwise default on its legal obligations,” Geithner said in the letter addressed to Senate Majority Leader Harry Reid (D-Nev.)
Geithner said “extraordinary measures” taken by the Treasury Department could create approximately $200 billion in headroom under the debt limit.
“Under normal circumstances, that amount of headroom would last approximately two months,” he said. “However, 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.”
John Stossel - The Fiscal Cliff