US pols hit credit card limit

posted by
May 16, 2011
New York Daily News    
Posted in News

"The United States [government] is set to slam up against its $14.3 trillion borrowing limit today as lawmakers squabble over whether to raise the debt ceiling. Treasury Secretary Timothy Geithner told Congress issuing $72 billion in bonds and notes today would put the deficit at its legal cap, and that he would have to suspend deposits into federal pension funds to free up room for more borrowing. The government has until about Aug. 2 before it begins to default on its loans, which have ballooned as the country [sic] spends more than it takes in." [editor's note: "The country" isn't spending money. Politicians are. It's also politicians, not "the country," who are borrowing that money. Hey, maybe they'll pay it back -- but I sure as hell won't - TLK] (05/16/11)

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