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Fox Business,

The U.S. Treasury on Wednesday announced the first of a series of measures that should push back the day when the government will exceed its legal borrowing authority as imposed by Congress by around two months.

Without any action, Treasury said the government is set to reach its $16.4 trillion debt ceiling on Dec. 31.

The government is facing a crunch on the debt ceiling because the issue has become ensnarled in talks to avoid some $600 billion in tax hikes and spending cuts due to begin in early January. Failing to raise the debt ceiling could cause the government to default on its debt.


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U.S. administration urges Republicans not to block "fiscal cliff" deal

(Reuters) - As President Barack Obama cut short a Christmas vacation to resume talks to avoid the "fiscal cliff" of automatic year-end tax hikes and spending cuts, the White House on Wednesday called on congressional Republicans not to stand in the way of a resolution in the U.S. Congress.

"It's up to the Senate Minority Leader not to block a vote, and it's up the House Republican leader, the Speaker of the House ... to allow a vote," a senior administration official told reporters traveling with the president.

Obama is seeking a stripped down deal to prevent tax rates from rising on all but the wealthiest Americans and to stop steep across-the-board spending cuts.

The White House last week proposed a broader package that would have let tax rates stay low for those making up to $400,000, a compromise from the president's previous rate hike threshold of $250,000.

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The US Treasury Secretary, Tim Geithner, says the US will be at its limit on December 31, adding an extra steaming element to the move-less budget talks between the White House and Congress that also have an end of year deadline.

In a letter to Congress, Mr Geithner said that the Treasury would start taking “extraordinary measures” which would in “normal circumstances” give the department about two months before the country’s borrowing limits were break down.

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I’m. sure Obama is laughing his butt off having a beer, this is what he wanted his entire life. He is a hero to those who hate America. Mission accomplished.

Hmm…. Let's see, I have 10 dollars in my pocket so I will buy a million dollar home…. which led us to a depression.
Government has 10 dollars in their pocket so they spend 1.6 trillion in a year and promise 700 trillion more to people in the future.

Yeah taxing people will fix this situation.

Just in time for the New Year… it keeps getting better and better doesn’t it?

Both parties are guilty of issuing SLUGS. I won’t vote for anyone that isn’t nominated by Americans.

How about you dumb arses stop with the games and the hocus pocus? Just stop the over spending you idiots. No more games!

I could not care less about accounting gimmicks, loopholes or any other crap solutions. STOP SPENDING MORE THAN YOU HAVE. It’s really just that simple no matter how the “experts” tell us that it isn’t.

Tags: 2012, Cliff, Debt, Democrats, Fiscal, Limit, Obama, Republicans

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I suppose we will start hearing from the lib media how concerned O is with the problems that he was so wonderful cutting his vacation short.  I feel with our debt and deficit problems, he had no business going that far anyway.  He could have gone to camp david or stayed at the white house.  I really and truly believe he wants to go over the fiscal cliff and has wanted to all along.  He wanted to get rid of the Bush Tax cuts almost ever since he got into office.  If they raise the debt limit again, I will be through with all of congress and this president.  I really don't care if the government is shut down.  They say he has a mandate but all the republicans who were elected into office were also given a conservative mandate.

Blah, Blah, Blah, its a paper game. Let them go belly up, the strong will survive. We need to be prepared for the fall and go back in and rebuild our country. We have lost control by majority vote at this point, we have few options. I do appreciate Patriot Action Network though, it bonds us and keeps us informed! Thank you for your diligence!!

What vote are you talking about ?  It was the most successful fraudulent theft ever conceived, and with the help of its victims even !  Those involved in the plot by "voting" (ha) just lost the finest, most intelligent form of government ever derived.  But those people who produce nothing but children they don't even want and try to live on fast food and other peoples money feel that those who "have" (had) money must have stolen it from them. I have said beginning many years ago..."There are way too many worthless humans on this planet ! and it was evident years ago in all the big cities of the world". !

if it goes over do think they will quit spending?   all this hoopla dont mean didly. want money, tax welfare, tax food stamps, one thing ive noticed the folks on welfare always got cigarettes an beer, but no job. why is that?

Don't tax them... just ELIMINATE ALL the UNEARNED entitlements.

Yeah..food stamps !  they have a "value" of sorts and that is what bought what few votes that were cast ! 

they always got a new car too!

Just mash the motor and go on over.

 We seriously need to oust all these politicians. THey have made it where the average guy with common sense cant get into office, while the elite wealthy stay in power and gets richer and richer off of the taxpayers.  The government is passing ndaa to imprison anyone who would speak against them.  We have no say, our liberties and rights are gone.  TSA can legally grope us and our families with immunity.  We cant even protest in D.C. for what we want, we have a whole book of grievances against the Tyrannical government. Our elected officials need to have a term limit and also a cap on thier incomes, this would eliminate corruption because as of right now they ALL have their hands in each others pockets.  We need to have several members of the gov charged with sedition for not upholding the constitution of the United States. This would set a precedent for accountability for actions, the opposite of what is in practice today.  We HAVE to stop borrowing money that we cant re-pay.. We have to eliminate the enormous size of gov. Get rid of the regulatory commision, DHS, TSA, EPA, obamacare, and reform the welfare system to impose limits on assistance, reform housing authority with limits, reform child support.  I mean the government is using the police to raise revenue in most of the US.  CUT the big spending, reform the areas of waste.  Live within our means.  Common sense.

I am currently reading Glenn Becks book Agenda 21. This is a frightening senerio that, although far fetched it is the direction that Obumma would like to take us. I receive many conservative articles and there are certainly many of us who want to preserve our Constitution and rescue America. We cannot sit back and allow Washington to continue to dismantle our country. Obama is a fraud and needs to be removed from office as soon as possible before it is to late. He is not a natural born citizen and if he wa he would not of spent millions to keep his records secret. This is just common sense that every American should see. I don't have an answer, but why can't all these conservatives sites and the true Americans that write and run them join together. The mission would be to go to the Capital and demand that that the represent the people, cut spending, and reduce the size of government. All these comments will do nothing unless everyone can come together and head to Washington in droves. The fact that we are still se ding money to Egypt, Pakistan and many other countries that hate us is ridiculous. Let's start with reducing our deficit by cutting these countries off and take care of ourselves.

I feel the same way and I am already through with the republicans,they are all traitors as I see it not one will do anything against obo and all vote for his anticonstitutional laws,this ndaa thing is the last straw for me,all the republicans except Rand Paul ,all of them!they want us locked up!why you ask,cause they are all as guilty as obo of treason!unless it is a constitutional conservative,I will never vote again in my life!

George and Don you hit the nail right on the head!  I am all for getting rid of welfare and food stamps altogether, except for those who lost a job and are actively looking for one, the elderly & disabled and all of our military.

Otherwise make all rest of  these government leeches shop at an" All Inclusive Welfare Warehouse" to purchase All their needs, where they could buy second hand clothes and household items and honest to goodness wholesome foods. No, pop, beer chips, lobster, sugary, frozen or convenience foods. Just the basics and NO free cell phones period.

Put these warehouses on the bus line so there is no whining about getting there.

Just give them ONE card with their picture on it that can be used there ONLY and NOWHERE else and by no one else.

We also need to get them out of our neighborhoods and make them live in Welfare Only Housing, not in the hard working tax payers backyard!

We need to put the Stigma back on the welfare lifers and stop giving them Carte Blanche!

 

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