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petegz28
02-04-2010, 09:30 AM
WASHINGTON The US debt is on track to hit a congressionally proposed debt ceiling of 14.3 trillion dollars by the end of February, the Treasury said Wednesday, a day ahead of a key vote to raise it to that level.

"Based on current projections, Treasury expects to reach the debt ceiling as early as the end of February. However, the government's cash flows are volatile, making it difficult to forecast a precise date," the Treasury said in a statement.

The current limit on the public debt of the United States is 12.374 trillion dollars.

The US debt exceeded 12.349 trillion dollars on Monday, according to Treasury data.

The US House of Representatives will vote Thursday on whether to raise the US debt limit to a historic 14.3 trillion dollars, allowing the United States to borrow another 1.9 trillion dollars.

House Majority Leader Steny Hoyer said representatives would take up the measure a week after the Senate approved the higher debt ceiling in a 60-39 vote.

In December, both houses agreed to increase the debt limit by an interim amount of 290 billion dollars to ensure the US government would continue to function.

The Senate also last week passed an amendment to legislation raising the debt ceiling that requires new budget items to be paid for, dubbed "pay-as-you-go."

The measure is intended to prevent the federal government from spending money it does not have and to control the massive US budget deficit.

The House has adopted a similar measure.


http://www.google.com/hostednews/afp/article/ALeqM5hEkfx_bpGC-zVoeKNR38gWLcjXdw

petegz28
02-04-2010, 09:31 AM
So, as I reported yesterday we are indeed hitting the "proposed" ceiling. Orange found an article that said otherwise and in fairness it did make sense. But the fact is we will hit the proposed ceiling by the end of this month.

orange
02-04-2010, 11:37 AM
So, as I reported yesterday we are indeed hitting the "proposed" ceiling. Orange found an article that said otherwise and in fairness it did make sense. But the fact is we will hit the proposed ceiling by the end of this month.

No. No we're not.

Treasury Expects to Hit Debt Ceiling in February
Treasury expects to reach government's $12.4 trillion debt ceiling by end of February

http://abcnews.go.com/Business/wireStory?id=9737552


The Treasury Department said Wednesday it expects to hit the government's debt ceiling by the end of February, putting pressure on Congress to raise the limit from its current level of $12.4 trillion.

Treasury said it is working closely with Congress to raise the ceiling. The Senate has approved legislation to increase it by $1.9 trillion to $14.3 trillion. A ceiling that high would equal about $45,000 for every American. The House is expected to vote on the increase Thursday.

Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2010/02/03/financial/f060231S81.DTL#ixzz0eag71qq0

...

Here's the actual statement by Treasury. NOWHERE does the word "proposed" occur. The writer of your story inserted that.

Debt Subject to the Limit

Based on current projections, Treasury expects to reach the debt ceiling as early as the end of February. However, the government's cash flows are volatile, making it difficult to forecast a precise date.

Treasury is working closely with Congress to pass legislation to increase the debt ceiling. We will keep financial market participants apprised of developments as the debt outstanding approaches the statutory limit.
http://www.ustreas.gov/press/releases/tg527.htm

What does DOW JONES have to say about it?

Treasury expects to reach the debt ceiling as early as the end of February. It is working with Congress to pass legislation raising the limit.

The Senate approved raising the debt limit by $1.9 trillion to $14.3 trillion last week, but action is still needed in the House.

Matt Rutherford, deputy assistant secretary for federal finance at Treasury, said in a briefing that he is confident the legislation will pass before the debt limit is reached.

Rutherford said he is comfortable that the new debt ceiling will be enough to last into 2011.

http://online.wsj.com/article/BT-CO-20100203-711786.html

petegz28
02-04-2010, 11:55 AM
No. No we're not.

Treasury Expects to Hit Debt Ceiling in February
Treasury expects to reach government's $12.4 trillion debt ceiling by end of February

http://abcnews.go.com/Business/wireStory?id=9737552


The Treasury Department said Wednesday it expects to hit the government's debt ceiling by the end of February, putting pressure on Congress to raise the limit from its current level of $12.4 trillion.

Treasury said it is working closely with Congress to raise the ceiling. The Senate has approved legislation to increase it by $1.9 trillion to $14.3 trillion. A ceiling that high would equal about $45,000 for every American. The House is expected to vote on the increase Thursday.

Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2010/02/03/financial/f060231S81.DTL#ixzz0eag71qq0

...

Here's the actual statement by Treasury. NOWHERE does the word "proposed" occur. The writer of your story inserted that.

Debt Subject to the Limit

Based on current projections, Treasury expects to reach the debt ceiling as early as the end of February. However, the government's cash flows are volatile, making it difficult to forecast a precise date.

Treasury is working closely with Congress to pass legislation to increase the debt ceiling. We will keep financial market participants apprised of developments as the debt outstanding approaches the statutory limit.
http://www.ustreas.gov/press/releases/tg527.htm

ORange, read the first sentence of the OP again..

The US debt is on track to hit a congressionally proposed debt ceiling of 14.3 trillion dollars by the end of February, the Treasury said Wednesday, a day ahead of a key vote to raise it to that level.

orange
02-04-2010, 11:59 AM
ORange, read the first sentence of the OP again..

That first line is a FALSEHOOD.

Read the rest that I added... you know, the ACTUAL statement by Treasury and the report by WSJ.

Go with real sources. Who the hell is AFP anyway?

....

You want something even more direct?

Treasury expects to hit debt limit in February
Treasury expects to reach government's $12.4 trillion debt limit by end of February


Christopher S. Rugaber, AP Economics Writer, On Wednesday February 3, 2010, 11:49 am EST
WASHINGTON (AP) -- The Treasury Department said Wednesday it expects to hit the government's debt ceiling by the end of February, putting pressure on Congress to raise the limit from its current level of $12.4 trillion.

Treasury said it is working closely with Congress to raise the ceiling. The Senate has approved legislation to increase it by $1.9 trillion to $14.3 trillion. A ceiling that high would equal about $45,000 for every American. The House is expected to vote on the increase Thursday.

Congress approved a smaller increase of $290 billion in late December, allowing the government to borrow for about two more months.

Matthew Rutherford, Deputy Assistant Secretary for Federal Finance, said a $1.9 trillion rise would enable the government to continue borrowing into 2011.

http://finance.yahoo.com/news/Treasury-expects-to-hit-debt-apf-2905598611.html?x=0&sec=topStories&pos=5&asset=&ccode

The Mad Crapper
02-04-2010, 01:07 PM
Well I guess we'll find out in about 4 more weeks.