Are we being back-stabbed by the oligarchy, or am I missing something?
Treasury Auctions To Take United States Over The Debt Limit On Monday
Rob Port • May 11, 2011
Treasury Secretary Tim Geithner has been a little fuzzy on the “drop dead” date for the national debt limit. It seems as though every month or so he writes to Congress about a specific date past which they dare not go without raising the debt cap, only to follow up with another letter setting another, later date.
But according to reports, the Treasury Department auctioned off enough US debt this week to take the country over the debt limit by Monday:
WASHINGTON -(Dow Jones)
– The Treasury Department auctioned $56 billion in new debt Tuesday and Wednesday, enough to take the U.S. over its federal debt ceiling when the three- and 10-year notes settle on Monday.
Treasury officials last month flagged May 16 as the day the government would hit the $14.294 trillion debt limit.
The U.S. is selling $72 billion in new debt over three days this week. The Treasury auctioned $32 billion in three-year notes Tuesday and $24 billion in 10-year notes Wednesday, and will sell $16 billion in 30-year bonds Thursday. All of the auctions will settle Monday.Call me a conspiracy theorist, but could this be a bit of political gamesmanship on the part of the Obama administration? Republicans are gearing up to make the debt cap debate their leverage point for big recessions on spending, budgeting and entitlement reforms. But if the debt cap “drop dead” date is forwarded to next week, Republicans won’t have any time to make their case.
And since even the most drastic budget cuts on the table still create trillions of dollars of deficits well into the future, the debt cap would have to be raised. Likely with little or no conditions.
Just like Obama wanted.