US government warns it's running out of cash

[kpete]

US government warns it's running out of cash 2 hours, 41 minutes ago


WASHINGTON (AFP) - Treasury Secretary John Snow has warned that unless Congress raises the national debt limit, the US government will run out of cash to finance its daily work in two months.


In a letter to Senate leaders Thursday, Snow said the statutory debt limit imposed by Congress of 8.184 trillion dollars would be reached in mid-February and the government would then lose its borrowing power.

"At that time, unless the debt limit is raised or the Treasury Department takes authorized extraordinary actions, we will be unable to continue to finance government operations," said the letter, seen by AFP.

Snow warned that even if the Treasury took "all available prudent and legal actions" to avoid breaching the ceiling, "we anticipate that we can finance government operations no longer than mid-March".

http://news.yahoo.com/s/afp/20051230/ts_afp/uspoliticseconomy

[Brundle_Fly]

1. Jebus.

@ least congress will vote to up the limit, which will further the demise of the once great nation.

[TechBear_Seattle]

2. Raising the national debt limit will NOT create cash out of thin air

It will only guarantee that our great grandchildren will be saddled with *'s failures, as well as our grandchildren and children.

[ThomWV]

3. OK - Shut 'er Down!

You know, when the limit is reached and you get one of those silly little shutdowns at least during the time Government is in much reduced operation the deficit is going down. Its just for a moment, in budgetary time, but its refreshing to know that every dime of tax revnue comming in during a shutdown goes to pay off the debt.

[walldude]

4. Ben Burch did a great post on this yesterday

about how they are just going to print more money.. I'll see if I can find it..

Got it...:
http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=104&topic_id=5711859

[iwanmycntrybak]

5. No more to spend,

time for Bush to go home.

[pansypoo53219]

6. obviously

this is a sign the rich need more tax cuts and snow has to go.
too much truth makes georgie sad.