Obama To Banks: We’re Not Defaulting!
- The debt ceiling political theatre continues. It is highly unlikely the 2 Aug dateline will be met. America’s annual interest payments on its debts amount to US$250B+. Tax receipts are in the region of US$2.2T. Expenditures amount to US$3.8T+. There is sufficient tax revenues to pay for the interest on debts but the GMan will have to take it from other expenses. Where will they take it from? Probably Social Security, Medicare and other social benefits. They should bring the troops home and cut ‘defence’ (war really!) expenses. But of course the politician snakes will not want to offend their Illuminist bankster masters who own the MIC!
- The ultimate objective of these bought up politician snakes remains to be seen. Yes, it is a charade, a scripted play! It will destabilize confidence in the USD. It will cause social chaos and breakdown of society. It will ultimately make the Illuminist puppet masters look like saviors. The criminal class who rule America want the collapse of America! QE3 is an absolute certainty, who else will buy the debts after the debt ceiling is raised?
Obama to Banks: We’re Not Defaulting
By Charlie Gasparino, http://www.foxbusiness.com/
While officials from the Obama Administration raised their rhetoric over the weekend about the possibility of a debt default if the debt ceiling isn’t raised, they privately have been telling top executives at major U.S. banks that such an event won’t happen, FOX Business has learned.
In a series of phone calls, administration officials have told bankers that the administration will not allow a default to happen even if the debt cap isn’t raised by the August 2 date Treasury Secretary Tim Geithner says the government will run out of money to pay all its bills, including obligations to bond holders. Geithner made the rounds on the Sunday talk shows saying a default is imminent if the debt ceiling isn’t raised, and President Obama issued a similar warning during a Friday press conference after budget negotiations with House Republicans broke down.
While the negotiations to craft a budget remain at an impasse, Republicans and Democrats on Monday began crafting their own plans to cut spending that could lead to an agreement to raise the debt ceiling. It’s unclear if a broad agreement can be reached any time soon, but even if a deal is struck, a complicating issue for lawmakers and the administration is the possibility of a downgrade to the US debt rating, which would cut the triple-A rating on the nation’s debt to a lower level.
Major ratings firms — namely Standard & Poor’s and Moody’s — have said even if the country raises the debt ceiling and doesn’t default, there’s a strong likelihood that the triple-A bond rating will be cut to double-A unless a budget can be crafted that results in $4 trillion in savings, the result of the massive debt load the country has accumulated in recent years. The nation’s outstanding debt is more than $14 trillion.
A senior banking official told FOX Business that administration officials have provided guidance to them that even though a default is off the table, a downgrade “is a real possibility for no other reason than S&P and Moody’s have to cover (themselves) since they’ve been speaking out on the debt cap so much.”
This guidance is a big reason why Wall Street has largely dismissed the possibility of default, and though the markets have been jittery amid the talk of default, they haven’t imploded as would be the case, many economists fear, if the nation missed a payment on its debt. The banking official said the administration understands that if there were to be a default, it would likely spark another financial crisis.
“They also know they can pay the debt with cash on hand,” this official told FOX Business. The Treasury collects around $2 trillion in tax revenues, and is scheduled to pay out $200 billion in interest to bond holders. In order to meet its obligations to contractors, social security recipients and others, the administration would have to raise another $1 trillion either through cuts, higher tax revenues, the issuance of debt or a combination of all three.
Congressional Republicans believe that the Administration is raising the possibility of a default as a way to ramp up pressure on Republicans to agree to a budget deal that includes tax increases, which they oppose.
…. for the full article click here!
Sorry, the comment form is closed at this time.
Societal and economics observer and commentator with an endtimes, future history perspective, in a satirical way. Follow me at Twitter: socioecohistory
- The Sick Man of NATO: Erdogan’s Madness ‘Could Provoke WWIII’
- Andy Hoffman: Global Economic Meltdown Accelerates
- Palestinians Demand Return of Bodies of Their Dead
- Was Turkey’s Shoot Down of Russian SU-24 Planned?
- Turkish Government Caught Helping ISIS
- Former NATO Commander: ‘Turkey Is Supporting ISIS’!
- Turkish Warplanes Enter Iraqi Airspace, Resume Strikes on Kurdish Bases
- ISIS Taunt America in New Video Urging Them to ‘Bring It On’ as They Vow to Bring Fire on Their Enemies Once ’80 Banners’ Have Been Raised Against Them And Mock US Soldier Suicides
- Big Banks Accused of Interest Rate-Swap Fixing in U.S. Class Action Suit
- Dump Obama or Face Thermonuclear War of Extinction. Obama Was Behind the Turkish Shoot-Down of the Russian SU-24
- Drudge Sends the Biggest Secret Viral: “America Has Been Arming ISIS”
- Turkey’s Downing of Russian Jet, Serves US
- Who Is Protecting ISIS And Why?
- Turkish Prime Minister: I Gave Order to Shoot Down Russia’s Plane Myself
- Russia Strikes Back: Putin’s Bombers Hit Turkish Border Crossing in Revenge for Downed Jet
- John Kerry Admits They’re Making “Order Out of Chaos” for New World Order
- 17 Seconds is the Death Penalty: Why Didn’t Turkey Pick Up the Phone and Call President Putin?
- EU Politicians Blast Turkey’s Links to ISIS, Call Erdogan’s Policies Dangerous
- Jim Willie Warns of DEATH INDICATOR: HUGE Shock to the System is Coming!
- Jeff Nielson: The US Is Run By Psychopaths And We Are Now Facing Armageddon
9/11 Apartheid Asia Bailout Bankruptcy Bible BRICS China CIA Collapse corruption Crime Currency depopulation derivative Devaluation ethnic_cleansing EU Europe Eurozone Fascism FederalReserve France Fraud Gaza genocide Germany Global_Warming Gold GreatDepression Greece Hyper-inflation Illuminati Iran Iraq Israel Japan Libya Martial_Law Meltdown MIC Middle_East MSM NATO Nazi Nephilim New_World_Order nuclear Obama Occult oil Palestine Police_State propaganda Psyop Riots Russia Satan Saudi_Arabia Silver stock_Market Syria Terrorism Treasury Turkey UK Ukraine UN Unemployment Unrest US Vaccine War weather Zionism
- Revelation 12:1-2September 23rd, 201722 months to go.
- November 2015
- October 2015
- September 2015
- August 2015
- July 2015
- June 2015
- May 2015
- April 2015
- March 2015
- February 2015
- January 2015
- December 2014
- November 2014
- October 2014
- September 2014
- August 2014
- July 2014
- June 2014
- May 2014
- April 2014
- March 2014
- February 2014
- January 2014
- December 2013
- November 2013
- October 2013
- September 2013
- August 2013
- July 2013
- June 2013
- May 2013
- April 2013
- March 2013
- February 2013
- January 2013
- December 2012
- November 2012
- October 2012
- September 2012
- August 2012
- July 2012
- June 2012
- May 2012
- April 2012
- March 2012
- February 2012
- January 2012
- December 2011
- November 2011
- October 2011
- September 2011
- August 2011
- July 2011
- June 2011
- May 2011
- April 2011
- March 2011
- February 2011
- January 2011
- December 2010
- November 2010
- October 2010
- September 2010
- August 2010
- July 2010
- June 2010
- May 2010
- April 2010
- March 2010
- February 2010
- January 2010
- December 2009
- November 2009
- October 2009
- September 2009
- August 2009
- July 2009
- June 2009
- May 2009
- April 2009
- March 2009
- February 2009
- January 2009
- December 2008
- The Illuminati Council of 13 aka Grand Druid Council !
- FreeMason Netanyahu: Israeli Army Ready For Anything!
- Current Membership List of The Illuminati "Committee of 300"!
- Senator John McCain’s Whoops Moment: Photographed Chilling With ISIS Chief Al-Baghdadi And Terrorist Muahmmad Noor!
- New DNA Research Confirms That Modern Khazarian "Jews" Are Not the Descendants of Ancient Isrealites or The Seed of Abraham!
- Meet The Man Who Funds ISIS: Bilal Erdogan, The Son Of Turkey's President
- ISIS Leader Abu Bakr Al Baghdadi (Jew) Trained by Israeli Mossad, NSA Documents Reveal !