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  1. #1 As Debt Limit Reached, Agreement Still Far Off 
    As Debt Limit Reached, Agreement Still Far Off

    By DAMIAN PALETTA And CAROL E. LEE

    WSJ's Paul Vigna reports the nation's nearly $14.3 trillion debt limit will be breached today. Also, NASDAQ withdrew its bid for the NYSE. (AP Photo/Henny Ray Abrams, file)

    The U.S. government is expected to hit the $14.294 trillion debt ceiling Monday, setting in motion an uncertain, 11-week political scramble to avoid a default.

    The Treasury Department plans to announce Monday it will stop issuing and reinvesting government securities in certain government pension plans, part of a series of steps designed to delay a default until Aug. 2.

    The Treasury's moves buy time for the White House and congressional leaders to reach a deficit-reduction agreement that could clear the way for enough lawmakers to vote to raise the amount of money Congress allows the nation to borrow.

    Gene Sperling, director of the National Economic Council, said reaching the debt ceiling "should be a warning bell to the political system that it's time to get serious about preserving our full faith and credit." The Obama administration says a default would tip the U.S. back into a financial crisis.

    But the pathway to a deal remains unclear, even to those doing the negotiating. The White House and Republicans are giving conflicting signals about how close they are to a deal. Vice President Joe Biden said last week the contours of an agreement were taking shape. House Speaker John Boehner painted a different picture Sunday, saying on CBS's Face the Nation "I'm not seeing any real action."
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  2. #2 Usa Hits Debt Ceiling Treasury Raids Pensions 
    An Adversary of Linda #'s
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    The U.S. government is expected to hit the $14.294 trillion debt ceiling Monday, setting in motion an uncertain, 11-week political scramble to avoid a default.

    The Treasury Department plans to announce Monday it will stop issuing and reinvesting government securities in certain government pension plans, part of a series of steps designed to delay a default until Aug. 2.

    The Treasury's moves buy time for the White House and congressional leaders to reach a deficit-reduction agreement that could clear the way for enough lawmakers to vote to raise the amount of money Congress allows the nation to borrow.

    Gene Sperling, director of the National Economic Council, said reaching the debt ceiling "should be a warning bell to the political system that it's time to get serious about preserving our full faith and credit." The Obama administration says a default would tip the U.S. back into a financial

    http://online.wsj.com/article/SB1000...050561022.html
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  3. #3  
    Dupe.
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  4. #4  
    Senior Ape Articulate_Ape's Avatar
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    "Our president delivered his State of the Union message to Congress. That is one of the things his contract calls for -- to tell congress the condition of the country. This message, as I say, is to Congress. The rest of the people know the condition of the country, for they live in it, but Congress has no idea what is going on in America, so the president has to tell 'em." ~ Will Rogers
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  5. #5  
    CU's Tallest Midget! PoliCon's Avatar
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    I thought the world was going to come to an end if the debt ceiling was reached . . . .
    Stand up for what is right, even if you have to stand alone.
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  6. #6  
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    Quote Originally Posted by PoliCon View Post
    I thought the world was going to come to an end if the debt ceiling was reached . . . .
    You obviously didn't watch the video I posted today in the Economics forum, teach.
    "Our president delivered his State of the Union message to Congress. That is one of the things his contract calls for -- to tell congress the condition of the country. This message, as I say, is to Congress. The rest of the people know the condition of the country, for they live in it, but Congress has no idea what is going on in America, so the president has to tell 'em." ~ Will Rogers
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  7. #7  
    CU's Tallest Midget! PoliCon's Avatar
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    Quote Originally Posted by Articulate_Ape View Post
    You obviously didn't watch the video I posted today in the Economics forum, teach.
    no no - I'm absolutely certain that the MSM and the dems have been going on and on for months that if we hit the debt ceiling the world would come to an end.
    Stand up for what is right, even if you have to stand alone.
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