In an announcement made early today Monday May 16, 2011, the US Treasury has stated it has reached the $14.294 Trillion debt ceiling. As a result of this recent motions the Treasury department plans to stop issuing and reinvesting in government securities into certain pension plans. These and other measures would delay the default of the US government until August 2nd. However, Vice President Joe Biden is holding negotiations with lawmakers with some of the deficit-cutting measures that are being requested to win approval to negotiate a higher debt limit. Some of speculators are saying some of the cuts are going to be made to agriculture subsidies and federal retirement programs, anti-fraud efforts, and increased premiums for pension plans by the Pension Benefit Guaranty Corporation and the sale of wireless spectrum and government properties.
Monday, May 16, 2011
The US yells Bingo as the debt limit is reached.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment