January 28, 2011 archive

Sh*t hurling towards the fan

Excerpts from 3 very disturbing articles….

WASHINGTON, Jan 27 (Reuters) – The U.S. Treasury on Thursday initiated the first in what is likely be a series of maneuvers aimed at preventing it from hitting a legal debt limit as a political battle over spending intensified.

The action to reduce the amount of money the Treasury holds in a special account at the Federal Reserve marked only a small step in freeing up new borrowing capacity, but was symbolically important as the Obama administration and Republican lawmakers stake out ground in a wider budget debate.

As of Tuesday, Treasury’s remaining borrowing authority was down to $279 billion — all that remained before it bumps against a legally set $14.294 trillion debt ceiling. link

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