Current Event SixteenDebt ceiling: Treasury soon to start juggling acthttp://money.cnn.com/2013/05/16/news/economy/debt-ce...
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Ce 16

  1. 1. Current Event SixteenDebt ceiling: Treasury soon to start juggling acthttp://money.cnn.com/2013/05/16/news/economy/debt-ceiling/index.html?iid=HP_LN! There is nothing new about the fact that the country is in debt. All countries are indebt to a point. This article states: The debt ceiling clock is about to start running again.The U.S. Treasury on Friday will begin using "extraordinary measures" to keep thecountry from defaulting on its obligations. Once again the government is struggling to dosomething about the debt. The treasury up until now has been allowed to continue toborrow in order to pay the countryʼs bills. However, now the debt ceiling is about toreset. The increase is an expected $265 billion dollars.! Basically the country as of Sunday will be hitting itʼs debt limit. These measuresthat are being taken are risky. No one knows how long they will make things work butestimate they will have at least until Labor Day to come up with another plan of action.The treasury will start by stopping the issuing of special securities to the states and localgovernments. They also are redeeming existing investments in the retirement anddisability funds of civil service and postal workers. Between now and fall no one is quitesure how Congress will handle the situation.! I honestly donʼt know what will happen. I understand the debt in the country. I justdonʼt see why we keep raising the borrowing limit. We are already far enough in thehole. But I know this isnʼt nearly that simple! The money has to come from somewhere.So they are borrowing more because where else is the money going to come from. I justhope they figure out a plan that will actually bring some improvement to this country.Tara Pawlyk Friday, May 17, 2013 10:00:11 AM ET 04:0c:ce:d3:10:88

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