US breaches debt ceiling (again)

[DMac]

A bit ahead of schedule :o

http://www.zerohedge.com/news/deja-vu-all-over-again-total-us-debt-passes-debt-ceiling-under-one-month-extension#comments

http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2011/09/Screen%20shot%202011-09-02%20at%204.09.18%20PM_0.png

[General of Darkness]

This is a ponzi scheme, but what makes it worse, is that it's out of control.

[k-os]

Again?! Why bother having a debt ceiling?

[General of Darkness]

Again?! Why bother having a debt ceiling?

I think it has to do with our credit rating or some bullshit like that. It's all b.s. no matter how you think about it.

[ximmy]

Hey man... kickbacks, payoffs, gifts, favors, etc. can get expensive...

[Joe King]

Again?! Why bother having a debt ceiling?
The reason there's a debt ceiling is because Congress is too lazy and pre-occupied to authorize each and every issuance of debt by the Treasury. So they have a vote every so often to authorize the issuance of debt up to a certain amount in order to cover the over-spending that Congress engages in.

[osoab]

And while the total debt subject to the limit is still slightly less, at $14.652, one week of Treasury auctions and will be time for Moody's to justify again why the US is a quadruple A credit.

We have not technically breached the debt that is counted under the debt ceiling. The above is from ZeroHedge.

So we really have 40 billion to go. What auctions are next week?

[mightymanx]

Popping the debt ceiling came faster than 15 year old boy with a hooker.

Me thinks the end is nigh.

[osoab]

Popping the debt ceiling came faster than 15 year old boy with a hooker.

Me thinks the end is nigh.

Superduper Committee meets next week on the same day that Obummer gives his speech.

'Super Committee' Sets First Meeting Date (http://www.wesh.com/politics/29063809/detail.html)


Washington (CNN) --
The co-chairs of the Congressional debt-crisis "super committee" announced their long-awaited first meeting and hearing dates in a statement released Friday.

The Joint Select Committee on Deficit Reduction is holding their first full committee meeting Thursday morning, September 8th, where members will make opening statements and consider committee rules, according to a statement released by co-chairs Rep. Jeb Hensarling, R-Texas, and Sen. Patty Murray, D-Washington.


All is well.

[Twisted Titan]

Sing it with me now........

http://www.youtube.com/watch?v=EoS52fVtVQM&feature=youtube_gdata_player