Friday humor comes a day late this week, as new Treasury Secretary Jack Lew has announced that the effective debt limit will not be reached until at least labor day, thanks to a one-time $59.4 billion payment by Fannie Mae to the Treasury after reporting a record quarterly profit.

Although “The statutory debt limit will be reached in just a few days”, there is no need to worry because we can simply borrow from and drain entitlement programs again, ala 2011:  “Because of the extraordinary measures that are available and cash flows that we now can predict it will not be until at least after Labor Day”.

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  1. Lew is more incompetent than Geither and that is saying something.  His signature reminds me  of my penmanship class in 2nd grade  I flunked.  So should he.  If Ginnie Mae makes a profit this year I’m a red assed monkey.  More like what will happen is GNMA will end up
    em-bare-assing itself and end up the monkey.  Of course QELew will continue until we balance the budget, something that will happen around 2031 AD. 

    • Lew looks like one of those political appointees whose main function is to be so retarded that his boss looks good by comparison.  lol

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