Lew: Debt Limit Won’t Be Reached Till Labor Day After $60 B Fannie Mae Payment

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”.


2013 Silver Eagles As Low As $4.39 Over Spot at SDBullion!

 

Comments

  1. So which Labor Day is he talking about?

  2. 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
       

  3. Sounds like ‘Fuzzy Math’ is still alive and well…at least in the Fed .Gov’s dreams.

  4. @MaryB , Oh I DO indeed have a term for ‘their’ figures, but I will show SilverDoctors some courtesy and not use such words on this forum!
    Cheers,
    Mammoth

  5. It’s wheres Waldos father! When SHTF he will be hiding out along with the rest of the government officials. Slightly past Labor Day sounds about right.

Speak Your Mind