7 Warning Signs We Have Been Set-Up for Economic Collapse
Oct. 14, 2013
President Obama has rallied the Democrats with him against the Republicans in a battle to resolve the impending debt default by the US.
Jack Lew, Secretary of the US Treasury warned last week that the US is quickly running out of cash, “this is our early-warning radar telling us that the bond market is beginning to focus on this as an increasing probability.”
Lew said : “The reality is that if we run out of cash to pay our bills, there is no option that permits us to pay all of our bills on time, which means that a failure of Congress to act would for the first time put us in a place where we’re defaulting on our obligations as a government.”
It is the stance of the US Treasury that if the debt ceiling is not raised by October 17th, the federal government will have to operate with cash in hand and that “could severely impact financial markets and the broader economy.”
Obama met with House Speaker John Boehner to discuss raising the debt ceiling for 6 weeks to reopen the US government.
Democrats were ordered to agree to entitlement cuts.
Negotiations failed as House Representative Greg Walden said: “The president now isn’t negotiating with us.”