Treasury to tap pensions to help fund government - The Washington PostThe Obama administration will begin to tap federal retiree programs to help fund operations after the government loses its ability Monday to borrow more money from the public, adding urgency to efforts in Washington to fashion a compromise over the debt.
Treasury Secretary Timothy F. Geithner has warned for months that the government would soon hit the $14.3 trillion debt ceiling — a legal limit on how much it can borrow. With the government poised to reach that limit Monday, Geithner is undertaking special measures in an effort to postpone the day when he will no longer have enough funds to pay all of the government’s bills.
If this doesn't tell you we've over reached our bounds, nothing will. Raiding pensions to pay for spending we cannot afford?
CUT THE SPENDING. Period. Don't think short term and demand taxes go up, that's a blip, and harms longer term economic growth. Cut spending.