Obama administration: Debt ceiling deadline coming soon
January 14th, 2013
05:22 PM ET
2 years ago

Obama administration: Debt ceiling deadline coming soon

New York (CNNMoney) - The Obama administration on Monday turned up the heat on Congress to raise the debt ceiling.

The Treasury Department, hours after President Obama again said he would not negotiate with Congress over the issue, said it will run out of ways to keep the country under the legal borrowing limit sometime between mid-February and early March.

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Filed under: CNNMoney.com • Debt • Treasury
soundoff (13 Responses)
  1. Ken Gunter

    EVERY TIME THE PRESIDENT MENTIONS THE DEBT CEILING HIS QUOTE NEEDS TO BE AIRED AND PUBLISHED!
    "The fact that we are here today to debate raising America's debt limit is a sign of leadership failure. It is a sign that the US Government cannot pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government's reckless fiscal policies. Increasing America 's debt weakens us domestically and internationally. Leadership means that, 'the buck stops here.' Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better."

    - Senator Barack H. Obama, March 2006."

    January 14, 2013 05:39 pm at 5:39 pm |
  2. Wake up People!

    I'm sure things look very different when you're sitting behind that desk in the Oval Office than they do from the Senate floor.

    January 14, 2013 05:47 pm at 5:47 pm |
  3. rs

    Don't worry folks, there is plenty of time for the 113th Congress to do nothing, and try to wreck the economy AGAIN!
    Republicans- What's wrong with America.

    January 14, 2013 05:52 pm at 5:52 pm |
  4. Logic N LA

    Ken- the debt ceiling is not spending money- it is allowing us to pay for money we have already spent. Congress plays games but the bottomline, the debt ceiling is what congress spent, like on the wars, Medicare Part D, Katrina and cutting taxes long before Obama got in office. Lowering our spending won't stop debt already owed, only future debt.
    This fight is strictly politcal for the base and uninformed.

    January 14, 2013 06:08 pm at 6:08 pm |
  5. MM

    Why the threats from Mr. Obama? I have not heard a single republican or democrat say they are not going to pay the bills. Obama is the only one saying social security, soldiers....will not be paid. Get the budget (how about even having a budget) under control instead of increasing spending and taxes even more than it has already since January 1!!!

    January 14, 2013 06:19 pm at 6:19 pm |
  6. Hammerer

    I find it amusing that Obama would say that America is not a "deadbeat nation" when almost half of the population is depending on government handouts instead of jobs. What does he consider a deadbeat?

    January 14, 2013 06:19 pm at 6:19 pm |
  7. craig

    Right. Conservatives only waited for a Democrat to object. Debt when W. left office: 9 trillion (vs economy of 15 trillion). Debt today: 16 trillion, on it's way to 20 trillion, according to the budget from President Obama (vs. economy of 16 trillion). If Obama were either growing the economy (2% average growth is by far the weakest "recovery" ever), or offering to stop the growth in the debt, this wouldn't be an issue. BUT HE IS NOT DOING EITHER!

    January 14, 2013 06:26 pm at 6:26 pm |
  8. goamerican

    From Sen. Obama’s Floor Speech, March 20, 2006:

    The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies. … Increasing America’s debt weakens us domestically and internationally. Leadership means that “the buck stops here.” Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better.

    January 14, 2013 06:52 pm at 6:52 pm |
  9. granny

    the only threat to economical well being lives in the white house. With all the blathering he forgets to say his obamacare expenditure is "one" of the bills racked up that the pubbies had nothing to do with. Soooooooo why can't he negotiate cuts with the pubbies. WE ARE not stupid. Obama spent like a drunk sailor just like the pubbies agreed, Both need to cut spending before another dime is spent.

    January 14, 2013 06:56 pm at 6:56 pm |
  10. Len

    okay....let us not pay our bills and let us default.....wow what a great way to show the world how to improve an economy...GOP what a bunch of....

    January 14, 2013 08:14 pm at 8:14 pm |
  11. Gregory M. Newbold

    O believe the 1st Ammenment privaledges should be REVOKED for any journalism enterprise which prints or broadcasts ANY VARIATION of the Republican talking point, "We won`t raise the Debt Limit until OBAMA curbs his reckless spending".

    The spending has been done by Congress, not Mr. Obama. Hey MSM, why don`t you convey these facts to the public and stop tacitly supporting the rightwing`s BASELESS anti-Obama diatribes.

    January 14, 2013 08:35 pm at 8:35 pm |
  12. Microscope

    We always seem to be having these discussions after the fact.
    Oh well we've invaded Iraq, now what to do.
    Oh well, the real estate bubble, now what to do.
    Oh well, another debt ceiling discussion, well we have to pay the bills!
    I'm a liberal, but I don't blame the mainstream Republicans who are putting their foot down on out-of-control spending.
    Have you noticed the 16.5 (and quickly rising) billion debt?
    Granted, it's a fine line between austerity and stalling the economy completely.
    But make no mistake, if we actually choose to face this monster, it's going to hurt.
    I really feel we needed to raise taxes on $150,000 and up.
    I also feel we need comprehensive spending cuts across the board.
    I think we need more triggers on key fiscal and other issues, because it appears to be the only way the parties will sit down and hammer out solutions, in this ridiculous partisan climate.
    We can't kick the can down the road anymore.
    But they still might find a way to do so.
    Who knows, maybe the Elite know something us peasants do not?
    US debt will be forgiven once they manage to bring about a New World Order?
    I say that half-jokingly at this point.

    January 14, 2013 08:56 pm at 8:56 pm |
  13. Ancient Texan

    The House should pass a bill that pays the interest on each payment on our unbelievable debt, then we are no longer in danger of default on those loans. We have revenues to keep the government operating and should not extend the limit until substantial spending cuts are made.

    January 14, 2013 09:24 pm at 9:24 pm |