Political Quotes

“the Secretary of Treasury has repeatedly warned of the impending collapse of our financial system if Republicans did not give up on their quest for a balanced budget and simply increase the debt limit. His lack of credibility is now established. His recent statements about not having enough cash to make retirement payments on March 1 is again designed to put political pressure on the Congress in hopes that Congress will abandon the balanced budget and allow the addition of more debt to the trillions that our children will be responsible for. This bill will ensure that Social Security payments must be made on March 1. It does not add to the debt, but it does allow Treasury to overcome a timing problem that they have created by their claim that they cannot manage the cash of this country. Under normal circumstances Treasury would sell bonds a few days before benefit payments are due with a settlement date the same as the benefit payment date. Then the trust fund is disinvested and the debt limit has returned to what it was. Because we are at the debt limit Treasury cannot use this normal procedure. Because the Social Security Trust is void of any cash, Treasury must sell securities to make benefit payments that come due. This bill will allow these securities to be sold outside the debt limit, then as the benefit payments are met the trust fund securities will be redeemed.”