BREAKING NEWS…


National News Alert

Bloomberg: Obama expected to nominate Jack Lew for Treasury Secretary

According to Bloomberg, President Barack Obama plans to name White House Chief of Staff Jack Lew tomorrow as his choice for Treasury secretary, replacing Timothy F. Geithner, a person familiar with the process said.

Lew, 57, who also has served as director of the Office of Management and Budget, has been offered the Treasury post by Obama, according to the person, who asked for anonymity to discuss personnel matters.

Read more at:
http://www.washingtonpost.com/business/obama-said-to-name-jack-lew-to-replace-geithner-at-treasury/2013/01/09/3256b2c4-5a71-11e2-b8b2-0d18a64c8dfa_story.html

National News Alert!


U.S. will hit debt limit on Dec. 31, Treasury says

The U.S. government will exhaust its borrowing authority on Dec. 31 and hit the $16.4 trillion federal debt limit, the Treasury Department said Wednesday, beginning a countdown until Congress either passes legislation to allow for more borrowing or the government defaults on its debt.

Treasury Secretary Timothy F. Geithner said in a letter to senior lawmakers that the Treasury would begin to undertake “extraordinary measures” in order to forestall default. Geithner said the measures could create about $200 billion in additional funding available to the government – giving Congress two months before it must raise the debt
limit.

Read more at:
http://www.washingtonpost.com/politics/us-will-hit-debt-limit-on-dec-31-treasury-department-says/2012/12/26/0e8e3738-4fa2-11e2-839d-d54cc6e49b63_story.html

NEWS: FISCAL CLIFF


THE HILL

News from The Hill:

Boehner, House GOP reject debt deal offer from White House 
By Russell Berman, Mike Lillis and Erik Wasson

Speaker John Boehner (R-Ohio) on Thursday rejected a White House offer to avert the fiscal cliff that would include $1.6 trillion in tax increases, $400 billion in spending cuts and a permanent increase in the debt ceiling, Republican aides said.

Aides said the offer was made by Treasury Secretary Tim Geithner and Rob Nabors, a top White House adviser, during their meeting with Republican leaders in the Capitol.

While the Obama administration described the offer as reducing the deficit by $4 trillion over 10 years, Republican told The Hill its tax increases amount to $600 billion more than what the Democratic-led Senate passed earlier this year when it approved legislation that would allow tax rates on top earners to rise.

Read the story here.

 

Will We All Have to “See” This Movie?


Continue reading “Will We All Have to “See” This Movie?”