Video: $9,000,000,000,000 MISSING From The Federal Reserve SHOCKING FOOTAGE

waltky · Nov 26, 2012

How could anyone in her position be that dumb???

$9,000,000,000,000 MISSING From The Federal Reserve SHOCKING FOOTAGE - YouTube

ballantine · Dec 3, 2012

waltky said: ↑

How could anyone in her position be that dumb???

$9,000,000,000,000 MISSING From The Federal Reserve SHOCKING FOOTAGE - YouTube
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Ha ha - good catch, waltky.

Well, let me see... so this means I can walk into Fed-SF and smoke a joint? 'Cause it's "not federal property"?

waltky · Jan 12, 2013

Treasury borrowed to push debt to the limit...

Treasury Says It Balanced Budget in DecemberBut Borrowed $96B on Dec. 31 to Hit Debt Limit During Fiscal Cliff Negotiations
January 11, 2013 - In its monthly statement for December, released Friday, the U.S. Treasury says the federal government balanced its budget during the month, bringing in roughly $270 billion in revenues while making roughly $270 billion in expenditures.

Yet, the Treasury also says that during December it increased by $63.079 billion the national debt subject to the legal limit set by Congress, thus dramatically bringing the debt to that legal limit on Dec. 31, just as Congress and the White House were involved in final negotiations on a deal to avert the so-called fiscal cliff--which would have cancelled all of the lower income tax rates signed into law by President George W. Bush. As the fiscal cliff negotiations were underway on Dec. 31, the Treasury, according to the Daily Treasury Statement for that day, borrowed an additional $95.953 billion against the statutory limit, thus increasing the debt from $16.298022 trillion at the start of business that morning to $16.393975 trillion at the close of business that day. (The current legal limit on the debt is $16.394 trillion.)

The Treasury did not spend all of the new money it borrowed that day, however. Tax revenues, after all, were actually meeting federal expenditures for the month, balancing the budget for at least the 31 days of December. Instead, Treasury stashed an additional $33.954 billion into its cash reserve. Thus, it increased the cash it was holding in the bank by the end of that day to $92.720 billion. In other words, the Treasury not only balanced the budget in December, it closed the month with $92.720 billion in cash on hand. That $92.720 billion in cash that Treasury finished December with was $43.773 billion more than the cash Treasury had on hand at the beginning of December. At that point, according to the Daily Treasury Statement, Treasury had only $48.947 billion in cash on hand. Indeed, as recently as Nov. 28, the Treasury had gotten by with only $16.103 billion in cash on hand, according do the Treasury statement for that day.

In fact, according to the Daily Treasury Statement, the $92.720 billion in cash Treasury had in its account on the same day it borrowed $95.953 billion and declared the debt limit had been reached was about $10.5 billion more than the $85.446 billion in cash Treasury held at the beginning of fiscal 2013. Did Treasury need to imminently spend the extra $33.954 billion it added to it cash account New Year's Eve? No. A week later, at the close of business on Monday, Jan. 7, 2013, according to the Daily Treasury Statement for that day, Treasury still had $63.870 billion cash on handhaving drawn down only $28.85 billon of the extra $33.954 billion it stashed way on debt-limit day.

On Dec. 31, Treasury Secretary Timothy Geithner sent a letter to Senate Majority Leader Harry Reid, and carbon copied to House Speaker John Boehner and other congressional leaders, declaring that Treasury had reached the statutory limit on the federal debt and that he was declaring a debt issuance suspension period until Feb. 28. During this suspension period, the Treasury will take extraordinary measures, including suspending payments into two federal worker retirement accounts, to avoid increasing the national debt. On Dec. 26, five days before Geithner sent the debt-limit notification letter, he had sent Congress a letter predictingaccurately, it turned outthat the Treasury would hit the debt limit on Dec. 31 (just as the government would be hitting the so-called fiscal cliff). I am writing to inform you that the statutory debt limit will be reached on December 31, 2012, Geithner said in that letter.

MORE
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Anders Hoveland · Jan 12, 2013

The Treasury should not issue any more debt. If this continues, they are liable to ruin the country's borrowing credibility forever. Would you want to lend an organization money that just kept getting into more and more debt, and had to borrow even more money just to pay you the interest on your loan?

waltky · Apr 12, 2013

Another multi-trillion budget proposal...

Obama sends Congress US$3.8 trillion budget
Fri, Apr 12, 2013 - US President Barack Obama sent Congress a US$3.8 trillion budget plan that hopes to tame galloping deficits by raising taxes on the wealthy and trimming the US’ most popular benefit programs. In aiming for a compromise between Republicans who refuse to raise taxes and Democrats who want to protect those benefits, he is upset some on both sides.

The White House wants to break away from the current cycle of moving from one fiscal crisis to another while the government skirts the brink of a shutdown. Deep political divisions have blocked substantial agreements to address the country’s gaping debt. It is unlikely that US Congress will begin serious budget negotiations before summer, when the government once again will be confronted with the need to raise its borrowing limit or face the prospect of a first-ever default on US debt. The president’s budget proposal includes US$1.8 trillion in new deficit cuts as the US tries to wrestle down its debt. The last time the government ran an annual surplus was in 2001.

On Wednesday, the US Department of theTreasury said the US deficit was on pace to finish below US$1 trillion for the first time in five years. The deficit hit a record US$1.41 trillion in budget year 2009. Obama’s budget blueprint for next year assumes that Washington reverses the recent deep budget cuts that have become a daily reality for the military. It calls for a base Department of Defense budget of US$526.6 billion — US$52 billion more than the level established by the blunt spending cuts, which had been designed to force the White House and Congress to reach a fiscal deal to avoid them.

The president’s spending and tax plan for the budget year that begins Oct. 1 is two months late. It projects deficit reductions of US$1.8 trillion over the next decade, achieved with higher taxes, reductions in payments to Medicare health aid providers and cutbacks in the cost-of-living adjustments paid to millions of recipients in Social Security pensions and other government programs. A key advocacy group for the aging on Wednesday said it was “deeply dismayed” by the plan to trim the government’s two biggest benefit programs.

Obama himself said his offer to trim future benefit increases for tens of millions of people is “less than optimal” and acceptable only if Republicans simultaneously agree to raise taxes on the wealthy. “If anyone thinks I’ll finish the job of deficit reduction on the backs of middle-class families or through spending cuts alone that actually hurt our economy short-term, they should think again,” the president said. Republicans have rejected higher taxes, arguing that the US$600 billion increase on wealthy earners that was part of a December agreement to avoid a sharp hit to the economy is all they will tolerate. The administration maintains that Obama’s proposal is balanced, with the proper mix of spending cuts and tax increases.

http://www.taipeitimes.com/News/world/archives/2013/04/12/2003559459
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See also:

Lew, US Republicans Agree on Need for Tax Overhaul
April 11, 2013 WASHINGTON — U.S. Treasury Secretary Jack Lew and Republican lawmakers concurred on Thursday that overhauls of the corporate and individual tax codes should be tackled together, but their agreement ended there.

Diverging sharply on whether new federal revenues should be raised from the affluent, Lew and the Republicans left prospects for comprehensive tax reform cloudy amid persistent partisan conflict on Capitol Hill over tax-and-spending policy. A day after the White House released a 2014 budget plan it hoped could spark a deal with Congress on cutting deficits and changing the tax code, Lew testified before the House of Representatives' tax-law writing Ways and Means Committee. Democratic President Barack Obama last year proposed a revamp of the business tax code alone, but Republicans said corporate and individual taxes must be reformed in unison. Lew assured Republicans that Obama agreed with that strategy. "Just intellectually, one has to look at it as a whole," he said.

Obama called for $580 billion in new revenue from the wealthy in his 2014 budget on Wednesday, including a new minimum tax and curbs to deductions. Most Republicans criticized the budget as too reliant on raising taxes and inadequate in cutting spending. Republican Representative Dave Camp, the chairman of the committee, said the tax code should lower rates for all Americans instead of bringing more money into Washington. "This budget is a first step, but America can do better than what the president is proposing here," he said. Lew said any agreement must include new revenue.

In his confirmation hearing in February, Lew called tax reform a top priority. Formerly a two-time budget director and Obama's chief of staff, Lew helped pass the nation's last major tax overhaul in 1986 as a congressional staff member. At a breakfast earlier on Thursday, Camp praised Obama, saying he has "evolved" by explicitly pledging not to raise total corporate taxes as part of a tax overhaul. Prior budgets had been unclear on that point, and the business community was worried that corporate tax breaks would be trimmed to help curb deficits.

Democratic congressman Jim McDermott complained that Obama kept offering Republicans compromises, such as the White House proposal to change the inflation adjustment for Social Security, but Republicans gave nothing in return. "The president continues to reach out and Republicans say, 'Yeah we'll take that, but we don't want to take any of the balance that has to go along with it,' " McDermott said, referring to revenue. Lew also said the administration is willing to talk to Republicans about moving to a territorial tax system, which would largely exempt big companies' foreign income from taxation. But Lew said protections would be vital to prevent companies from moving domestic profits offshore. Both parties are also largely opposed to a tax on financialtransactions, a popular idea in Europe to make banks pay for the help they got during the financial crisis. Lew on Thursday repeated the Obama administration's opposition to that tax.

Debt Bargaining
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OldManOnFire · Apr 29, 2013

waltky said: ↑

Another multi-trillion budget proposal...

Obama sends Congress US$3.8 trillion budget
Fri, Apr 12, 2013 - US President Barack Obama sent Congress a US$3.8 trillion budget plan that hopes to tame galloping deficits by raising taxes on the wealthy and trimming the US’ most popular benefit programs. In aiming for a compromise between Republicans who refuse to raise taxes and Democrats who want to protect those benefits, he is upset some on both sides.
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I'm guessing the deficit spending on this $3.8 trillion is going to be well over $1 trillion...maybe $1.3 trillion.

Obama wishes to 'tame deficits' by raising taxes. Which reminds me of what my mother used to tell me when I wished for something she would say 'wish' in one hand and '(*)(*)(*)(*)' in the other hand and see which one fills up first.

If we can forget politics and self-serving behavior for a moment, and consider only the WISH of raising taxes by $1+ trillion (as opposed to any concept of reducing government spending or increasing spending efficiency), I don't care who would be paying this $1+ trillion in taxes, whether it is industry or commoners or the wealthy...my problem is this removes $1+ trillion in cash from business and consumer's hands and gives it to government as if this is a better thing to do with our hard-earned cash?

I look around where I live, and in my travels, and I see a nation in disrepair, with crime-riddled neighborhoods, failing public education, mismanaged programs like SS, a bloated military, a Homeland Security on spending steroids, crumbling infrastructure, etc. and even if we gave the government another $1+ trillion of our cash, there would not be a single improvement in any of the issues I just mentioned...
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FearandLoathing · May 19, 2013

waltky said: ↑

How could anyone in her position be that dumb???

$9,000,000,000,000 MISSING From The Federal Reserve SHOCKING FOOTAGE - YouTube
Click to expand...

She still has the job.

Whose dumber, her, or the people who allow this stuff to go on and on and on and on....

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Video: $9,000,000,000,000 MISSING From The Federal Reserve SHOCKING FOOTAGE

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