Is the administration accusing ITSELF of running a Ponzi scheme?
7:42 am May 3rd, 2011Back in January, Austan Goolsbee of the White House Council of Economic Advisers started chanting for public consumption that if Congress fails to raise the debt ceiling this May the “impact on the economy would be catastrophic,” due to the fact the government would have to stop borrowing money and might default.
On Jan. 6, Bloomberg Business Week reported the Treasury might be able to shuffle funds in order to stave off the crisis for as much as an extra three months — till August– but cited Treasury Secretary Timothy F. Geithner also saying lawmakers must raise the federal debt limit in the first quarter of 2011 or “risk a default on U.S. debt and a loss of access to global credit markets.”