Archive | June 29, 2017

U.S. Treasury Will Run Out Of Cash in Mid-October, CBO Warns*

U.S. Treasury Will Run Out Of Cash in Mid-October, CBO Warns*

By Tyler Durden

With Trump tax reform far on the backburner, as the administration is focused on at least getting Obamacare repeal past the Senate, the CBO reminded that in just 4 months a more material threat is facing the U.S.: according to the latest CBO calculations, the Treasury will “most likely” run out of cash in early to mid-October, unless the most polarized Congress in history raises the debt ceiling.

This is what the CBO just said in its latest report on the “Federal Debt and the Statutory Limit”, released moments ago.

If the debt limit is not increased above the amount that was established on March 16, 2017, the Treasury will not be authorized to issue additional debt that increases the amount outstanding. (It will be able to issue additional debt only in the amount of maturing debt or the amounts cleared by taking extraordinary measures.) That restriction would ultimately lead to delays of payments for government programs and activities, a default on the government’s debt obligations, or both. CBO estimates that without an increase in the debt limit, the Treasury, by using all available extraordinary measures, would most likely be able to continue borrowing and have sufficient cash to make its usual payments  until early to mid-October of this year.

In recent weeks, Treasury Secretary Mnuchin has urged Congress to lift the debt limit before its August recess (with others calling to abolish it altogether) although he also conceded that the nation can likely pay its bills if action waited until September, which is all lawmakers needed to know they don’t have to rush until the very last minute.

He has also warned that the closer the U.S. gets to breaching the debt ceiling in mid-October, the more likely financial markets are to react unfavorably, although that warning appears to have been negated by his first one. On Thursday following the release of the CBO report, he again urged Congress to take action.

“For the benefit of everybody, the sooner that they do this the better,” he said at a White House briefing, although he once again diluted his case by adding that “we have contingency plans” if Congress doesn’t raise debt ceiling by a certain date, so the market “shouldn’t be concerned.” Which is all the market needed to know to keep rising until sometime in early October, when it freaks out again.

Of course, the Treasury breached its debt limit on March 16, when the debt ceiling was reset to $19.8 trillion, however, so far there has been no new borrowing authority to surpass it. Since then the Treasury has been using so-called “extraordinary measures,” to pay bills without technically adding to the debt amount, while draining various Treasury emergency funds. As shown in the Citi chat below, those measures are expected to be exhausted in October, although Citi acknowledged the risk of an earlier date (in September) if monthly deficits worsen, and/or if the Treasury refuses to draw down its cash balance to compliment use of “extraordinary measures.”

As the next chart shows, the Treasury traditionally accumulates larger cash balances ahead of debt ceiling showdowns. It is when the cash balance hits zero and the Treasury taps all extraordinary measures without the authority to borrow more, that things can spiral out of control.

“That would ultimately lead to delays of payments for government programs and activities, a default on the government’s debt obligations, or both,” the CBO report noted.

The last time the U.S. infamously shut down due to passing its debt ceiling was in August 2011, when S&P downgraded the U.S., formerly at a AAA rating, for the first time ever prompting a furious response from then-Treasury secretary Tim Geithner.

As The Hill notes, Republicans are wary of increasing the debt limit without tying it to some set of spending or regulatory reforms, a tactic they pursued under President Barack Obama. Furthermore, Republicans will need Democratic support in the Senate to increase the debt ceiling, but Democrats have demanded that Republicans keep the measure free of “poison pill” riders or other policies.

Source*

Related Topics:

IRS Hires Private Debt Collection Agencies to Collect Unpaid Taxes*

Deep State Takeover of U.S. Succeeded!*

Americans are Fleeing the U.S. in Droves*

U.S. Industrial Production Plunges*

The U.S. is Back in Recession with Interest Rates Already at Zero*

As Poverty Continues to Rise in the U.S. so do Tent Cities*

Rapidly Declining U.S. Exports*

World Rushes to De-Dollarize Oil Trade Before U.S. Economy Crashes*

U.S. Government Admits Social Security Going Bankrupt*

One-Third of U.S. Children Live In Poverty*

The U.S. No Longer Has Any Strategic Grain Reserves*

How the DoD Squandered Billions of U.S. Taxpayer Dollars*

Trump To Continue Bankrupting The U.S. Through Foreign Wars*

Advertisements

Iraq Declares ‘fall’ of ISIS as Military Retakes Landmark Mosul Mosque*

Iraq Declares ‘fall’ of ISIS as Military Retakes Landmark Mosul Mosque*

Iraqi Army liberates mosque in Mosul where ISIS leader held his first speech

Iraqi forces have recaptured the site of Mosul’s landmark Grand al-Nuri Mosque, according to the country’s military. The victory comes three years to the date since Islamic State (IS, formerly ISIS/ISIL) declared itself a Caliphate at the iconic building.

Iraqi Prime Minister Haider al-Abadi said the capture marks “the end of the Daesh state,” Reuters reports.

Referencing IS, Iraqi military spokesman, Brigadier General Yahya Rasool, told state TV: “Their fictitious state has fallen,” according to Reuters.

The mosque and its iconic leaning minaret was destroyed by IS terrorists last week as forces from Iraq’s elite Counter Terrorism Service got within 50 meters (160ft) of the site.

The area will now need to be excavated by engineering teams as members of IS have likely planted explosives, says special forces Maj. Gen. Sami al-Aridi.

Officials had been hoping to recapture the historic 850-year-old Grand al-Nuri Mosque before the end of the holy month of Ramadhan.

Iraqi forces are making their way through the last neighborhoods under IS control in Mosul, AP reports. The military expects the eight-month battle to come to an end in a matter of days.

The site has been under IS control since 2014. On June 29 that year, Abu Muhammad al-Adnani, official spokesman for IS, announced the group’s rebranding as the ‘Islamic State’ and declared areas under its control a Caliphate.

Source*

Related Topics:

Ex British Ambassador Tells How U.K., US, and George Bush Sr. Scripted Iraq and Afghanistan Wars*

Undercover Iraqi Journalist on ISIS and Why the U.S. Will Fail*

Syrian Army, Hezbollah Reaches Border with Iraq for the First Time in Years*

Life returns to Hammar Marshes, Iraq*

Trump Authorizes the Pentagon to Manage Troops on the Ground in Iraq and Syria*

Iraq Officially Declared Safer For Women than Sweden*

U.S. Tax Dollars and Companies Support Sex Traffickers in Iraq*

U.S. Keeps Stealing Iraq’s Oil*

U.S. Admits Using Radioactive Weapons in Syria that Left Thousands of Iraqi Babies Deformed*

Iraq’s Agricultural Industry was Pillaged, Its Farmers Devastated, But It’s Still Free of GMO Seeds*

U.S. Airstrikes Slaughter 230 Innocent Civilians in a Single Night in Mosul*

 

$700bn Pentagon Bill Funds U.S. Presence in E. Europe and Weapons for Ukraine*

$700bn Pentagon Bill Funds U.S. Presence in E. Europe and Weapons for Ukraine*

U.S. soldiers at the Bemowo Piskie Training Area in Poland, on June 6, 2017. © US Army / Spc. Samuel Brooks

 

A Senate committee proposal for the 2018 military budget would further boost Pentagon spending on troops and equipment, make the U.S. presence in Eastern Europe a persistent feature, and supply lethal weapons to Ukraine, among other things.

Adopted in the Senate Armed Services Committee by a vote of 27-0, the 2018 National Defence Authorization Act (NDAA) would add $97 billion to the total military budget proposed by President Donald Trump last month.

Citing the need to “deter Russian aggression,” committee chairman John McCain (R-Arizona) shifted the funding for U.S. deployments in Eastern Europe to the base Pentagon budget, and renamed it the European Deterrence Initiative (EDI). The NDAA also requires the Pentagon to submit future plans for the EDI, “including an assessment of permanently stationing troops in Eastern Europe.”

“In an unparalleled attack on our core interests and values, Russia engaged in an active, purposeful campaign to undermine the integrity of American democracy and affect the outcome of the 2016 presidential election,” said the summary version of the bill, published late on Wednesday.

“The committee believes the United States must do more to deter Russian aggression, whether across its borders or in cyberspace.”

The $500 million earmarked for “security assistance” to the government of Ukraine includes “defensive lethal assistance.” However, half of this funding will be conditional on “substantial action” by Kiev to “make defense institutional reforms critical to sustaining capabilities developed using security assistance.” This would have to be certified by the U.S. secretary of defense.

The 2018 NDAA extends the prohibition of military cooperation with Russia first imposed in 2014 – which, among other things, prevents the U.S.-led coalition from coordinating operations against Islamic State (IS, formerly ISIS/ISIL) in Iraq and Syria. It also bans the Pentagon from using software developed by Kaspersky Lab, “due to reports that the Moscow-based company might be vulnerable to Russian government influence.”

Arguing that a massive increase in funding is necessary to “restore readiness, rebuild capacity, and modernize the force for future challenges,” the NDAA codifies a policy that the U.S. Navy should have at least 355 ships of “the optimal mix” and calls for the construction of 13 ships next year, five more than in the White House request.

It also funds 94 new F-35 Lockheed Martin Joint Strike Fighters – 60 for the Air Force, 24 for the Marines and 10 for the Navy – altogether 24 more than Trump’s budget requested.

The Senate markup calls for an additional 15,000 soldiers and 1,000 marines over Trump’s budget request and authorizes a 2.1% across-the-board pay raise for members of the U.S. Armed Forces.

By far the biggest increase in funding relates to cooperative missile defense programs between the U.S. and Israel, which would get $558.5 million more than Trump requested for a total of $705 million.

An earlier markup released by the House Armed Services Committee was $4 billion less, but still higher than Trump’s original budget proposal of $603 billion. All three proposals are much higher than the $549 billion spending cap under the 2011 Budget Control Act, and will require a deal with the minority Democrats to get passed.

Source*

Related Topics:

The New Imperial Roman Empire*

The U.S. Military Bid as a Global Force for Peace, and the Cabals Current Power Struggle *

The U.S. is At the Centre Of The Global Economic Meltdown*

How the DoD Squandered Billions of U.S. Taxpayer Dollars*

The Entire Globalist System is Falling Apart

Five Eyes Nations to Force Tech Companies to introduce back-Doors*

U.S. has Killed over 20 Million People in 37 “Victim Nations” Since World War II*

And One Ring to Bind Them All*

U.S. Legalizes Lethal Weapon Deliveries to Ukraine*

Ukraine Forces Caught Shelling their own Citizens*

Soros, the Puppet Master of Ukraine*

Imminent Starvation Resulting from U.S. Led Wars: U.N. Officials Warn of Worst Famine Crisis Since World War II*

U.S., NATO Deploy Troops to Russia in WWIII Build-up*

Sweden Bans Prayer to God; Christian Preschool Forced to thank ‘sun and rain’ for Meals Instead*

Sweden Bans Prayer to God; Christian Preschool Forced to thank ‘sun and rain’ for Meals Instead*

By Claire Chretien

A Salvation Army-run preschool in Sweden was too Christian in its educational content, a government inspection found, so the school has stopped its “Bible snack time” lessons and praying grace before meals.

The country’s Education Act bans “confessional” educational content during school time. It also says students must always be allowed to opt out of such activities.

“As a confessional activity, we knew we could no longer have prayer time while children are at their desks where they learn, so we thought we would add grace as a nice feature during mealtimes,” said Britt Marie Mårtensson, the unnamed preschool’s manager, as translated by Breitbart.

But this was still too confessional for the government’s liking and it said the preschoolers weren’t given enough choice to opt out of it.

Now, instead of grace, children are sung a “rhyme and thanks to the sun, the rain, and the food,” SVT.se reported.

“It isn’t as hard to distinguish between activities which are educational and ones which aren’t in elementary schools, because teaching happens in class, whereas when it comes to [preschool] it can be difficult to tell,” Umeå Municipality’s Pian Rosell said of interpreting the Education Act.

Children are not to say “amen” or talk about the Bible either. The school has room for 32 students, according to SVT.

An Orthodox Jewish school in London faces possible closure for not teaching girls as young as three about transgenderism. Christian schools in Canada have had the LGBT and pro-abortion agendas foisted on them as well.

The Prime Minister of Sweden made headlines recently when he said he thinks all priests in the Church of Sweden should perform same-sex “weddings” or find another job.

Source*

Related Topics:

School Teacher Tells Students to Deny God Is Real or Receive Failing Grade*

U.K. Free School to Close for Allowing God into the Curriculum*

Scientists Shocked at Scientific Proof of God*

U.K. Public School tried to Punish Teacher who Shared Biblical Marriage Views with Student*

School Forced to Allow ‘After-School Satan’ Club or Face Costly Lawsuits*

Thousands of U.K. Parents to take Children out of School in Protest*

Sweden in Satanic Death Grip*

The Rebirth of Paganism

Putin on the Declining Values of the West and Rising Practice of Satanism

U.K. Deals Blow to Murdoch’s Media Empire*

U.K. Deals Blow to Murdoch’s Media Empire*

Performers pose outside the Houses of Parliament, wearing puppet heads of media mogul Rupert Murdoch and UK Prime Minister Theresa May in London, UK June 29, 2017 | Photo: Reuters

 

Fox bid for television group is said to risk giving the mogul too much power over the news.

The U.K. intends to subject Rupert Murdoch’s takeover of European pay-TV group Sky to a lengthy investigation after an assessment said it would give the company undue influence.

The Media Secretary Karen Bradley said she was persuaded to delay Twenty-First Century Fox’s bid after the media regulator Ofcom assessed its impact.

Bradley said the US$14.8 billion deal risks giving Murdoch too much power over the news.

“The proposed entity would have the third largest total reach of any news provider – lower only than the BBC and ITN – and would, uniquely, span news coverage on television, radio, in newspapers and online,” Bradley said.

Murdoch, 86, and his family have long coveted full control of Sky, despite the damaging failure of a previous attempt in 2011 when their U.K. newspaper business became embroiled in a phone-hacking scandal which forced them to abandon that bid.

A public inquiry into the affair revealed deep ties between Murdoch and the political establishment, making the renewed bid potentially toxic for Prime Minister Theresa May’s government which is fighting for survival after losing its majority.

Bradley had asked regulators to examine whether Fox would have too much control of the media, and whether it would be committed to upholding broadcasting standards if it was allowed to buy the satellite company which broadcasts in Britain, Ireland, Germany, Austria and Italy.

Fox said it was disappointed by the government’s rejection of its plans to maintain editorial independence of Sky News, and said a full investigation could push the deal’s completion date back to next June.

“We will continue to work constructively with the U.K. authorities,” it said.

Bradley said the parties involved had until July 14 to respond to her concerns before she finally decided whether to go ahead with the full probe.

Source*

Related Topics:

Israel Paying Syrian ‘Rebels’ to Protect Rothschild, Murdoch Oil*

Cheney, Rothschild, Murdoch Violate International Law By Drilling for Oil in Syria*

Murdoch’s Empire: Whistleblower Found Dead

Baron Murdoch Buying Up British Media

Countries around the World Condemn Attack in Venezuela*

Countries around the World Condemn Attack in Venezuela*

Venezuela’s Supreme Court building which was targeted in this week’s attacks. | Photo: REUTERS

Widespread support resounded from 17 African countries, as well as Bolivia, Ecuador, Nicaragua, Guatemala, Cuba, Palestine, and Turkey after the attacks.

In the aftermath of the helicopter attack against the Venezuelan Supreme Court, countries around the world have expressed their solidarity with Venezuela by condemning the acts that the Bolivarian government has described as “terrorist.”

The countries include Bolivia, Ecuador, Nicaragua, Guatemala, Cuba, Palestine, Turkey, as well as widespread support from Africa where 17 countries have condemned the attacks.

The Bolivian government issued a communication insisting on the importance of peace and dialogue between Venezuela’s internal political forces, and called for the preservation of stability.

The Ecuadorean government released a communication calling for “unrestricted respect for the democratic order of states, the peaceful resolution of conflicts, non-interference in a country’s internal affairs, and the rejection of attempts toward destabilization.

Guatemala also condemned the attacks and called for sincere political dialogue in Venezuela.

A former police official stole a helicopter on Tuesday afternoon, from the Generalisimo Francisco de Miranda airbase in the Venezuelan capital, and proceeded to fly over and attack the Supreme Court of Justice and Interior Ministry buildings with grenades. Nobody was injured in the attack.

The Venezuelan Foreign Minister Samuel Moncada described the attack as an “act of terrorism,” and has thanked the countries who have condemned the attack for their displays of solidarity.

Moncada denounced the complicity of those countries and international organizations such as the OAS who have failed to condemn the attacks after months of international attempts to interfere in Venezuela’s internal affairs.

In the day following the attacks, the United States has not condemned the attacks. Rather U.S. Ambassador to the United Nations, Nikki Haley called for increased “pressure” on Venezuelan President Maduro while speaking to the U.S. House Foreign Affairs Committee.

Source*

Related Topics:

Venezuela Top Court Confirms Constituent Assembly Will Go Ahead*

U.S. Cries ‘Power Grab’ Following Venezuela Supreme Court Ruling*

Caribbean People do not Need Instruction from US on Venezuela Crisis*

Indigenous Guatemalan Campesinos Show Solidarity with Venezuela Govt*

Route of Coup against Venezuela Begins at ExxonMobil*

The Strategy behind Washington’s Destabilization of Venezuela*

CPS Took Daughter from Mom Over Addiction, Gave Her to Leader of Child Sex Ring*

CPS Took Daughter from Mom Over Addiction, Gave Her to Leader of Child Sex Ring*

An innocent child was taken by CPS and placed in the care of a “pornographic paedophile ring” leader and abused to the point of near death.

While many think that the state taking children from parents is a noble gesture to protect the child, all too often, the state removes kids from a bad situation and throws them into a situation akin to a horror film. A recent lawsuit against the state of Arizona proves this notion.

The lawsuit involves a 5-year-old girl whose stay in foster care ended with her being permanently disfigured and fighting for her life earlier this year because of her bureaucratic ‘protection’ within the system. The child, who is referred to as Jane Doe in the lawsuit, but whose real name is Devani, was taken from her parents because they had substance abuse issues.

Because her mother struggled with addiction, the state took Devani from her. Like mentioned before, they took her from a bad situation and threw her into a nightmare.

After having her child taken, Michelle Tremor-Calderon, the girl’s biological mother, began to improve her condition. With a clearer head, Tremor noticed that her daughter seemed to be deteriorating in the care of her state-appointed foster parent — David Frodsham.

“I did everything DCS wanted me to, and received certificates of completion, and was in full compliance when my rights were severed,” Tremor said.

After only a few weeks in the care of the Frodsham, multiple signs of abuse and neglect began to arise. However, no action was taken.

Tremor had pointed out, on multiple occasions, that her daughter had continued urinary-tract infections, which can sometimes indicate signs of repeated sexual abuse in children. Her concerns, however, fell on deaf bureaucratic ears.

“I told my CPS/DCS caseworker on several occasions due to my concerns, and they were all ignored,” Tremor said.

“Instead of investigating Jane Doe’s biological mother’s concerns of abuse, [DCS] and the defendant caseworkers accused her of making false and exaggerated reports to DCS,” the lawsuit states.

Despite jumping through all their hoops, the state refused to give back Tremor her daughter.

The longer she stayed away from her mom, the worst things got for little Devani.

Frodsham had been in the state’s foster program from 2002 until 2015 when he was removed after being caught DUI with children in his car — one of whom was Devani.

It was no ordinary DUI, however. This monster was so comfy with the statist system that was paying him to rape children that he went to the foster office drunk to get paid!

As the complaint notes, despite her mother’s repeated complaints, the state did not act on behalf of Devani until “David Frodsham, driving drunk, left 3-year-old Jane and another child in his parked car while he was collecting his foster parent check in a state office, while “visibly drunk and acting belligerent.”

Even after they found abused children in his car while drunk at the state office, the DCS did not conduct a review of his home. It took him getting arrested again — this time with another child rapist.

David Frodsham, the state’s choice for a better environment than her own mother, was arrested along with an active duty soldier for allegations of transferring child porn over the internet.

According to the lawsuit, “Later, David Frodsham was arrested and accused of sexual misconduct with a minor, procuring minors for sex, and possessing and/or manufacturing child pornography. Law enforcement’s investigation revealed a video made by David Frodsham of a 3- or 4-year-old girl being penetrated by an adult male and screaming for her mommy. David Frodsham pled guilty rather than face a trial and has been sentenced to 17 years in the Arizona Department of Corrections. David Frodsham was part of a pornography ring involving numerous children in his pornography and the procurement of sex for the ring.”

For more than a decade, this sicko likely preyed on children — all of whom were given to him by the State of Arizona.

Naturally, one would think, that once Tremor’s daughter was found to have been placed in a home and sexually abused because of the negligence of the state, they would give Devani back to her mom who had done everything they asked to improve her situation. However, one would be wrong.

Instead of reuniting this poor abused girl with her biological mother, she was placed into another horrifying nightmare.

Devani’s new state-appointed abuser was Samantha Osteraas. After staying with Osteraas for a few months, this little girl would be nearly killed.

According to the complaint, “Defendant Samantha Osteraas submerged and held down Jane Doe, a 5-year-old, in a bath of scalding hot water. Jane Doe suffered severe burns over 80 percent of her body. When police arrived, there was blood on the floor and pieces of Jane Doe’s skin were falling off her body. There were bruises to her neck and arms along with other signs of trauma.”

Devani was put into a medically induced coma, suffering from organ failure. She lost her toes to amputation “and will undergo lifelong operations to replace 80% of the skin on her body and will need incredible amounts of care for the duration of her life as a result of the abuse she suffered in the Osteraases’ home.”

No one within the agencies involved in placing this little girl in the ‘care’ of sick child abusers has been held accountable. The only means of accountability will come from this lawsuit which seeks punitive damages for negligence, respondeat superior, breach of duty, intentional infliction of emotional distress, assault and battery, and constitutional violations.

Sadly, as the Free Thought Project has reported far too many times, this is not an isolated incident. 

Source*

Related Topics:

Child Raping Cop Gets Only 3 Years in Jail, While Dr. Gets 18 for Helping People with Plants*

Children in Scotland Murdered in Paedophile Snuff Movies*

DHS Snatches Girl from Mother, Places Child with a Paedophile*

The Desecration of Childhood

British PM Theresa May Says Paedophiles Should Be Allowed To Adopt Children Too*

3000 Elite Paedophiles Arrested – Media Silent*

Int’l Banking Whistleblower Reveals High Level Paedophilia and “Child Sacrifices”*

Arizona Child Traffick Racketeering via CPS and Doctors on Trial before U.S. Supreme Court*

Three Texas CPS Agents Indicted*

CPS Takes Grandchildren as Grandmother Flees for her Life*