Quote:
The warning was assembled after the agency consulted with the Treasury Department,
which would play a lead role in determining how the government handles
payments if the borrowing limit isn’t raised soon.
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Quote:
Why should the assholes have to borrow?
Oh right they moved the money and pissed it away.
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BB: Depends on who the assholes are...
Over the years, more $ has been collected by Social Security than was paid out to retirees.
So the SocSec Trustees authorized the excess $ to be spent on
buying US Treasury bonds.
This is just the same as grandparents buying US Treasury bonds for their grandchildren,
and investors buying US Treasury bonds as the safest place in the world for their $.
The $ that SocSec paid for these bonds (IOU's) went into the US Treasury,
and was used by the US government to pay for things like the Armed Forces,
VA benefits, NIH, etc., etc.,...
... and to keep income taxes lower than they otherwise should/would have been.
Sarge's post refers to the SocSec Administration
being paid back
for the US Treasury bonds it purchased years ago, and that is part
of the "debt ceiling" that the US Treasury Dept is facing now.
Every year the Treasury needs to sell another round of bonds (IOU's)
to bring in new $ to pay back the SocSec Administration.
Of course, the GOP is acting as tho the US Treasury can default, and it will do no harm.