Republican Congress and Debt Limit: March 16 - The crap starts again

http://www.dailykos.com/story/2015/03/06/1369073/-Next-up-Debt-limit-fun-with-a-GOP-led-Congress-Oh-my?detail=facebook


The next GOP-led crisis is on the horizon—the debt limit needs to be raised again, preferably now, but things get really dire in October or November, according to the Congressional Budget Office.
Treasury Sec. Jacob Lew sent a letter Friday relaying the ominous news to Speaker John Boehner, Minority Leader Nancy Pelosi, and others.

Beginning on Monday, March 16, the outstanding debt of the United States will be at statutory limit. Absent an increase in the debt limit, the Treasury Department will have to take extraordinary measures to continue to finance the government on a temporary basis.

Okay, "extraordinary measures" are accounting tricks that Treasury has used before to avert immediate disaster, but the limit does have to be raised by fall … or else. Remember? The U.S. government won't be able to pay its bills, we'll lose our good credit standing in the world and a whole slew of terrible consequences will stem from that, including a sucker punch to the U.S. economy just as the recovery seems to be getting more real by the month.