Official Treasury Reports: Coffers Full Enough to Cover Entitlement Programs, Veterans, Federal Salaries, Interest
President Barack Obama told CBS News today that there may not be enough money in the U.S. Treasury to cover Social Security checks after Aug. 3 if Congress does not agree to lift the legal limit on the federal debt and allow his administration to borrow more money.
"I cannot guarantee that those checks go out on August 3rd if we haven't resolved this issue. Because there may simply not be the money in the coffers to do it," Obama told CBS News anchor Scott Pelley in an interview.
However, according to the Daily Treasury Statements published by the U.S. Treasury Department, the ongoing flow of federal tax revenue since the Treasury declared that it had hit the debt limit on May 16 has been more than sufficient to cover the combined costs of federal spending on interest payments, Medicare, Medicaid, Social Security, the Veterans Affairs department and federal workers wages and insurance benefits (including wages and insurance benefits for military personnel).
Specifically, according to the Daily Treasury Statements, as of the close of business on May 16, the federal government had taken in $1.333454 trillion in tax revenues since the beginning of fiscal 2011. By the close of business on July 7, tax revenues for fiscal 2011 had grown to $1.629630 trillion. Therefore, between May 16 and July 7 the federal government took in a total of $296.176 billion in new tax revenue.
- Terence P. Jeffrey's blog
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Comments
Dang it!
Submitted by Tugboat Phil on Wed, 07/13/2011 - 12:06pm.
We can't let this issue be confused by facts!
Reporter: "Mr. President...
Submitted by SickofLibs on Wed, 07/13/2011 - 12:08pm.
so, then this revelation means:
a) you are so disengaged that, as president, you really did not know the money would be there? Don't you talk to Treasury?
b) you DID know it, which proves you to be a fearmongering liar.
Bachmann was off by 350 miles on John Wayne's birthplace - that dominated the news for days. So which intrepid media personality will ask about Coffergate?
Coffergate© 2011
Submitted by SickofLibs on Wed, 07/13/2011 - 12:11pm.
Coffergate© 2011, SickofLibs.
That's why it's extortion
Submitted by jon_torlin on Wed, 07/13/2011 - 12:23pm.
He threatens to hold back something that's not directly related to the debt problem and that's why it's extortion.
If Clinton can be impeached for perjury, this possob sure as hell can be impeached for everything else that he's done, including making this threat that has no need to be made.
Making an extortion threat as a public official is grounds for impeachment and a crime.
-Jon