The Honorable John A. Boehner

Speaker

U.S. House of Representatives

Washington, DC  20515

Dear Mr. Speaker:

I am writing to provide additional information regarding the extraordinary measures Treasury has undertaken in order to avoid default on the nation’s obligations.

Treasury currently expects to exhaust these extraordinary measures between mid-February and early March of this year.  We will provide a more narrow range with a more targeted estimate at a later date.  Any estimate, however, will be subject to a significant amount of uncertainty because we are entering the tax filing season, when the amounts and timing of tax payments and refunds are unpredictable.  For this reason, Congress should act as early as possible to extend normal borrowing authority in order to avoid the risk of default and any interruption in payments.

If the extraordinary measures were allowed to expire without an increase in borrowing authority, Treasury would be left to fund the government solely with the cash we have on hand on any given day.  As you know, cash would not be adequate to meet existing obligations for any meaningful length of time because the government is currently operating at a deficit.

The U.S. government makes approximately 80 million separate payments per month.  These include payments for Social Security; Supplemental Security Income; Medicare; Medicaid; national security needs, including military salaries, military retirement, veterans’ benefits, and defense contractors; income tax refunds; federal employee salaries and retirement; law enforcement and operation of the justice system; unemployment insurance; disaster relief; goods and services sold to the government under contracts with small and large businesses; and many others.  If Congress does not act to extend borrowing authority, all of these payments would be at risk.  This would impose severe economic hardship on millions of individuals and businesses across the country.

It is important to point out that extending borrowing authority does not increase government spending; it simply allows the Treasury to pay for expenditures Congress has previously approved.  Failure to meet those obligations would cause irreparable harm to the American economy and to the livelihoods of all Americans.  Even a temporary default with a brief interruption in payments that Congress subsequently restores would be terribly damaging, calling into question the willingness of Congress to uphold America’s longstanding commitment to meet the obligations of the nation in full and on time.  It should also be noted that default would increase our borrowing costs and damage economic growth and therefore add to future budget deficits, not decrease them.  This is why no President or Secretary of the Treasury of either party has ever countenanced even the suggestion of default on any legal obligation of the United States.

Protecting the full faith and credit of the United States is the responsibility of Congress because only Congress can extend the nation’s borrowing authority.  No Congress has ever failed to meet that responsibility.  It must be understood that the nation’s creditworthiness is not a bargaining chip or a hostage that can be taken to advance any political agenda; it is an essential underpinning of our strength as a nation.  Threatening to undermine our creditworthiness is no less irresponsible than threatening to undermine the rule of law, and no more legitimate than any other common demand for ransom.

In an address to the nation in 1987, President Reagan said, “Unfortunately, Congress consistently brings us to the edge of default before facing its responsibility.  This brinkmanship threatens the holders of government bonds and those who rely on Social Security and veterans benefits.  Interest rates would skyrocket.  Instability would occur in financial markets and the federal deficit would soar.  The United States has a special responsibility to itself and the world to meet its obligations.  It means we have a well-earned reputation for reliability and credibility – two things that set us apart in much of the world.”

President Obama has put forth detailed proposals to restore fiscal responsibility to the federal budget, and he strongly believes Democrats and Republicans should join together to reduce our deficits.  In the meantime we must protect America’s creditworthiness by ensuring that our government can pay the bills it has already incurred.  Therefore, I respectfully urge Congress to meet its responsibility to the country by extending normal borrowing authority well before the risk of default becomes imminent.

Sincerely,

Timothy F. Geithner

Identical letter sent to:

The Honorable Nancy Pelosi, House Democratic Leader

The Honorable Harry Reid, Senate Majority Leader

The Honorable Mitch McConnell, Senate Republican Leader

cc:        The Honorable Dave Camp, Chairman, House Committee on Ways and Means

The Honorable Sander M. Levin, Ranking Member, House Committee on Ways and Means

The Honorable Max Baucus, Chairman, Senate Committee on Finance

The Honorable Orrin G. Hatch, Ranking Member, Senate Committee on Finance

“A group of like-minded patriots, bound together by pride in American exceptionalism, plan on building an armed community to protect their liberty.

The group, named Citadel, intends to purchase 2,000 to 3,000 acres for the project in western Idaho.  The community will comprise of 3,500 to 7,000 families of patriotic Americans who “voluntarily choose to live together in accordance with Thomas Jefferson’s ideal of Rightful Liberty.”

According to the Citadel website, Rightful Liberty means that “neighbors keep their noses out of other neighbors’ business, that neighbors live and let live.”

Citadel explains that residents in the community will be bound by the following:

• Patriotism
• Pride in American Exceptionalism
• Our proud history of Liberty as defined by our Founding Fathers, and
• Physical preparedness to survive and prevail in the face of natural catastrophes –such as Hurricanes Sandy or Katrina — or man-made catastrophes such as a power grid failure or economic collapse.

Residents should also agree that being “prepared for the emergencies of life and being proficient with the American icon of Liberty — the Rifle — are prudent measures.”

Some of the benefits of the Citadel community include a safe, well-prepared, patriotic community where children will be educated in school, not indoctrinated.

The community will be protected by a perimeter wall that will be inaccessible to “tourists.”  Each neighborhood within the community will have lower walls, dividing the town into defensible sections…..”

Full article

Today was the 12th annual no pants subway ride held in NY. Apparently there is a group of people who meet up on trains, take their pants off, and act like nothing is wrong. Read More

Here is the 2012 video:

#NPSR is the hashtag they are using on twitter

SAN DIEGO (AP) — Police shot and critically wounded a gunman Saturday in a San Diego movie theater as more than a dozen moviegoers ducked for cover on the floor.

No moviegoers or officers were hurt in the shooting inside Reading Cinemas Carmel Mountain innorthern San Diego, officer David Stafford said.

The suspect, whose name was not immediately released, was taken to a hospital with several gunshot wounds and was expected to survive, Capt. Terry McManus told U-T San Diego. He became the target of an intense police search after witnesses reported seeing him confront his 19-year-old girlfriend at a parking lot across the street from a shopping plaza where the Cineplex is located.

Witnesses tried to intervene, but he threatened them with a gun and ran to the shopping plaza.

The owner of a business next to the Cineplex said police shut down the shopping center’s parking lot and stopped every car to look for the man. Officers with dogs checked each store, while a police helicopter hovered above.

“There were 20 police cars blocking the entrance, then the fire truck and the ambulance rushed in,”Steve Krongard, the owner of the Nickel City arcade, said. “Then we saw seven cops with what looked like rifles, then paramedics went into the theater.”

McManus said police turned their attention to the Cineplex when two women told officers the suspect they were looking for matched the description of someone they saw inside the Cineplex. Police searched theater by theater and evacuated moviegoers until two officers spotted him in a theater with about 15 others.

McManus told the paper that the man initially complied with officers’ order to put his hands up, but then he put them back in his lap and brandished a handgun. He said one of the officers opened fire.

The officers thought their lives were threatened, he said, “and more importantly, they thought the lives of others were in jeopardy.”

The theater’s manager told Krongard the shooting occurred during a screening of “Les Miserables.”

Read More

The Obama administration ended speculation Saturday that it would mint a trillion-dollar platinum coin as a way to avoid the debt ceiling.

Treasury Department spokesman Anthony Coley said the agency wouldn’t mint one and the Federal Reserve would not accept the coin.

“Neither the Treasury Department nor the Federal Reserve believes that the law can or should be used to facilitate the production of platinum coins for the purpose of avoiding an increase in the debt limit,” he Coley said.

His statement was followed by one from White House Press Secretary Jay Carney.

“There are only two options to deal with the debt limit: Congress can pay its bills or it can fail to act and put the nation into default,” Carney said.

Though the idea seemed far fetched when it recently resurfaced, the Obama administration appeared to add speculation by not dismissing the idea outright.

READ MORE

Notice how both have the same initials. Something to be superstitious about when naming your kid and you last name starts with an S….

“British police have finally issued their first major report on the criminal sex scandal that has rocked Britain’s TV and entertainment industry, the British Broadcasting Corporation (BBC), for well over a year and the details are shocking.

Late BBC TV and radio star Jimmy Savile is accused of physically abusing hundreds of children–the youngest of whom was just 8–as well as many young adults whom he met through his high profile charity work at various children’s hospitals throughout England.

Savile’s crimes began in Manchester in 1955, peaked in the late 70’s and early 80’s, and continued at a lower pace all the way until at least 2009, two years before his death at 85.

The police report concludes that Savile committed 214 criminal offenses including 34 rapes or other serious sexual assaults across England. 450 people have come forward with information about Savile’s crimes…”

Full article

This is hilarious. My question is how many showers will be allowable per day ?

Full article

Full article

Dr. Peter Linnerooth spent nearly five years wearing an Army uniform, including the bloodiest 12 months in Iraq at the height of the surge. As a mental-health professional, his top mission was to keep troops from killing themselves. After he returned home, he spent another two years trying to save the vets he loved, working for the VA in California and Nevada.

Few who wore the uniform in the nation’s post-9/11 wars better understood the perverse alchemy that can change the rush and glory of combat into a darkening cloud of anxiety, depression and posttraumatic stress. But strikingly, all that understanding — and the knowledge, education and firsthand experience that nurtured it — didn’t save Linnerooth.

Full Article Here

BURLINGTON, N.C. — Police in North Carolina say a deaf man was stabbed several times after his sign language was mistaken for gang signs by another man.

Burlington Police Sgt. Mark Yancey said 45-year-old Terrance Ervin Daniels was using sign language with another deaf man. He said a third person saw them, thought they were flashing gang signs and stabbed Daniels with a kitchen knife. A neighbor saw the victim and called emergency personnel.

Full Article Here

[youtube://http://www.youtube.com/watch?v=tcRYdVlGXNQ 450 300]

“Sheep”

Judge Davis’’s action on January 4th was firm, in our opinion, establishing a tight framework for AAPL to provide additional financial/shipment data –– we viewed his action favorably as it implies he may be in a position to record an Entry of Judgment (final ruling) within a period of weeks, not months (likely triggering the appeals process). The specifics re the submission of materials (dates) eliminates the risk of lengthy legal tactics used to ““buy time””, and more importantly Judge Davis continues to remain deliberate and steadfast –– his consistent actions imply his language/opinions (embedded within the final ruling) may be stern but measured. We anticipate a final ruling to be recorded shortly after all data/motions (VirnetX) are filed, providing a greater degree of clarity for investors. In our view, all parties involved understand that it would be very beneficial for both Apple and VirnetX to resolve the situation, as a formal relationship/partnership is in the best economic interests of both parties for the long-term.

Construction – Judge Davis has a Degree of Latitude

The recording will address all post-trial motions/issues –– however, Judge Davis is afforded a degree of latitude allowing him to be ““creative”” so that he may ““inject”””” his own opinions/guidelines. Considering his knowledge of the situation, length of time involved, and prior actions/opinions, we believe his tone will remain consistent once again – his final ruling will likely be very firm but calculated.

Full Report

[youtube://http://www.youtube.com/watch?v=GOb92R34jxo 450 300]

[youtube://http://www.youtube.com/watch?v=R_s4Fwox0vk 450 300]

[youtube://http://www.youtube.com/watch?v=tCoVQqmYMy8 450 300]

“An incredible and a rare site in the Holy Land: The biggest snowstorm in decades covered Jerusalem with a blanket of white Thursday, paralyzing the city, but thrilling residents.

Looking out at the hills around the ancient city is more like looking at Colorado or Switzerland than the arid Middle East. Cars, pine trees and palm trees are all covered with snow.

The city was completely shut down, schools closed, businesses closed. Snow is so rare in Jerusalem that it essentially brings an unscheduled national holiday…”

Full article

This is absolutely a MUST WATCH. Ben Shapiro takes on a very smug Piers Morgan and decimates him. He starts out by pointing out how Morgan bullies his interviewers by standing on the graves of the little children that died in Newtown which quickly draws Morgan’s ire. But it’s absolutely true. Even last night with Larry Pratt Morgan accused him of having no empathy for the children. Of course Morgan’s response to Shapiro is “how dare you!”

You have to watch the video, here.

[youtube://http://www.youtube.com/watch?v=5cFewUG3rSY 450 300]