Report: Raising Debit Limit Not Necessary to Pay Debts, Treasury Mislead Congress and Public

Remember how catastrophic the Obama Administration said failing to raise the country’s debt limits would be? An investigation now shows that Obama was doing nothing put peddling fiction on the matter.

Citing subpoenaed documents, the lawmakers found that Treasury consulted with Federal Reserve officials about prioritizing payments and deliberately worked to keep lawmakers in the dark.

One internal email from the Federal Reserve Bank of New York showed that “Treasury wants to maximize pressure on Congress by limiting communications about contingency planning.”

The probe found that Treasury and Fed officials had gone through “tabletop” scenarios in an effort to come up with a payment plan if the nation was no longer able to borrow funds.

“These internal documents show the Obama Administration took the nation’s creditworthiness and economy hostage in a cynical attempt to create a crisis so the President could get what he wanted during negotiations over the debt ceiling,” said House Financial Services Chairman Jeb Hensarling (R-Texas).

“The Administration owes it to the American people to be honest and transparent about its debt ceiling contingency plans.”

This administration sometimes seems more obsessed with the vilification of Republican lawmakers than the actual duties their offices require.

This study proves that. It but once more proves how willing the administration is to lie to its people in order to collect a legislative win.

Source: The Hill




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