All Threads by Date

Geithner: Debt Ceiling Will Be Reached Monday

U.S. Treasury Secretary Timothy Geithner said Wednesday that the nation's statutory debt limit will be reached on December 31 and the Treasury Department will take "certain extraordinary measures" to postpone the date. In a letter to Senate Majority Leader Harry Reid (D-Nev.), Geithner said that the measures would add about two months -- or an additional $200 billion -- to the limit under normal circumstances. However, given the tax and spending uncertainty due to the so-called fiscal cliff, Geithner said, he cannot predict how much time the measures will actually allow. The debt ceiling is the legal limit for Congress to borrow money. The 2011 summer debt ceiling crisis caused Standard and Poor's to downgrade the credit rating of the United States and contributed to economic turmoil before Congress and President Barack Obama reached a deal to raise the limit. The letter from Geithner to Reid comes as the fiscal cliff is set to happen at the end of the year, with no apparent deal close in Congress. The cliff will bring austerity -- a combination of spending cuts and tax increases -- which many expect to slow economic growth in the coming year. Geithner's letter puts pressure on Congressional negotiators to reach a deal on the fiscal cliff, as a debt ceiling increase will almost certainly be on the table as Congress works to stave off the looming tax increases and spending cuts.

http%3A//www.huffingtonpost.com/2012/12/26/timothy-geithner-debt-limit_n_2366583.html%3F1356558634%26ncid%3Dedlinkusaolp00000009


Thread Watcher
[Help]
log
Click here if you are using an iPhone or iPad

DataLounge get your fix of gay gossip, news and pointless bitchery.

Settings

#DLWW

"Oh my God. I'm back. I'm home. All the time, it was... We finally really did it ... You Maniacs! You blew it up! Ah, damn you! God damn you all to hell!"

We are switching to the new platform for The DataLounge this weekend. All of our mobile users have been using it for over a week and all first time users have been using it for about a month - which adds up to well over one million users. So we're ready to end this phase of the testing and move everybody to the new site. (more)

Talking to DataLounge servers.
Please wait a moment...