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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.

by Anonymousreply 601/05/2013

Of course they will, they won't let it go over the cliff, everyone knows this.

Its as sure as gays having sex without condoms and then bitching about how the government isn't stopping the AIDS.

by Anonymousreply 112/27/2012

I hope we do go off the fiscal cliff. Fucking Republicans need to see their party go the way of the Know-Nothings and the Whigs.

by Anonymousreply 212/27/2012

If we go over, we go over.

Let's get the welfare queens and put them to work for their aid check.

by Anonymousreply 312/27/2012

Were the federal government forbidden to borrow money here is just a sample of the many scam$ that would be history in less than a year:

1) All wars and 'military actions'

2) The "war on terror"

3) The "war on drugs"

4) "HIV/AID$"

by Anonymousreply 412/27/2012

Um... wasn't that five days ago?

by Anonymousreply 501/05/2013


by Anonymousreply 601/05/2013
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