HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Main » General Discussion (Forum) » Timothy Geithner: Debt Li...
Introducing Discussionist: A new forum by the creators of DU

Wed Dec 26, 2012, 07:20 PM

Timothy Geithner: Debt Limit Will Be Reached December 31

Timothy Geithner: Debt Limit Will Be Reached December 31

http://www.huffingtonpost.com/2012/12/26/timothy-geithner-debt-limit_n_2366583.html?utm_hp_ref=business

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.

(more at link)

-----------------------------------------------------------------------------------------------------------------------------

3 replies, 416 views

Reply to this thread

Back to top Alert abuse

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 3 replies Author Time Post
Reply Timothy Geithner: Debt Limit Will Be Reached December 31 (Original post)
abelenkpe Dec 2012 OP
customerserviceguy Dec 2012 #1
abelenkpe Dec 2012 #2
BlueStreak Dec 2012 #3

Response to abelenkpe (Original post)

Wed Dec 26, 2012, 07:41 PM

1. Gee, Tim, nice of you to figure that out six days ahead

Maybe he calculated it using Turbo Tax.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to customerserviceguy (Reply #1)

Wed Dec 26, 2012, 07:57 PM

2. LOL!

I do hate the timing...

Reply to this post

Back to top Alert abuse Link here Permalink


Response to abelenkpe (Original post)

Wed Dec 26, 2012, 08:39 PM

3. How convenient. Just more shock doctrine BS

Obama is apparently going all in to capitulate on every possible thing before New Year's

What is wrong with this man? Why can he not see that he has all the leverage AFTER we go over the cliff?

I don't disagree with the idea of raising the ante to force the issue of the debt ceiling at the same time we deal with the other issues. That is smart. But if Obama is doing that to try to shove some half-assed giveaway deal through the House before Jan 1, that is terrible.

Do it, but do it NEXT WEEK.

Reply to this post

Back to top Alert abuse Link here Permalink

Reply to this thread