Geithner: U.S. To Hit Debt Limit December 31

Source: TPM

IGOR BOBIC 4:30 PM EST, WEDNESDAY DECEMBER 26, 2012

The United States will reach the statutory debt ceiling on December 31, 2012, Treasury Secretary Tim Geithner announced in a letter to Congress on Wedneday. The federal government will then begin taking a series of "extraordinary measures" as authorized by law to postpone a default on its debt, creating an additional $200 billion in headway in order to provide Congress with the necessary time to raise the ceiling once more.

Read the full letter, addressed to House and Senate leaders, here:
http://www.treasury.gov/connect/blog/Documents/Sec%20Geithner%20LETTER%2012-26-2012%20Debt%20Limit.pdf

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Read more: http://livewire.talkingpointsmemo.com/entry/geithner-us-to-hit-debt-limit-december-31

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9 replies	Author	Time	Post
Geithner: U.S. To Hit Debt Limit December 31 (Original post)	DonViejo	Dec 2012	OP
DO NOY PAY	nykym	Dec 2012	#1
Theres an odor about that statement	DJ13	Dec 2012	#2
Or ... its a smart move to force a deal on the debt ceiling now, rather than have	JoePhilly	Dec 2012	#4
Here we go again with the mindless debate about the debt ceiling. America is sick and the	ladjf	Dec 2012	#3
Might be smart to have that fight now, rather than in 2-3 months.	JoePhilly	Dec 2012	#5
I wasn't quibling about the timing of the debate but, rather, that there is a debate at all.	ladjf	Dec 2012	#8
no arguement there.	JoePhilly	Dec 2012	#9
Thats called "tightening the screws"	Paulie	Dec 2012	#6
5 days' notice?	Igel	Dec 2012	#7

Response to DonViejo (Original post)

Wed Dec 26, 2012, 04:51 PM

nykym (1,450 posts)

1. DO NOY PAY

our reps their salary until they come to an agreement.

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Response to DonViejo (Original post)

Wed Dec 26, 2012, 04:51 PM

DJ13 (21,338 posts)

2. Theres an odor about that statement

Coming on the last day before the mythical "cliff", its kinda suspicious.

Especially considering past statements a few months back that the limit wouldnt be here until March next year.

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Response to DJ13 (Reply #2)

Wed Dec 26, 2012, 04:55 PM

JoePhilly (15,979 posts)

4. Or ... its a smart move to force a deal on the debt ceiling now, rather than have

yet another fight in 2-3 months.

Obama has the leverage. Boehner doesn't even want to come back before the end of the year.

My sense is that Obama might be turning up the heat and trying to get the tax cuts extended for those under 250, end those above, UE extended, and the debt ceiling pushed out a year, maybe two.

Do it now while the fight is already underway.

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Response to DonViejo (Original post)

Wed Dec 26, 2012, 04:53 PM

ladjf (13,174 posts)