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Wed Dec 26, 2012, 04:37 PM

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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Response to DonViejo (Original post)

Wed Dec 26, 2012, 04:51 PM

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

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

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

3. Here we go again with the mindless debate about the debt ceiling. America is sick and the

name of the illness is "Republicanism". Is there a cure? I have no idea.

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Response to ladjf (Reply #3)

Wed Dec 26, 2012, 04:56 PM

5. Might be smart to have that fight now, rather than in 2-3 months.

We already have the debt ceiling fight, maybe its better to fight both battles now.

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Response to JoePhilly (Reply #5)

Wed Dec 26, 2012, 05:22 PM

8. I wasn't quibling about the timing of the debate but, rather, that there is a debate at all.

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Response to ladjf (Reply #8)

Wed Dec 26, 2012, 05:33 PM

9. no arguement there.

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Response to DonViejo (Original post)

Wed Dec 26, 2012, 05:00 PM

6. Thats called "tightening the screws"

I like this new flavor of dealing with the children who lead the house.

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Response to DonViejo (Original post)

Wed Dec 26, 2012, 05:21 PM

7. 5 days' notice?

Really?

Five days'?

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