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Mon Jan 14, 2013, 06:25 PM

Geithner gives Congress notice: Four to six weeks until default

Source: www.dailykos.com

Dear Mr. Speaker:
I am writing to provide additional information regarding the extraordinary measures Treasury has undertaken in order to avoid default on the nationís obligations.

Treasury currently expects to exhaust these extraordinary measures between mid-February and early March of this year. We will provide a more narrow range with a more targeted estimate at a later date. Any estimate, however, will be subject to a significant amount of uncertainty because we are entering the tax filing season, when the amounts and timing of tax payments and refunds are unpredictable. For this reason, Congress should act as early as possible to extend normal borrowing authority in order to avoid the risk of default and any interruption in payments.

If the extraordinary measures were allowed to expire without an increase in borrowing authority, Treasury would be left to fund the government solely with the cash we have on hand on any given day. As you know, cash would not be adequate to meet existing obligations for any meaningful length of time because the government is currently operating at a deficit.

Read more: http://www.dailykos.com/story/2013/01/14/1178941/-Geithner-gives-Congress-notice-Four-to-nbsp-six-weeks-until-default?utm_source=twitterfeed&utm_medium=twitter&utm_campaign=Feed%3A+dailykos%2Findex+%28Daily+Kos%29



Hey! Speaker Boner! To quote Robocop, " Your move creep!"

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Reply Geithner gives Congress notice: Four to six weeks until default (Original post)
RetroGamer1971 Jan 2013 OP
OKNancy Jan 2013 #1
Autumn Jan 2013 #2
BadgerKid Jan 2013 #3

Response to RetroGamer1971 (Original post)

Mon Jan 14, 2013, 06:50 PM

1. Oh, I forgot about the tax refunds! THis will upset a lot of the

folks back home if they don't get their refunds. I think this is a topic we should push.

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Response to RetroGamer1971 (Original post)

Mon Jan 14, 2013, 06:58 PM

2. Does that mean I can put off writing out my check to the IRS?

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Response to Autumn (Reply #2)

Mon Jan 14, 2013, 07:56 PM

3. Of course.

But it might cost you interest and penalties. We're supposed to pay the balance due or best estimate thereof by tax day (in 2013, it's April 15).

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