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
nykym
(3,063 posts)our reps their salary until they come to an agreement.
DJ13
(23,671 posts)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.
JoePhilly
(27,787 posts)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.
ladjf
(17,320 posts)name of the illness is "Republicanism". Is there a cure? I have no idea.
JoePhilly
(27,787 posts)We already have the debt ceiling fight, maybe its better to fight both battles now.
ladjf
(17,320 posts)JoePhilly
(27,787 posts)Paulie
(8,462 posts)I like this new flavor of dealing with the children who lead the house.
Igel
(35,320 posts)Really?
Five days'?