Geithner: Default looming between mid-February and early March
The U.S. government will exhaust its borrowing authority between mid-February and early March if Congress doesn’t raise the debt ceiling, outgoing Treasury Secretary Timothy Geithner told Congress in a letter today.
The nation nudged against the $16.4 trillion debt ceiling just before the New Year. Geithner has since been using accounting maneuvers — known as “extraordinary measures” — to keep the nation from missing its debt payments and other bills. …
Geithner warned that the extraordinary measures will be exhausted “between mid-February and early March of this year” — and that lawmakers must raise the debt ceiling if they want to keep the nation from defaulting.
Geithner said it’s difficult to pinpoint the exact date the nation faces default because of tax season.
Blowback
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Reaching the debt ceiling DOES NOT MEAN default. There will still be plenty of income to cover debt service, but other things will have to be cut.
Steven Den Beste on January 15, 2013 at 12:42 AM
w00t w00t. Barack Obama doesn’t know how to spend within his means or how to mail in the bills.
El_Terrible on January 15, 2013 at 12:59 AM
Yeah yeah ratboy. Two questiones? Did you ever figure out turbo tax yet and what is messiah’s plan other than utter economic destruction?
arnold ziffel on January 15, 2013 at 1:28 AM
Geithner on the debt problem:
….how in the world people this ignorant obtained so much power is beyond me.
Baxter Greene on January 15, 2013 at 1:42 AM
Avoid the rush fail now!
I’m surprised that the Obama puppet didn’t wait until the inauguration to push the new crisis.
NEWS ALERT: This “crisis” has been brewing for a long, long time, but the dem-tards didn’t want a thing to do with the real issues.
They were too busy buying votes with welfare promises and social engineering.
kregg on January 15, 2013 at 5:52 AM
“The nation nudged against the $16.4 trillion debt ceiling just before the New Year. Geithner has since been using accounting maneuvers — known as
‘extraordinary measures’Turbo Tax.forest on January 15, 2013 at 7:48 AM
It is time to settle up. Time to stop putting it off. Let the sleepless nights commence.
Bmore on January 15, 2013 at 9:59 AM