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Geithner asks Congress for higher U.S. debt limit
Posted By admin On August 8, 2009 @ 5:28 am In Money Watch | Comments Disabled
Saturday, August 8, 2009
U.S. Treasury Secretary Timothy Geithner formally requested that Congress raise the $12.1 trillion statutory debt limit on Friday, saying that it could be breached as early as mid-October.
“It is critically important that Congress act before the limit is reached so that citizens and investors here and around the world can remain confident that the United States will always meet its obligations,” Geithner said in a letter to Senate Majority Leader Harry Reid that was obtained by Reuters.
A Treasury spokeswoman declined to comment on the letter.
Treasury officials earlier this week said that the debt limit, last raised in February when the $787 billion economic stimulus legislation was passed, would be hit sometime in the October-December quarter. Geithner’s letter said the breach could be two weeks into that period, just as the 2010 fiscal year is getting underway.
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URLs in this post:
 Reuters: http://news.yahoo.com/s/nm/20090808/bs_nm/us_usa_debt
 Image: http://www.efoodsdirect.com/ammo-food.html?aid=14&adid=5
 Federal Borrowing on Pace to Hit Debt Limit in Less Than Week: http://www.prisonplanet.com/federal-borrowing-on-pace-to-hit-debt-limit-in-less-than-week.html
 Geithner Predicts Double-Dip if Congress Fails to Lift Debt Ceiling: http://www.prisonplanet.com/geithner-predicts-double-dip-if-congress-fails-to-lift-debt-ceiling.html
 The Treasury Just Put To Rest Its Position On Whether The Debt Limit Is Constitutional: http://www.prisonplanet.com/the-treasury-just-put-to-rest-its-position-on-whether-the-debt-limit-is-constitutional.html
 Geithner: Raise U.S. debt limit to infinity: http://www.prisonplanet.com/geithner-raise-u-s-debt-limit-to-infinity.html
 Obama to ask for debt limit hike: Treasury official: http://www.prisonplanet.com/obama-to-ask-for-debt-limit-hike-treasury-official.html
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