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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

David Lawder
Reuters [1]
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.

Full article here [1]

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URLs in this post:

[1] Reuters: http://news.yahoo.com/s/nm/20090808/bs_nm/us_usa_debt

[2] Image: http://www.efoodsdirect.com/ammo-food.html?aid=14&adid=5

[3] 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

[4] 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

[5] 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

[6] Geithner: Raise U.S. debt limit to infinity: http://www.prisonplanet.com/geithner-raise-u-s-debt-limit-to-infinity.html

[7] 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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