Geithner: U.S. Will Hit Debt Ceiling On Monday
U.S. Treasury Secretary Timothy Geithner [pictured] warned that the U.S. government is poised to hit the $16.4 trillion debt limit in less by Monday, December 31.
Mr Geithner sent a letter [PDF] to Congress that said the department would begin taking “extraordinary measures” to allow the government to save $200 billion beginning Jan 1.
“However, since the government borrows close to $100 billion a month, the moves made by the Treasury department would only buy the government a handful of weeks to get its fiscal house in order or default on its debt,” Fox News reports.
The move comes as President Obama and the Republican congressional leadership are locked in negotiations over how to avoid a series of tax increases and spending cuts, known as the ‘fiscal cliff,’ that are scheduled to take effect in the new year.
According to CNN, economists warn the full impact of the fiscal cliff could spark another recession. In signs of the potential effect, stocks were lower Thursday on increasing doubts about an agreement, and the Consumer Confidence Index sank.
They will reach the *Debt Ceiling* (fiscal cliff) all because Odummer (BHO) wants everything HIS WAY – in other words “My way or the Highway” type mentality – acting like a damn dictator – without regard to the “Financial Position” of the country ($$16+ TRILLION in debt)!!
Every idiot knows that you CANNOT spend more $$$ than you take-in except
*one*… Unfortunately this *one* is sitting in the Oval Office!!
The GOP “House” are going to hold his feet-to-the-fire on this issue!!! Case closed!! The idiot is a socialist / Marxist who thinks he can just spend-spend-spend until the country is “bankrupt”!!
Well…. It ain’t going to happen BHO!!