In the letter, Geithner writes that the ceiling will be hit on December 31, and even though the Treasury Department will be able to undertake "extraordinary measures" to make sure the U.S. won't experience the full effect of hitting the ceiling, there's an unspecified and unknown amount of time before a government shutdown...
"The debt ceiling will be raised eventually". Is this an admission that the political class will NEVER reduce Federal spending? When are the citizens of this nation going to wake up and revolt against these public servants? We are allowing them to ruin this country. As for Timothy Geithner, he has no credibility. Wasn't he the guy who failed to pay his taxes? Something on the order of $100,000 comes to mind.
Treasury Secretary Timothy Geithner wrote a letter to Congress today that the federal government will once more hit the statutory debt ceiling on Monday, allowing an unspecified amount of time before the government will have to shut down crucial operations merely to service its debt.
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