The Non-Emergency Emergency: Debt Ceiling Deadline to be Extended?

Posted: Jun 28, 2011 7:37 PM


We've been hearing for months from Treasury Secretary Timothy Geithner that it is absolutely crucial to raise the debt ceiling by $3 trillion or else the apocolyspse will come crashing down and the world will end however, according to Fox News, Senate Republican Whip Jon Kyl is saying the Treasury may in fact extend the debt ceiling deadline again and use some of those magic government accounting tricks to avoid default. The debt ceiling deadline was extended the first time on May 3 to August 2, this would be round two of debt ceiling vote extentions.

The No. 2 Republican in the Senate said Tuesday that he has heard the Treasury Department may be announcing soon that it can extend the Aug. 2 deadline to increase the nation's ability to borrow money to give bipartisan negotiators more time to cut a deal on the debt.

Sen. Jon Kyl, R-Ariz., didn't say where he heard the plan, but if true the decision would give critical breathing space for lawmakers and the White House who have not been able to overcome a budget impasse.

"We know for sure they are going to update the deadline (Friday)," a House Republican leadership aide told Fox News. "We have heard from those who watch this type of thing that it's likely they will move it back, but we have not heard from Treasury that it is definitely going back. So I guess we've heard that, but not from Treasury, which is the only group that actually knows when we'll run out of cash."

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And the Treasury response:

"We will provide an update on the debt ceiling outlook at the beginning of July, as we have done at the beginning of each month this year, but it is unlikely that the date will move by more than a day or two -- if at all," Treasury spokeswoman Colleen Murray said in a statement to


Right, because one day will get the politicians to make up their minds and negotiate a deal.