Posted on 05/03/2011 2:16:20 AM PDT by bruinbirdman
US Treasury Secretary Timothy Geithner has secured more time for Congress to negotiate a deal to increase the borrowing limit of the US.
Stalemate over the talks means the US risks defaulting on its debts because it will be unable to borrow beyond its $14.3 trillion (£8.6tn) limit.
Mr Geithner had previously said the deadline for a deal was 8 July.
But in a letter to Congress he said that better tax receipts meant the deadline could be extended to 2 August.
Republicans want to tie any agreement on the US budget to spending cuts, especially in the healthcare programme.
The Obama administration has proposed a $4tn package of budget cuts, but the Republicans say they do not go far enough.
Despite pushing back the deadline, Mr Geithner nevertheless warned Congress of the need for a urgent resolution to the impasse.
He said in his letter: "While this updated estimate in theory gives Congress additional time to complete work on increasing the debt limit, I caution strongly against delaying action."
Last month, ratings agency Standard & Poor's warned that the failure to agree a budget deal was damaging the financial credibility of the US.
In a surprise move, which hit share prices on both sides of the Atlantic, S&P downgraded its US credit rating outlook from stable to negative, increasing the likelihood that the rating could be cut within the next two
(Excerpt) Read more at bbc.co.uk ...
Congress is in charge of the debt ceiling.
Republicans need to attach a complete Obamacare repeal to the debt ceiling... and stick by it to the very end.
If they don’t, they are finished.
Congress is in charge of the debt ceiling.
How about "Geithner rejiggers the numbers"?
Can someone explain this to me? It sounds illegal.
The date is a projection - the projection has moved because recent revenues were higher than expected.
He is in on the scheme to devalue the dollar, inflate prices and keep pay at the same level. Eventually the USA wages will egual the Chinese and Indian pay rates.
LLS
It's ridiculous, desperate sounding and would not give me confidence if I were a rating agency.
Bullshit.
The Country hits the debt limit this week but since the pubbie house has said piss off, lil' timmy said OK, I'll use tax revenues and stop borrowing money until August.
If hitting the debt "ceiling" was going to cause the end of the USA, it would happen within a week, but since it's Bullshit, nothing is going to occur.
As soon as the white hut realized that the house pubbies couldn't be bluffed, they went into full retreat mode.
Even their helpers in the msm have not been able to stampede the house pubbies into rolling over for the one, so they are getting a manicure while they wait for orders from the white hut.
If they don’t they and we are finished. Crybaby needs to get to a podium and say the debt ceiling WILL NOT BE RAISED FOR ANY REASON; if not NWO will be introed as the only answer.
He failed.
However, he'd surely be happy if he were alive now.
We've saved him the trouble and done it ourselves.
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