U.S. Debt Near Ceiling, But Sky Won't Fall Right Away

Investor's Business Daily ^ | 5/4/2011 | David Hogberg

[Slyscribe]

If Congress doesn't lift the debt ceiling by mid-May, the sky won't fall, at least not right away. The Treasury has several ways to forestall a federal default. Yet today's massive deficits limit how long these measures can be used.

The national debt is expected to hit the $14.3 trillion legal ceiling by May 16. Treasury Secretary Tim Geithner has urged Congress to act to avoid a government default that would have "catastrophic economic consequences that would last for decades."

[fruser1]

“catastrophic economic consequences that would last for decades.”

You mean like the creation of Social Security, Medicare, and Obamacare?

[KansasGirl]

Republicans need to refuse and reveal this people as the liars they are. The US Gov’t takes in enough revenue to cover interest payments on the national debt.