Secretary Geithner Sends Debt Limit Letter to Congress

[aloneibreak]

what a mess...

http://www.treasury.gov/connect/blog/Pages/letter.aspx

from the article...

" In fact, even if Congress were immediately to adopt the deep cuts in discretionary spending of the magnitude suggested by some Members of Congress, such as reverting to Fiscal Year 2008 spending levels, the need to increase the debt limit would be delayed by no more than two weeks. The limit would still need to be raised to make it possible for the government to avoid default and to meet the other obligations established by Congress. "

sounds like a great start to the 112th.

how much longer can this game go on ??

[AlexTG]

" However, the Treasury Department now estimates that the debt limit will be reached as early as March 31, 2011, and most likely sometime between that date and May 16, 2011."


If they don't know the date that the limit is reached. How in the world do they know how much those cuts would extended the date by?

I only hope the next president has some business sense and can turn this country and its budget around.

Not saying I want the US to run a surplus, just that we need to be at even or slightly above, other wise my kids will only know the United States that was a super power.

[fb101]

We need to run a "surplus" for a long time to eliminate the debt, which is where we need to go.

[AlexTG]

We need to run a "surplus" for a long time to eliminate the debt, which is where we need to go.

Not true, since the debt is factored into what the US pays out evey year. They have to pay off the intrest and the prime, even if you don't run a surplus you will eventually pay it off. Running a surplus would just allow you to pay it off sooner.

[rickygee]

The Tax Cheat in Chief. Grrrrrrrrrrrrrrrr.

[aloneibreak]

The Tax Cheat in Chief. Grrrrrrrrrrrrrrrr.

yea, see if you could get away with that...

the worst part is that most americans dont know about it, and the ones that do, dont care !

[Thogey]

Americans need to keep one thing in mind.

Congress spends the money. Not the president .