Home / Latest News / Timothy Geithner: Treasury Hit Debt Ceiling Before New Year’s

Timothy Geithner: Treasury Hit Debt Ceiling Before New Year’s

Timothy Geithner
Timothy Geithner

The U.S. Treasury hit the debt ceiling Dec. 31, 2012 and is running out of avenues to avoid a default, Treasury Secretary Timothy Geithner has told Congress in a letter.

According to The Hill newspaper, Geithner told Capitol Hill leaders the country could default by mid-February unless Congress raises the $16.4 trillion borrowing limit.

Geithner said benefit payments to senior citizens and veterans could be at risk in the event of a default and the deficit could even increase, according to Erik Wasson’s story.

According to Bloomberg, Geithner also said the Treasury will give Congress a more detailed estimate of when the potential default could happen.

The Bipartisan Policy Center projects the Treasury will run out of money to pay its bills sometime between Feb. 15 and March 1, Bloomberg reports.

Check Also

GAO

GAO Urges USPTO to Address Patent Quality Definition, Examiner Incentives & Patent Application Clarity

The Government Accountability Office has called on the U.S. Patent and Trademark Office to articulate a …

Leave a Reply

Your email address will not be published. Required fields are marked *