On December 26, one day after Christmas, Treasury Secretary Timothy Geithner broke a blockbuster story. On New Year’s Eve, December 31, 2012, the United States will reach its $16.4 trillion borrowing limit and will have to undertake “extraordinary measures” to avoid default. The debt ceiling had been troubling Steven Mufson of the Washington Post…
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HT: Tyler Watts
The White House is now reporting that the debt day is approaching faster than expected. August 2nd was the cut-off date for negotiating a deal, but now Congress must agree to a deficit-reduction deal by July 22 to avoid hitting the limit. Meanwhile, Republicans and Democrats are deadlocked in opposing positions. Included in one…
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In an article from Reuters, David Lawder reports that a new U.S. Treasury report of cash holdings, “The Financial Report of the United States,” shows that the U.S. government went into greater debt in fiscal year 2010 to the tune of additional $2 trillion. Unfortunately, the report does not include the massive land, minerals,…
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