Monday, April 4, 2011

Geithner: U.S. will reach debt limit by May 16

Tim Geithner told Congress that the government would reach its debt ceiling no later than May 16. Previously, he estimated that the government would hit the ceiling at some point between April 15 and May 31. If Congress fails to raise the debt ceiling by May 16, the Treasury would employ a series of “extraordinary measures” to prevent a default.1 That would buy Congress another eight weeks, give or take.


1 I believe these “extraordinary measures” are otherwise known as “ignore the law because the real date doesn’t match our political theater schedule.”

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