Debt ceiling to be hit by May 16
April 4th, 2011
03:42 PM ET
4 years ago

Debt ceiling to be hit by May 16

NEW YORK (CNNMoney) - Treasury Secretary Timothy Geithner told congressional leaders Monday that he now expects U.S. debt to hit the country's $14.294 trillion debt ceiling "no later than May 16."

"Although these projections could change, we do not believe they are likely to change in a way that would give Congress more time in which to act," Geithner said in a letter.

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Filed under: Debt • Tim Geithner
soundoff (11 Responses)
  1. gt

    both parties need to get this down.....are they so stupid not to see this doom coming.... get this spending down you morons..

    April 4, 2011 03:48 pm at 3:48 pm |
  2. Andrew

    Great... I'm nervous to see what this means and LEADS to

    April 4, 2011 03:55 pm at 3:55 pm |
  3. ConservaFascists/FUBAR

    Try this is on for size: Raise taxes on the top 2% and stop giving subsidies to oil companies. As everyone with a brain knows, the debt ceiling has to be raised so we don't default on our loans. Teatards in the House have already stated they were against it, but moderate republicans know this has to be done. Looks like they're stuck between a rock and a hard place.

    April 4, 2011 03:57 pm at 3:57 pm |
  4. Four and The Door

    ...and Obama and Harry Reid originally proposed and tried to cram through a federal budget for 2011 that was $60 billion higher? These buffoons could care less about America's future. They are all about special interests and the Democratic Party supporters today. Their attitude is, " Let someone else worry about America tomorrow.". We will. November 2012.

    April 4, 2011 03:57 pm at 3:57 pm |
  5. Rudy NYC

    Listen to rhetoric from both sides. Carefully. Think.

    Both parties are blaming the other for a debt ceiling shutdown. They cannot both be right. Current GOTea party budget cuts are aimed at only 16% of the total budget. Democrats wish to spread cuts across the board, but cannot introduce bill that does so because they do not control the floor of the House. Still with me, people? Good. The only bills are being written and introduced by the conservatives.

    If the entire 16% of the total budget being targeted by the GOTea party were cut entirely out of the budget, and all other spending programs are left alone just as it is written in the bills introduced onto the House floor, the budget would still not be balanced and the debt ceiling would still have to be raised.

    Liberals are not complaining about having to raise the debt ceiling. Many conservative leaders are not complaining about having to raise the debt ceiling. But, there are some members of the House, and some in the Senate, who are complaining about raising the limit who are blatantly totally ignorant of the fact that their own policies that they have put forth would require that it be done.

    Either there is an ongoing charade associated with this debt ceiling matter, or there are some members of Congress who really should not be participating in our government. (And if they are so for smaller government, why did they join it in the first place?)

    April 4, 2011 03:59 pm at 3:59 pm |
  6. MAC

    Obama has create more deficit in two yewrs than Reagan did in his entire eight years and he never had a republican congress to help him build it, the democrats did.

    April 4, 2011 04:40 pm at 4:40 pm |
  7. A Real American

    I've got a great idea that will solve all of our problems!!!! More tax cuts for everyone! And no more regulations of any kind on businesses. I'm surprised nobody's tried that before. It's gotta work! I must be some kind of genius!

    April 4, 2011 04:51 pm at 4:51 pm |
  8. A Real American

    Oh, almost forgot, defund education and ignore our infrastructure!! Man, I'm on a roll today!

    April 4, 2011 04:53 pm at 4:53 pm |
  9. A Real American

    It's all the poor peoples' fault. And the gay Mexican Muslims helped them.

    April 4, 2011 04:59 pm at 4:59 pm |
  10. Four and The Door

    A Real American
    I've got a great idea that will solve all of our problems!!!! More tax cuts for everyone! And no more regulations of any kind on businesses. I'm surprised nobody's tried that before. It's gotta work! I must be some kind of genius!
    ___________________________________________________________________________________________________
    No, no, no. It's all about paying people not to work. See, this is how we stimulate the economy! More money for them to spend. And then let's tax the bejeezus out of those billionaires making $250 thousand a year. They must have billions stashed away and let them spend some of their own billions to hire people. So we can tax them more!

    April 4, 2011 05:05 pm at 5:05 pm |
  11. A Real American

    If all of those billionaires are actually paying the top rate, they need to fire their accountants. Their average payment is around 16% because of all the loopholes. Nice try, though.

    April 4, 2011 05:09 pm at 5:09 pm |