U.S. hits debt ceiling
May 16th, 2011
09:20 AM ET
3 years ago

U.S. hits debt ceiling

NEW YORK (CNNMoney) – It's official: The U.S. government hit the debt ceiling on Monday, Treasury Secretary Timothy Geithner told Congress.

Geithner said he would have to suspend investments in federal retirement funds until Aug. 2 in order to create room for the government to continue borrowing in the debt markets.

FULL STORY

Filed under: Congress • Debt • Tim Geithner
soundoff (14 Responses)
  1. Rudy NYC

    Is it pure coincidence that today was supposed to be the deadline for raising the debt limit and the IMF Chief was in NYC over the weekend conducting meetings with US banks?

    The debt limit needs to be raised to without to much delay and haggling. We need to raise to pay for the budget that the Congress has already passed. In other words, we need to pay for our current expenditures. Save the fight for new expendituers for another day. Just because you have more credit does not mean you must use it.

    Someone needs to remind Republicans that raising some taxes is the will of the American people whether they agree with it or not. The 2010 election was a referendum on jobs, not taxes, as it is constantaly being suggested.

    May 16, 2011 09:29 am at 9:29 am |
  2. diridi

    debt is a drama, economy is a reality....get it...jobs and immigration are the problems...solve it....Debt problems will be cured at their pace, not urgently...o.k, others need an urgent attention....do not nag....cut visas to India too...o.k, we need to cut lot of immigration, no matter what these orientals say....o.k, selfish goose...

    May 16, 2011 09:29 am at 9:29 am |
  3. reb

    Please,stay "Steady" on refusing "Republican Oppression" of the middleclass,elderly,childrens health and education to pay for the Gop plundering the last 8 yrs? Please don,t "give-in" to Boehners threats. Leave Medicare Alone, that is the money of Hard Working Americans!!!! Good luck Mr. Biden. Stay fast!

    May 16, 2011 09:41 am at 9:41 am |
  4. Four and The Door

    Rudy NYC
    Someone needs to remind Republicans that raising some taxes is the will of the American people whether they agree with it or not. The 2010 election was a referendum on jobs, not taxes, as it is constantaly being suggested.
    ___________________________________________________________________________________________________
    Jobs and taxes are the same argument. They are closely tied together and most Americans are smart enough to know that. At the same time, I am sure you are just frustrated with people who are doing well and want to exact revenge via the government by taxing Obama's "$250 thousand a year billionaires" back down to earth with the rest of us. Interesting thought pattern there, but Obama is counting on enough people voting with their clenched fists than their brains.

    May 16, 2011 10:07 am at 10:07 am |
  5. ConservaFASCISTS

    I wonder what the fascists want to cut. They can't be serious about reducing the debt without considering raising taxes. Frankly, I agree with Alan Greenspan when he said he thinks the Bush tax cuts should end for EVERYONE!!!!

    May 16, 2011 10:25 am at 10:25 am |
  6. Four and The Door

    ConservaFASCISTS
    I wonder what the fascists want to cut. They can't be serious about reducing the debt without considering raising taxes.
    _________________________________________________________________________________________________
    America's tax rates are already among the highest in the world. America's economy is the largest in the world. Put those two facts together and you can see that our government is spending more than any government in history because they still can't tax this huge economy high enough to catch up with the spending. Are you advocating putting more fuel in this runaway spending engine?!?! No, it is way past time to throttle back. It is not much more complicated than that. The taxing is already out of control but the spending is obcene. It is time to be responsible for the good of the country and our future.

    May 16, 2011 10:36 am at 10:36 am |
  7. krehator

    Debt ceiling was raised multiple times for Bush, so let's tell the truth conservatives. You are not very "conservative" when your boy is in the hot seat.

    May 16, 2011 10:48 am at 10:48 am |
  8. OneMoreTime

    FACT: Debt ceiling raised 7 time during Bush Administration with a Republican led Congress.
    Debt ceiling raised by Obama ONCE to cover Bush Budget.
    Debt ceiling raised every year for the last ten years.
    Now, out of some too little/too late sense of responsibility Pubs want to threaten, coerce, and browbeat Congress
    into lowering costs for middle class people, while maintaining tax breaks for big corporations (including those
    who ship jobs overseas) and their rich constituents who feed their re-election coffers. Negotiate on the new
    budget, fairly, and equitably and quit refusing compromise as if it were a dirty word and more importantly quit
    blaming President Obama for your own spending spree from 2001-2007.

    May 16, 2011 11:06 am at 11:06 am |
  9. Rudy NYC

    "It happened on Obama's watch. For the first time in our history, we defaulted on our debt." Mission Accomplished!

    May 16, 2011 11:15 am at 11:15 am |
  10. Jeremy

    Didn't the democrats say it would be armageddon and unthinkable to hit the debt ceiling? We hit it and the sky ain't falling. Loving the scare tactics..

    May 16, 2011 11:24 am at 11:24 am |
  11. randy

    reb

    Please,stay "Steady" on refusing "Republican Oppression" of the middleclass,elderly,childrens health and education to pay for the Gop plundering the last 8 yrs?
    =====================
    2008 – Current Dem Pres
    2006 – Current Dem Senate (Including Independants)
    Last 6 of the last 6.5 years Dems controlled the house.

    I agree the last 8 years have been a huge issue. You can stop blaming Bush any time now.

    May 16, 2011 11:45 am at 11:45 am |
  12. Ubama

    Maybe we should have not remodeled the Whitehouse, or went on all the vacations, or 9/10ths of the other stupid spending in the stimulus program. 2009 and 2010 the biggest spending since 1945 from ANY president. It must be President Bush's fault or someone other than a democrat. History repeats itself again when democrats have control of congress. The stupid liberals could not even make a budget with a super majority.

    May 16, 2011 11:51 am at 11:51 am |
  13. Fair is Fair

    "They can't be serious about reducing the debt without considering raising taxes."

    Would that include raising taxes on the 47% who pay nothing?

    May 16, 2011 11:52 am at 11:52 am |
  14. Four and The Door

    Rudy NYC
    "It happened on Obama's watch. For the first time in our history, we defaulted on our debt." Mission Accomplished!
    _____________________________________________________________________________________________
    What, Obama's mission? Apparently, because he is responsible for 40% of America's total debt in his first 2 years. ( But America is not defaulting on any debt for now. The Republicans will be glad to raise the debt ceiling but the Democrats are not interested in reducing spending by the same amount. Yet.)

    May 16, 2011 11:59 am at 11:59 am |