New York (CNNMoney) – Government borrowing will hit the debt ceiling on Monday, Treasury Secretary Tim Geithner said in a letter to Congress Wednesday.
As a result, the Treasury Department will soon start using what it calls "extraordinary measures" to prevent government borrowing from exceeding the legal limit, Geithner wrote.
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STOP SPENDING ALL MY (and my childern's) MONEY
Don't you all just love the government yet? Gag!
Our government has been using "extraordinary measures" on a daily basis for years. What could they possibly come up with now?
That was fast....I know, I know, it's George Bush's fault.
Blame it on the gop ,even their rabid supporters will give up on people who accomplish nothing on the tax payers dime .the hell with norquest the crook lobbyist,who should be tried and Hung in a public square along with the crook gop politican who excepted it .its called graft and bribing a public official.in China they both would be excuted..in America ,they just changed the word bribe to campaign donation and lobby.
Anonymous: servicing our debt is like doing your mother it costs money
This is perfect timing. If the Dems don't want to cut spending ... let the debt ceiling do it for them!!!!
Do not give this President ANY more money!
Heres the funny thing. Republicans want to blame medicare and S.S. for our debt.
Before George W. Bush though, we had a BUDGET SURPLUS even with all those programs.
So 8 years of George W. Bush and we get his two wars we couldnt pay for, his medicare part D expansion with no way to pay for it, and his administration ignoring the housing bubble (despite having two years of warning) and suddenly we are broke and in the worst recession we have seen in years. We were literally losing 750,000 jobs A MONTH under the last 6 months of George W. Bush.
So Republicans came in with a bumping economy and overflowing bank account, run it into the ground and spend like drunken sailors, and now want to pay for their spending spree by slashing programs the middle class rely on saying "but we cant afford it anymore because we were idiots for 8 years and spent everything!"
Republicans as fiscal budget hawks is A LIE.
Anonymous
If you were a soldier, policeman, fireman, etc, etc... How long would you continue to work if you quit geting a paycheck? We as a society need these people to function. And there is social security and medicare that people have paid into all thier lives. Saying "stop spending all my money" is just too simplistic. Revenue increases and smart and well thought out spend cuts are what is needed.
Frank – You must not know this is money that has been spent already, for your republican wars and tax breaks for those who least need it.
It would be nice to see, just once, the GOP stand on the side of the majority of Americans and not on the side of the Kochs and their ilk. No wonder only 30% of Americans claim to be from the party that represents only 1% of the people.
Democrats love spending money and they will continue to spend money for another 4 years. Democrats' solution to their bad, out of control spending habit is to have someone else pay for it. This spending out of control won't stop.
My view – you really need to turn off right wing media, they are lying to you. We need to pay for the unprecedented spending during the Bush years. Not putting wars on the books has hurt us. Now we have to pay for them during a near depression.
obama and fellow bandits stop spending my money
vampire pelosi go back to your cave
Raising the debt ceiling was never a problem until we elected a Black man as President. They raised the debt ceiling numerous times for Bush the father and the lesser, but NOW, all of the sudden...it's a problem
Raising the debt ceiling was a total non-issue until the president was a democrat with a funny name. Hitting the debt ceiling is the result of the spending and taxing bills that have long-since been passed. Essentially the GOP is saying that they agreed to spend more than we collect in taxes, but they absolutely refuse to go into further debt in the process. This makes about as much sense as helping NASA launch rockets by passing an exemption to the law of gravity.
@myviewis–at least democrats are not spending on wars, trickle down–they are spending in USA and on USA soil. We need to stop Hospital greed in this nation.
Time to raise minimum wage to 12 dollars per hour. Ten states are raising from 1st January.
these people need to get it together with this money all the republicans democrate and president obama just need to raise the taxes and get this over with
As long as people like timmy tax cheat preach to all about how they have to pay more in taxes while he pays none, there will never be a sense of equity. I'll pay more, but not until tax cheats like timmy get some real hard time.
@myviewis
Democrats love spending money and they will continue to spend money for another 4 years. Democrats' solution to their bad, out of control spending habit is to have someone else pay for it. This spending out of control won't stop.
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Take a look at the growth of government during Republican administrations. Ronald Reagan was a huge spender. Bush Jr. used a cut & spend approach – and killed our economy. Turn off Fox News and look at the actual data! You're repeating propaganda that absolutely isn't true! Doesn't that bother you?
Sounds like the timing is very convenient.
Good. Start using extreme measures – its about time. The House needs to stop playing around and use it as a tool for fixing our financial mess. The President always wants to play politics and what comes around goes around. Congress needs take a break until mid January and the President can do what he does best – campaign and play golf.
@Kelby in Houston. I couldn't agree more. Every single president has raised the debt ceiling numerous times, funny we NEVER even heard of a debt ceiling before we got a POTUS with a permanent tan.
Guess Geithner failed to stop, or even slow down, Obama's runaway spending. That's his problem. The country has no obligation, whatsoever, to continue to allow that runaway spending.