White House: Debt deadline looming
July 26th, 2011
01:07 PM ET
12 years ago

White House: Debt deadline looming

WASHINGTON (CNN) - The White House made clear Tuesday that August 2 remains the deadline for Congress to extend the federal debt ceiling, with Press Secretary Jay Carney telling reporters "beyond that date, we lose our capacity to borrow."

Treasury Secretary Tim Geithner "has exercised all the wiggle room available to him" to extend the ability of the government to pay its bills since the nation hit its debt limit in May, Carney said.

Filed under: Debt • Deficit • Jay Carney • President Obama • Tim Geithner
soundoff (19 Responses)
  1. The Day of Financial Reckoning is HERE - The Great Democrat Welfare Society Ends

    "beyond that date, we lose our capacity to borrow."
    After you borrow another $10-20 TRILLION, the very same thing will happen. Fact is you and the Democrats have NO PLAN to stop the spending madness and intend to throw the USA into bankruptcy.

    July 26, 2011 01:14 pm at 1:14 pm |
  2. Malty

    Why don't democrats want to cut spending. Obama has been spending like a mad man. Truth is, in the history of the world, no country has spent itself into prosperity. Look it up.

    The economy would have been much better today had Obama never won the White House.

    July 26, 2011 01:16 pm at 1:16 pm |
  3. Wire Palladin, S. F.

    This is the republicans last chance to create the global depression they tried so hard to give us during the Bush years.

    July 26, 2011 01:16 pm at 1:16 pm |
  4. John, PA

    The artificial deadline created by an artificial Treasury Secretary, community organizer president and administration to create an artificial crisis!

    July 26, 2011 01:19 pm at 1:19 pm |
  5. D. Clark

    Makes me sick to hear all the political haggling going on in D.C. over the debt ceiling. As a 65 year old senior, the solution is simple. Cut some spending, and develop new sources of income (revenues) and then raise the debt limit. Knock off the pork and work to keep our spending on the right track. All we need is a few ADULTS that can think for themselves instead of taking their marching orders from some pledge monitor.

    July 26, 2011 01:19 pm at 1:19 pm |
  6. Wire Palladin, S. F.

    It is time to work to remove all republicans from office in 2012. Fire the liar and the cryer of the house, Boner!

    July 26, 2011 01:20 pm at 1:20 pm |
  7. Sank

    Tell Erkel to put forth a budget so someone might look at it. All he can do is threaten. If he does not pay Social Security or the Military paychecks then goodby to him. He is his own worse enemy plus being an enemy of the State already. this man is an Islamic pig who does not know how to run government must less be a President of the used to be greatest country in the world.

    July 26, 2011 01:23 pm at 1:23 pm |
  8. gt

    the government of the united state acted like a stupid child and spent money they diid not have ..and now they are rushing around like a chicken with its head cut off trying to find money to pay for the over spending...no wonder all those in both parties in congress are less popular than a used car salesman...apology to car salesman...

    July 26, 2011 01:27 pm at 1:27 pm |
  9. Rudy NYC

    I guess this that Waterloo that DeMint as talking about.

    July 26, 2011 01:31 pm at 1:31 pm |
  10. ConservaFASCISTS/Dutch, Bad Newz, VA

    This issue shouldn't be dragged out to the very last minute. The incompetency of House republiKLANs is a threat to the country as a whole. They are economic terrorists and enemies of the state.

    July 26, 2011 01:39 pm at 1:39 pm |
  11. Embarrased Conservative

    I really hope this sitiuation in the end will put an end to the TEA party and all the freshamn that were elected will be voted out.

    July 26, 2011 01:40 pm at 1:40 pm |
  12. Rudy NYC

    Conservatives argue about Obama's out of control spending and ballooned deficits. Many liberals argue that "War on Terror" was "off the books" and Obama finally put the costs in the budget.

    What has really happened is that SSI has run a surplus for decades.
    Reagan began to spend those surpluses in full to balance his massive deficits. He could do this because beginning in 1969, Pres. Johnson had authorized SSI to be "on budget", which meant that all spending was accounted as part of one budget. In 1990, SSI was returned to "off budget" to stop the practice of raiding surpluses.

    The Bush administration resumed the practice of raiding surpluses to pay for ballooning DoD budgets. Obama stopped the practice. Obama stopped the Bush administration practice of funding wars with SSI surpluses. Bush ran a $700B deficit in 2007, which would have been over $1T were it not for the practice of skimming off the SSI surpluses.

    July 26, 2011 01:52 pm at 1:52 pm |
  13. Maggie

    The deadline can't come soon enough to get OBAMA out of office. He has divided our country so much in the past 2 1/2 years that if he is re-elected, America will never be as we knew it. Come on Nov. 2012 lets give Obama his walking papers. At least he can go back to being a community organizer.

    July 26, 2011 02:05 pm at 2:05 pm |
  14. BILL, WI

    Members of the administration and congress knew four years ago that borrowing and spending could not be sustained. Why are they now acting surprised? Why drag it out to the last day to find a correction for the problem, when it could have been addressed years ago. So the solution now most favored by the Dems and the administration is to borrow more money to pay the interest on the debt and not to worry about it for another year.

    July 26, 2011 02:06 pm at 2:06 pm |
  15. Dominican mama 4 Obama

    This is a very stressful time for me, and I DO NOT depend on any type of gov't assistance, or government issued checks. I can't even begin to imagine how those whose very livelyhoods in these tenuous times depend on said income are faring.
    You know, we've called the Republicans all sorts of names in retaliation and indirect appreciation of their unique talent for misrepresenting, misinforming, and just plain out lying, but I NEVER thought that these thugs would stoop as low as they have. The Rethugs, spurred on by Big Business interests, the Teatards/Koch Brothers, greed, quest for power, and their inability to stop hating this President because of his color.
    I am glad that the President is telling the American people just what kind of "patriots' he's been dealing with since his inauguration. The Republicans talk out of one side of their mouth about God, country, supporting the troops, and their grannies when in point of fact they have sold them all down the river for personal aggrandizement.
    You have to be a special kind of moron NOT to see what they are up to, and to continue supporting these treasonous bastards.

    July 26, 2011 02:08 pm at 2:08 pm |
  16. Dominican mama 4 Obama

    Sorry. That should've read:
    The Rethugs, spurred on by Big Business interests, the Teatards/Koch Brothers, greed, quest for power, and their inability to stop hating this President because of his color have put down any and all pretenses and are actively pursuing their one and ONLY goal: to make this President fail, even if the country goes with him.

    July 26, 2011 02:12 pm at 2:12 pm |
  17. Rick McDaniel

    The public needs to ignore Obama on this issue, and concentrate on where the decision has to be made. The House.

    Obama is simply crying over the fact, he has lost control, and no one is cow-towing to him. It is entirely possible that his grand plan, was to destroy America, from within, by his squanderous spending, all along, bankrputing the country, and making it impossible for us to even defend our country. This guy is NOT a patriot.

    July 26, 2011 02:12 pm at 2:12 pm |
  18. Bill from GA

    The 'Big Deal', laid out in framework by our President, is the best solution. As I understand it, the plan includes $1.2 trillion in increased revenues and about $3 trillion in spending cuts, both over ten years. Granted, it is only a framework. We need to support this 'Big Deal', as it would do much to instill faith in our government to those who question our resolve to honor our obligations.

    If the credit of the USA is downgraded, it will raise borrowing costs. If interest on the debt goes up by just one percent, we are adding over $140 billion yearly (one percent of $14 trillion debt) that must be paid. Money that does no one any good. President Obama's 'Big Deal' raises revenue only $120 billion a year ($1.2 trillion added revenue over ten years). Having our credit rating lowered is too costly to play 'hostage' with.

    July 26, 2011 02:17 pm at 2:17 pm |
  19. Nancy

    I am so tired of what we have in office. We have people that don't pay their bills, taxes and wants to screw everything in sight. What would happen to us? Our fearless leader is a wet noodle. All he does is bow down to other countries. He wants to give our hard earned money to the people that jump the border. I 'm willing to bet that it was actually HIS idea for the ATF to cheerfully donate those arms to the Mexican drug lords. After all we have a working agreement with Mexico for them to unload half of it's population on us.

    July 26, 2011 02:50 pm at 2:50 pm |