The United States will reach its current debt
ceiling of 16.4 trillion dollars next week, Treasury Secretary
Timothy Geithner warned Wednesday in a letter to Congress.
The Treasury Department would however take extraordinary measures to create 200 billion dollars in extra room to manouevre to keep the US from defaulting on its obligations on Monday.
Geithner warned lawmakers to act to extend the debt limit, noting that given the uncertainty of looming austerity measures due to take effect at year's end that it was unclear how much extra time the Treasury Department's efforts would allow. Under normal circumstances, the moves would buy an additional two months before a default, he said.
Most Popular Stories
- Emirati announces new film project at Cannes
- Contra Costa Times Chuck Barney column
- The News & Advance, Lynchburg, Va., Casey Gillis column
- Promoter McLean 'provided more musical joy than Dylan and Prince combined'
- Haitian music, culture take center stage at Compas Fest
- I never set out to be a role model but it's great to be one ; IN THE HOTSEATBetter known by his stage name Wretch 32, Jermaine Sinclair is a 28-year-old rapper from London. In 2011 his debut album Black and White sold over a million copies and scored three top five singles. His latest single Blackout was released this week
- Entrepreneurs Chase Social Media
- Gillian Anderson is fired up in 'The Fall', but Whicher is suspiciously dull ; The former 'X-Files' star channels her inner Helen Mirren in a new crime drama set in Belfast
- Daily Trivia Byte
- Joshua Radin loves to sing about love