Geithner asks Congress for higher U.S. debt limit

"Fri Aug 7, 9:43 pm ET. WASHINGTON (Reuters) – U.S. Treasury Secretary Timothy Geithner formally requested that Congress raise the $12.1 trillion statutory debt limit on Friday, saying that it could be breached as early as mid-October."It is critically important that Congress act before the limit is reached so that citizens and investors here and around the world can remain confident that the United States will always meet its obligations," Geithner said.
... A Treasury spokeswoman declined to comment on the letter.
... Treasury officials earlier this week said that the debt limit, last raised in February when the $787 billion economic stimulus legislation was passed, would be hit sometime in the October-December quarter....
.... It is expected to issue net new debt of as much as $2 trillion in the 2009 fiscal year ended September 30 and up to $1.6 trillion in the 2010 fiscal year, according to bond dealer forecasts.
.... The request to increase the debt limit will likely raise the ire of Republicans who have accused President Barack Obama of runaway spending.
.... Geithner urged Reid to not let politics hamper U.S. credit-worthiness and said he looked forward to working with the Nevada Democrat to secure enactment of legislation on the debt limit as early as possible.
"Congress has never failed to raise the debt limit when necessary. Because members of both parties have long recognized the need to keep politics away from this issue, these actions have traditionally received bipartisan support," he wrote. "This is clearly a moment in our history that calls for continuation of that tradition."

Source: news.yahoo.com..."

Rejoice, economy is saved!
NO DOUBT investors around the world will "remain confident" and "U.S. credit-worthiness" will be restored.
And yes, this is "clearly a moment in our history that calls for" .... erm ... ahem ...


[edit on 8-8-2009 by WonderfulWorld]

It is critically important that Congress act before the limit is reached so that citizens and investors here and around the world can remain confident that the United States will always meet its obligations,

That is rich! Let's raise our credit limit so we can meet our financial obligations.

I wish I could do the same, "Hey Amex, can you extend my credit line by a few thousand I need to let my creditors know I'm still credit worthy."

Wow, I hope people aren't that gullible to believe this tripe.

More debt=better creditworthiness.

Real life DOUBLESPEAK.

Originally posted by WonderfulWorld
"It is critically important that Congress act before the limit is reached so that citizens and investors here and around the world can remain confident that the United States will always meet its obligations,

So that citizens and investors can..... remain? ....... confident?

Do you know a confident citizen or investor?

If so, take away whatever they are drinking or smoking please. They've had enough.

There must be some really good mood altering substances there in the "Land of Fruits and Nuts" (DC) Today our Government reminds me of someone not quite so honest,being the banker in a Monopoly Game. The banker always wins,when he gives himself access to the money.

I'm sure there will be those that will defend this move. It escapes logic how defensible it will be. It will be fun listening to the leftist responses.
The average citizen must have deeper pockets than I ever realized,or this debt will be our downfall.

Originally posted by Hastobemoretolife

I wish I could do the same, "Hey Amex, can you extend my credit line by a few thousand I need to let my creditors know I'm still credit worthy."

That was the same thought I had. If this nonsense goes through I'll be forwarding a copy to my credit card companies and requesting my limit be raised as well. Wonder how well that will go over.

" ... Congress has never failed to raise the debt limit when necessary. Because members of both parties have long recognized the need to keep politics away from this issue, these actions have traditionally received bipartisan support," he wrote. "This is clearly a moment in our history that calls for continuation of that tradition."

Source: news.yahoo.com..."

Note: The heroes "never failed" to raise the debt limit.
In God we trust, and in Congress.



[edit on 8-8-2009 by WonderfulWorld]

My instinct says to deny the debt increase level. Somehow sometime somewhere somebody has got to draw a line in the sand and say NO MORE.

When is the line going to be drawn and we start taking liability for our countries debt?

It reminds me of a credit card I have. 700 bucks and I ran out of credit so I wish the limit would be 1200 bucks so I could by things I don't need for a month or two and screw myself over even farther.

So in a way I am no better than the US treasury.

All we can really do is hope that our comfortable lives will not be screwed beyond all recognizable form before we die and pass on our even more screwed up mess to our grandchildren.

I will drink one more beer now. Have a good one.

I wasn't aware that Geitner had to ask?

Isn't he the guy in charge after all? It's surely not Obama or Congress or the Senate.

Hmm...interesting.

~Keeper

Originally posted by tothetenthpower
I wasn't aware that Geitner had to ask?
Isn't he the guy in charge after all? It's surely not Obama or Congress or the Senate.
Hmm...interesting.
~Keeper

No Geithner doesn't have to ask. God has to ask Geithner.

reply to post by WonderfulWorld


And then Dick Cheney gives the Ok?

That seems about right .

~Keeper

This is why helatcare reform won't work today. It wouldn't matter if it was the best bill ever written, the bottom line is we can't afford it.T This country is broke. We can't afford it. Browsing through some of the hightlights in the thread about "Disccusing the healthcare bill itself" all I saw was mainly gov't putting an even bigger tax burden on the people. At this rate you'll be working just to have healthcare and that's it, forget about saving for retirement or anything.

This is very interesting. While on the campaign trail and after inauguration, President Obama has promised many times that the debt will be cut in half.

Ahh, it is so clear now. Raise the limit, then the amount of debt in relation to the limit is lower. Double the limit and the debt has been cut in half.

reply to post by J-in-TX

Originally posted by J-in-TX
This is very interesting. While on the campaign trail and after inauguration, President Obama has promised many times that the debt will be cut in half...

He actually meant to cut the population in half. Just one of his UMPs (unfortunately misunderstood promises).


[edit on 8-8-2009 by WonderfulWorld]

reply to post by WonderfulWorld


On a side note
[atsimg]http://files.abovetopsecret.com/images/member/af86b3582ec1.gif[/atsimg]
www.ft.com...

Recovery? What recovery?



[edit on 10-8-2009 by warrenb]

180 plus days in office and Obama has already increased our debt by $1 trillion. What is Geithner looking for?? Better yet, where will the money come from? Better start stashing your cash folks.

The virtual money in their pockets is burning a hole faster than we have ever seen before. New planes and another facelift for Pelosi and her cronies.... let's all dig deep to help these folks out...