U.S. Treasury Secretary Timothy Geithner asked Congress to increase the $12.1 trillion debt limit on Friday, saying it is "critically important" that they act in the next two months.
Mr. Geithner, in a letter to U.S. lawmakers, said that the Treasury projects that the current debt limit could be reached as early mid-October. Increasing the limit is important to instilling confidence in global investors, Mr. Geithner said.
The Treasury didn't request a specific increase in the letter.
As we have stated many times, no economic recovery can be sustained with the national debt and budget deficit being what they are under the Obama administration.
Geithner wants Congress to raise the debt limit from 12.1 Trillion Dollars to who-knows-what...which only confirms that Obama and company spend money like drunken juvenile delinquents who just stole a billionaire's credit card.
Read the whole thing here.
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