The Battle In Washington Continues

Even if they reach a budget agreement in the next day or so, the fights on Capitol Hill are just beginning. Next on deck is a nay or yea vote on raising the national debt ceiling. Some lawmakers say they'll vote no without further budget curts. National Journal reports the country will hit its current statutory debt limit of 14.3 trillion dollars no later than May 16. In a letter to Senate Majority Leader Harry Reid, Treasury Secretary Timothy Geithner warns, failure by Congress to raise the debt limit would put the country into default. Geithner calls that option, unthinkable. Geithner adds, the Treasury could finagle a delay in default to about July 8.