Treasury Secretary Timothy Geithner is strongly criticizing a Republican proposal that would prioritize interest payments on the nation's debt and cut spending rather than raise the borrowing limit.
Geithner says in a letter addressed to Sen. Jim DeMint, a South Carolina Republican, that the idea is "a radical and deeply irresponsible departure" from previous practices by presidents of both parties. The letter was copied to 16 other Senate Republicans, including Minority Leader Mitch McConnell.
The debt limit is the amount the government can borrow to finance operations. The United States reached its $14.3 trillion borrowing limit in May. It could default on its debt if it doesn't raise that limit by Aug. 2.
Republicans say they won't support an increase without a plan for cutting spending by an equal amount.
4 comments:
So, I'm up to my credit limit in debt, can't pay the interest payments let alone anything on the principle, and the bank would be irresponsible for not letting me borrow even more?
This is coming from the most irresponsible administration of the past 50 years. Spend, spend, spend then tax, tax, tax. So much hypocricy in the politicians in office it makes me sick. Democrats blaming Republicans and Republicans blaming Democrats. Get over yourself. Why not try to govern for the benefit of the American people and not you party.
The drug addict said to the dealer."Please just give me some heroin now and I plan to quit using later"
Riiiiiggggghhhhhtttt!
don't trust anything this administration says or does. endofstory.....
Post a Comment