Geithner says Congress must raise debt limit

WASHINGTON Wed Mar 16, 2011 3:26pm EDT

Timothy F. Geithner, Secretary of the Treasury, holds papers before testifying to the Financial Services and General Government Subcommittee on Capitol Hill in Washington on March 16, 2011. REUTERS/Joshua Roberts

Timothy F. Geithner, Secretary of the Treasury, holds papers before testifying to the Financial Services and General Government Subcommittee on Capitol Hill in Washington on March 16, 2011.

Credit: Reuters/Joshua Roberts

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WASHINGTON (Reuters) - Treasury Secretary Timothy Geithner said on Wednesday that there was no alternative except for Congress to raise the debt ceiling so that the government can keep borrowing.

"Congress has to do it. There's no alternative," he said in response to questions at a House of Representatives appropriations subcommittee.

He repeated a warning that it would be have "catastrophic" consequences for the economy if the debt ceiling was not raised and the country defaulted on its debt obligations.

(Reporting by Glenn Somerville; Editing by Chizu Nomiyama)

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Comments (104)
Chazz wrote:
Let’s keep the same broken system going….on and on and on and on until it does, in fact, become catastrophic, no matter what is done.

Enough – These “leaders” got us into this mess, let the fortunes they’ve amassed during “public service” pay to get “us” out of it.

I’m so very sick and tired of politicians on both sides…liars all, and “we the people” have allowed them to run amok. Is it any wonder why things are so f’k'd up in this country?

I don’t suspect that anyone has noticed the glaring difference between the actions and reactions the people of Japan have shown in the on-going cataclysm that’s struck their country compared to the reaction/actions of American’s during Katrina “disaster.” (A catastrophe far less than the one the Japanese are dealing with) During Katrina, the “What’s in it for me” Americans wailed and gnashed their teeth because Uncle Sam didn’t come to their rescue fast enough. Have we seen similar sit-on-your ever widening ass activity by the Japanese? The answer is no.

Have you heard about the Japanese citizen who, when he found water at a store started to buy the whole lot but then realized that in doing so no one else would have water? This Japanese citizen decided to take only two of the five bottles for himself, leaving the other for his fellow citizens. I’ll guarantee you that would NOT have happened in this country!

So go on Mr. Geithner, keep preaching the company line. Someone else (other than you and your family) will foot the bill later on – it’s the new American way.

Mar 16, 2011 4:31pm EDT  --  Report as abuse
DrJJJJ wrote:
Let’s vote on raising the debt limit! I’d bet anything, 80% of us would vote no! Also, don’t try this at home, these are paid professional gamblers!

Mar 16, 2011 5:06pm EDT  --  Report as abuse
ostinlt wrote:
Geithner is a total liar and about as believable as his boss on anything financial. The US does NOT need to raise the debt ceiling. All this tool of the banks and Obama wants to do is to keep the charade of US solvency going.
I understand it will be the end of Govt as we know it:its about time. If we attempt to reign in our profligate spending we will send the world a message we are serious about debt management. We either do that, or we simply default. This is a banana republic option, but hey we have a banana republic President. So was the President before him.

Mar 16, 2011 5:26pm EDT  --  Report as abuse
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