facebook
twitter
search
search

Geithner warns of pending debt ceiling

Dec. 26, 2012 at 5:28 PM

WASHINGTON, Dec. 26 (UPI) -- U.S. Treasury Secretary Timothy Geithner Wednesday warned Congress the nation will hit the $16.4 trillion debt ceiling Monday.

In a letter addressed to congressional leaders, Geithner said Treasury can take extraordinary measures to stretch the nation's checkbook by $200 billion, a move that normally would give the government two months leeway but because of the uncertainty about the "fiscal cliff," that would not be the case this time.

Geithner urged lawmakers to act to end the "significant uncertainty" in the nation's finances to prevent "default on ... legal obligations."

Geithner also warned the uncertainty could delay the filing of tax returns, exacerbating the problem.

Lawmakers and President Barack Obama are scheduled to return to Washington Thursday and resume negotiations to avert the "fiscal cliff," the effects of which will begin to be felt Jan. 1 unless a deal is reached.

Like Us on Facebook for more stories from UPI.com  
Related UPI Stories
Latest Headlines
Top Stories
Texas man killed in apparent alligator attack
Kentucky clerk sued for refusing to issue same-sex marriage licenses
Police arrest N.C. soldier with assault rifle headed to mall photo shoot
North Korean biochemical weapons researcher defects to Europe
Four accused in slave-labor trafficking ring on Ohio egg farm