Treasury Secretary Timothy F. Geithner told lawmakers that a failure to raise the debt limit would bring “severe hardship” for Americans as the government is forced to suspend services such as Social Security payments.
Geithner, in a letter to members of Congress, said the U.S. will reach the $14.29 trillion limit on its ability to borrow no later than May 16 if Congress doesn’t act. Republican lawmakers, including Senator Marco Rubio of Florida, have been resisting a debt-limit increase while calling for extensive budget cuts.
“The longer Congress fails to act, the more we risk that investors here and around the world will lose confidence in our ability to meet our commitments and our obligations,” Geithner said yesterday in a letter addressed to Senate Majority LeaderHarry Reid.
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Comment: What is the meaning of a limit if you don't respect it. Let's lift all limits like we do with the debt limits. Let's begin with lifting the speed limit and the limits for radiation.
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