Geithner Says Ultimate Deadline on Debt Limit Pushed to August
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By taking “extraordinary measures,”the U.S. can keep borrowing until Aug. 2 after reaching its $14.29 trillion legal debt limit no later than May 16 unless Congress acts, Treasury Secretary Timothy F. Geithner said. The Treasury Department will turn to a toolkit of emergency measures that can provide additional borrowing room if the limit isn’t raised in the next two weeks, Geithner said in a letter today to Senate Majority Leader Harry Reid, a Nevada Democrat, and other congressional leaders.
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Comment: The second half of 2011 will be a wild ride anyway.
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