bobbyw24
05-02-2011, 01:36 PM
The U.S. will start taking “extraordinary” steps to extend the federal government’s authority to borrow funds as it nears the debt ceiling, said Treasury Secretary Timothy Geithner in letters to House and Senate leaders.
http://t1.gstatic.com/images?q=tbn:ANd9GcT8ccglUep38PGpjN3Z_tcIGjO_dszif ypKYGfwkJU7mUMa-F3PBg
Geithner told lawmakers last month that the U.S. would hit the debt ceiling by May 16 and could default as soon as July 8.
"Because it appears that Congress will not act by May 16, it will be necessary for the Treasury to begin implementing these extraordinary measures this week," said Geithner.
Stocks pared earlier gains following the news, with all three major indices trading slightly lower.
http://www.cnbc.com/id/42863614
http://t1.gstatic.com/images?q=tbn:ANd9GcT8ccglUep38PGpjN3Z_tcIGjO_dszif ypKYGfwkJU7mUMa-F3PBg
Geithner told lawmakers last month that the U.S. would hit the debt ceiling by May 16 and could default as soon as July 8.
"Because it appears that Congress will not act by May 16, it will be necessary for the Treasury to begin implementing these extraordinary measures this week," said Geithner.
Stocks pared earlier gains following the news, with all three major indices trading slightly lower.
http://www.cnbc.com/id/42863614