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    Geithner: ‘I Don’t Understand’ Why Debt Ceiling Debate Is Back — Treasury Secretary Timothy Geithner told the PBS NewsHour’s Jeffrey Brown during a factory tour Thursday that he couldn’t understand why the debate over the federal debt limit is back again. “Because look at how much damage it caused the country last August. I mean, it was terribly damaging for the country. And the idea you can govern effectively at this time in American history — you know, we’re fighting wars. We’ve got a major financial crisis in Europe. We have all of these challenges for the rest of the country with political politicians threatening to default if we don’t adopt a partisan political agenda. It’s deeply irresponsible. There’s no basis for it.”PBS NewsHour

    — 2 years ago
    #news  #politics  #timothy geithner  #treasury secretary  #debt ceiling debate  #republicans  #playing to the teabaggers  #damaging for america  #unpatriotic  #pbs newshour 
    Hitting the Debt Ceiling Day: borrowing from federal workers’ pensions begins →

    Ezra Klein:

    The Treasury Department has been warning us of it for months. And we’re not without options. Specifically, we have about 11 weeks of options. The first evasive maneuver, begun about 10 days ago, was for the Treasury to stop offering a certain type of debt that state and local governments use to smooth out their finances. Today, the Treasury will begin to borrow from the pension[s] of federal employees. And the emergency measures only get worse and more disruptive from here.


    Five in the morning

    1) We’re at the debt limit, so the Treasury will start raiding pensions, reports Zachary Goldfarb: “The Obama administration will begin to tap federal retiree programs to help fund operations after the government loses its ability Monday to borrow more money from the public, adding urgency to efforts in Washington to fashion a compromise over the debt. Treasury Secretary Timothy F. Geithner has warned for months that the government would soon hit the $14.3 trillion debt ceiling — a legal limit on how much it can borrow. With the government poised to reach that limit Monday, Geithner is undertaking special measures in an effort to postpone the day when he will no longer have enough funds to pay all of the government’s bills. Geithner, who has already suspended a program that helps state and local government manage their finances, will begin to borrow from retirement funds for federal workers.

    — 3 years ago with 9 notes
    #news  #politics  #debt ceiling  #federal employees  #May 16  #pensions  #retirement funds  #Timothy Geithner  #today  #treasury  #Treasury Secretary