Tags: Geithner | Warns | Lawmakers | Debt | Calamity

Geithner Warns Lawmakers of Debt Calamity

Friday, 08 Jul 2011 09:03 AM

Treasury Secretary Timothy Geithner warned at a White House meeting Thursday that not raising the debt ceiling soon would have drastic consequences, reports the Wall Street Journal.

debt ceilingGeithner reportedly told lawmakers gathered at the White House that there is no Plan B alternative Treasury could pursue to avoid default, warning of an immediate economic crisis that would reach around the world -- if the borrowing limit isn’t raised.

Meanwhile, officials have been watching bond markets to detect any anxiety about the progress of political talks. Equity and currency markets could also react unpredictably if investors become convinced the U.S. government is defaulting on its debts.

A veteran of most deficit-reduction talks between the White House and Capitol Hill, the Treasury chief has remained acutely concerned about the debt ceiling, saying if the ceiling isn’t raised by Aug. 2, the country could begin defaulting on its obligations.



© 2015 Newsmax. All rights reserved.

Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Sen. Sessions Fights to Block Rep. McCaul's Border Bill

Monday, 26 Jan 2015 09:38 AM

Whether Republican Sen. Jeff Sessions' immutable opposition to a House bill that would provide billions of dollars for r . . .

Chuck Hagel: Stress of 'Nonstop War' Driving Best Out of Military

Monday, 26 Jan 2015 09:28 AM

Departing Secretary of Defense Chuck Hagel said he's worried that the "stress and strain" of more than 13 years of war i . . .

Rubio, Cruz, Paul Rally Donors at Koch Brothers' Event

Monday, 26 Jan 2015 09:20 AM

More than 400 wealthy Republican donors received a preview Sunday of the economic and foreign policy positions of three  . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved