Bernanke, Geithner Urge Congress to Raise Debt Ceiling

Thursday, 24 Jan 2013 11:24 PM

 

Share:
More . . .
A    A   |
   Email Us   |
   Print   |
Federal Reserve Chairman Ben Bernanke on Monday urged U.S. lawmakers to raise the country's debt ceiling to avoid a potentially disastrous default on its debt.

Likening Congress to a family arguing that it can improve its credit rating by deciding not to pay its credit card bill, Bernanke said that raising the legal borrowing limit was not the same as authorizing new government spending.

It is "very, very important that Congress take necessary action to raise the debt ceiling," he told an event sponsored by the University of Michigan.

In a letter to Congress, Treasury Secretary Timothy Geithner also urged lawmakers to raise the $16.4 trillion legal limit on the nation's debt, or risk 'irreparable' economic harm.

The United States should run out of tools to avoid a default between mid-February and early March, which could lead to lasting damage to the U.S. economy and its creditworthiness, Geithner said.

He said the Treasury would later provide a more narrow timeline for when it believes it will no longer be able to pay the government's bills.

© 2013 Thomson/Reuters. All rights reserved.

Share:
More . . .
   Email Us   |
   Print   |
Around the Web
 
Email:
Country
Zip Code:
 
Hot Topics
Follow Newsmax
Facebook
Twitter
Google Plus
Top Stories
Around the Web
You May Also Like

Fed's Fisher: Bond-buying Program Could Spark Inflation

Wednesday, 10 Apr 2013 17:56 PM

The Federal Reserve's massive bond-buying program could spark unwanted inflation unless the U.S. central bank is dextero . . .

Ex-KPMG Auditor's Lawyer Says Inside Trader Cooperating With FBI

Wednesday, 10 Apr 2013 15:34 PM

The man who had received inside information on Herbalife Ltd and footwear maker Skechers USA Inc from a senior KPMG audi . . .

Obama Is Said to Plan Meeting With Dimon, Moynihan This Week

Wednesday, 10 Apr 2013 15:12 PM

President Barack Obama is set to meet tomorrow with heads of the world's biggest financial firms, including JPMorgan Cha . . .

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