It’s a shame that the Republicans in Congress are going to hold the nation’s credit hostage to the fiscal cliff negotiations when both could be separated.
We’re going to hit the debt limit in a few days unless:
Treasury Secretary Timothy F. Geithner said in a letter to senior lawmakers that the Treasury would begin to undertake “extraordinary measures” in order to forestall default. Geithner said the measures could create about $200 billion in additional funding available to the government – giving Congress two months before it must raise the debt limit.
The Republican Party lost an election this year. Also, there are many polls that have been done that show a majority of Americans would favor tax increases on top earners. Now the GOP is willing to allow the country to once again teeter on the edge of default. Instead of compromise they are still seeking things to be their way or the highway. What will it take for them to yield–another civil war?
This is why Moody’s keeps on threatening to lower our credit rating yet again. Although it’s hard to take Moody’s seriously with the ratings they gave to investment banks pre-financial collapse of 2008.
via U.S. will hit debt limit on Dec. 31, Treasury Department says – The Washington Post.