GEITHNER: The Government Will Slam Into The Debt Limit On May 16

geithner waving

The U.S. government will hit is official debt limit on May 16, or before that, according to U.S. Treasury Secretary Timothy Geithner (via Bloomberg).

In a letter to Senate leader Harry Reid, Geithner admitted the Treasury would be able to utilise emergency measures to about July 8 to pay the bills, but warned of the global loss in confidence if Congress can’t sort out a deal.

“Default by the United States is unthinkable,” he wrote.

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