Monday 16 May 2011

Ceiling Drama Starts Today Debt

Monday's the day: The federal debt will hit its legal limit and Congress doesn't plan to do anything about it.

That leaves Treasury Secretary Timothy Geithner in a spot of a bind. It now falls to him to jump through jewels every day to keep the world's largest economy from defaulting on its legal obligations.

Geithner told Congress that he estimates he has enough legal hoop-jumping tricks to cover them for another 11 weeks or so.

But then he said that's it. If lawmakers don't get it together by Aug. 2, the United States will no longer be able to pay its bills in full.

The rhetoric about whether to raise the maximum and under what conditions has been loud, insensitive and, at times, misleading. frustratingly, it's far from over.

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