Arab Today, arab today us to reach debt limit on new years eve
Last Updated : GMT 22:04:34
Arab Today, arab today
Arab Today, arab today

US to reach debt limit on New Years Eve

Arab Today, arab today

Arab Today, arab today US to reach debt limit on New Years Eve

Washington - AFP

The United States government will reach its statutory 16.39-trillion-dollar debt limit -- a ceiling imposed by Congress -- on Monday, Treasury Secretary Timothy Geithner said. In a letter Wednesday to Senate Majority Leader Harry Reid, Geithner said the treasury would take \"extraordinary measures\" to postpone the day the US could default on its liabilities, but could not say how long it had. Geithner warned that if the White House and US lawmakers fail to agree on a budget compromise to prevent the economy plunging over the \"fiscal cliff\", also due on December 31, then he could not be sure when the money would dry up. He said the extraordinary measures -- halting the issuance of some state and local government bonds -- could create approximately $200 billion in headroom that under normal circumstances would last about two months. But he added: \"However, given the significant uncertainty that now exists with regard to unresolved tax and spending policies for 2013, it is not possible to predict the effective duration of these measures.\" As of midday (1700 GMT) Saturday, the United States will \"begin taking certain extraordinary measures authorized by law to temporarily postpone the date the United States would otherwise default on its legal obligations.\" Geithner\'s letter came as the White House and Republican lawmakers were locked in an impasse about the \"fiscal cliff,\" a package of steep tax hikes and spending cuts that are due to take effect in January. Experts say a failure to strike a compromise on the matter by New Years Eve could plunge the world\'s biggest economy into recession, and wrangling over the debt ceiling will only increase the political and economic uncertainty. Already in July of this year, Washington went through a vicious political battle over raising the debt ceiling. In the end, the fight culminated in the poison pill compromise that has become the fiscal cliff trajectory.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today us to reach debt limit on new years eve Arab Today, arab today us to reach debt limit on new years eve

 



Arab Today, arab today
Arab Today, arab today Heart of Turkish Riviera is Alluring Seaside Escape

GMT 11:11 2017 Tuesday ,28 March

Heart of Turkish Riviera is Alluring Seaside Escape
Arab Today, arab today 5 Crafty Must-Have Limited-Budget Ideas

GMT 17:03 2017 Saturday ,25 March

5 Crafty Must-Have Limited-Budget Ideas
Arab Today, arab today Hamas leader accuses Israel

GMT 11:43 2017 Tuesday ,28 March

Hamas leader accuses Israel
Arab Today, arab today Media host gives priority to problems of people

GMT 07:00 2017 Tuesday ,28 March

Media host gives priority to problems of people
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Disaster costs nearly double to $175bn

GMT 10:42 2017 Tuesday ,28 March

Disaster costs nearly double to $175bn
Arab Today, arab today Campaign fights sexual harassment in Egypt

GMT 11:14 2017 Tuesday ,28 March

Campaign fights sexual harassment in Egypt
Arab Today, arab today Trump poised to roll back climate protections

GMT 09:28 2017 Tuesday ,28 March

Trump poised to roll back climate protections
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Uber grounds self-driving cars

GMT 09:11 2017 Monday ,27 March

Uber grounds self-driving cars
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Trump to roll back Obama clean power plan

GMT 11:10 2017 Monday ,27 March

Trump to roll back Obama clean power plan

GMT 09:58 2017 Saturday ,25 March

Nermein Al Fekki films “Foxes in the Valley”

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures

GMT 09:02 2017 Thursday ,23 March

Laptop ban sparks ire

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 13:21 2017 Tuesday ,28 March

Samsung plans to sell refurbished Galaxy Note 7s

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday