Geithner Warns Lawmakers to Act by Aug. 2....the sky is falling...
Geithner reminds me of Chicken Little! Chicken Little said the sky is falling the sky is falling...the Lion said certainly the sky is not falling... DD
Warns Lawmakers to Act by Aug. 2
- By Jessica Brady
- Roll Call Staff
- July 10, 2011, 12:25 p.m.
Treasury Secretary Timothy Geithner issued a stern warning to Congress on Sunday, telling Members they must vote to raise the debt ceiling before Aug. 2 to avoid an economic catastrophe.
“There is no credible way to give Congress more time. ... They have to act by the 2nd,” he said on NBC’s “Meet the Press.”
Geithner predicted the country’s credit rating would be lowered and interest rates would spike if the government begins defaulting on its loans, which the Treasury Department has estimated will happen Aug. 2 if lawmakers do not raise the debt ceiling.
Be sure to read the entire article... http://www.rollcall.com/news/geithner_warns_lawmakers_to_act_by_aug...