News
WSJ | As Debt Limit Reached, Agreement Still Far Off
The U.S. government is expected to hit the $14.294 trillion debt ceiling Monday, setting in motion an uncertain, 11-week political scramble to avoid a default. The Treasury Department plans to announce Monday it will stop issuing and reinvesting government securities in certain government pension plans, part of a series of steps designed to delay a default until Aug. 2.
WSJ | Geithner Issues Warning on Debt Ceiling
Treasury Secretary Timothy Geithner warned in a letter to Congress that failure to raise the $14.294 trillion debt ceiling would drive up interest rates, push down household wealth, put more pressure on federal entitlement programs and cause a double-dip recession.
WSJ | Questions and Answers About Reaching the Debt Ceiling
With the U.S. government reaching its legal borrowing limit on Monday, here are some answers to commonly asked questions:
CNN: Money | Paul Ryan won't back down
The House Budget Committee chairman will mount a defense of his controversial plan for federal spending in a speech to the Economic Club of Chicago Monday afternoon.
Econ Comments
Bloomberg | Geithner Emerges as Obama’s Indispensable Man: Albert Hunt
If, two years ago, reports of Timothy Geithner possibly leaving reached the White House, some advisers would have seized on them as an opportunity; President Barack Obama’s Treasury secretary got off to a very rocky start, and was considered a short-termer.
Minyanville | Government Debt: The Biggest Bubble of Them All
It's going to take a great deal of luck and crisis management to keep the bubble of government debt afloat without wreaking havoc on the financial system and markets of the world.
