Geithner warns lawmakers debt standoff risks U.S. default

From bloomberg.com

Treasury Secretary Timothy F. Geithner said he will take “extraordinary measures” to postpone a U.S. default into early 2013 while President Barack Obama and Congress work out a deficit-reduction deal. Geithner, in a letter to congressional leaders today, said the government will hit its statutory debt ceiling on Dec. 31. To avert a default, the Treasury will take action to create about $200 billion in headroom under the debt limit, which would normally last about two months. “However, given the significant uncertainty that now exists with regard to unresolved tax and spending policies for 2013, it is not ... (full story)