It is being reported that the latest so-called drop dead debt ceiling date of August 2nd suggested by the U.S. Treasury will likely be moved yet again. Many are growing skeptical towards Treasury Secretary Tim Geithner’s debt ceiling dead-lines and his apocalyptic doomsday dates that are sounding more like regular Barbra Streisand farewell tour announcements. Below are news reports of the last few debt ceiling deadlines Mr. Geithner put forth:
Source: Aug. 2 may not be drop-dead date, could move to mid-August (June 29, 2011- NBC News)
A Capitol Hill source says the Aug. 2nd drop-dead debt-ceiling date is not likely as hard a date as Treasury is leading on.
It could — and very well may, in fact — be pushed back to mid-August.
Aug. 2 is probably Treasury Secretary Tim Geithner’s “minimum” date, the source said.
Debt ceiling drop-dead date remains Aug. 2, Treasury says (June 1, 2011 - L.A. Times)
The Treasury Department reiterated Wednesday that Aug. 2 remains the projected day the nation’s debt ceiling would be breached, attempting to set in stone a drop-dead deadline as the Obama administration and congressional Republicans continue to haggle over raising the limit.
Debt ceiling day arrives (May 16, 2011 - Financial Post)
U.S. Treasury Secretary Timothy Geithner told Congress he would start tapping into federal pension funds Monday to free up borrowing capacity as the nation hits the $14.294 trillion legal limit on its debt.
The U.S. Treasury will issue $72 billion in bonds and notes on Monday, pushing the nation right up against its borrowing cap at some point during the day, a Treasury official said.
Geithner said he would suspend investments in two government retirement funds to give the U.S. Treasury additional room to borrow.
Geithner Says U.S. Could Hit Debt Limit By March 31(January 6, 2011-Huffington Post)
The United States may hit the legal limit on its ability to borrow by March 31 and faces serious consequences unless Congress acts by then to raise it, Treasury Secretary Timothy Geithner said on Thursday.
“Even a short-term or limited default would have catastrophic economic consequences that would last for decades,” Geithner said in a letter to U.S. Senate Majority leader Harry Reid that was issued by Treasury.
Geithner said it was hard to pin down exactly when the current $14.3 trillion ceiling on the debt limit would be pierced but urged Congress to act before the end of the first quarter to avoid the risk of pushing the United States into default.