» Subscribe Today!
The Power of Information
Home
The Ledger - EST. 1978 - Nashville Edition
X
Skip Navigation LinksHome > Article
VOL. 35 | NO. 25 | Friday, June 24, 2011




Geithner calls GOP debt limit plan 'irresponsible'

Print | Front Page | Email this story

WASHINGTON (AP) — Treasury Secretary Timothy Geithner is strongly criticizing a Republican proposal that would prioritize interest payments on the nation's debt and cut spending rather than raise the borrowing limit.

Geithner says in a letter addressed to Sen. Jim DeMint, a South Carolina Republican, that the idea is "a radical and deeply irresponsible departure" from previous practices by presidents of both parties. The letter was copied to 16 other Senate Republicans, including Minority Leader Mitch McConnell.

The debt limit is the amount the government can borrow to finance operations. The United States reached its $14.3 trillion borrowing limit in May. It could default on its debt if it doesn't raise that limit by Aug. 2.

Republicans say they won't support an increase without a plan for cutting spending by an equal amount.

Follow us on Facebook, Twitter & RSS:
Sign-Up For Our FREE email edition
Get the news first with our free weekly email
Name
Email
TNLedger.com Knoxville Editon
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 0 0
MORTGAGES 0 0 0
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 0 0 0
BANKRUPTCIES 0 0 0
BUSINESS LICENSES 0 0 0
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0