ECONOMY - Credit Worthiness of the U.S. in Jeopardy

"How Does the U.S. Debt Ceiling Work and Why Does it Matter?"
PBS Newshour 5/16/2011

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"As the Federal Government Hits Its Debt Limit, Lawmakers Spar Over Solution" by JACKIE CALMES and CARL HULSE, New York Times 5/16/2011

Excerpt

The Treasury secretary, Timothy F. Geithner, officially informed Congress on Monday that the government, as projected, had reached its $14.3 trillion debt limit and had begun taking what he has called “extraordinary measures” to meet obligations while lawmakers and President Obama seek a budget deal to raise the limit.

Mr. Geithner, in a letter to Congressional leaders of both parties, stood by an earlier projection that even with the Treasury’s accounting maneuvers, on Aug. 2 “the borrowing authority of the United States will be exhausted,” ultimately threatening a government default.

With the House in recess all week, few members of Congress were even in town, and budget talks between Vice President Joseph R. Biden Jr. and Congressional leaders were suspended. But a bipartisan “Gang of Six” continued negotiating toward a long-term debt-reduction compromise in what could be their make-or-break week.

Absolutely great idea Republican dolts. Our nation is still in the midst of an economic recovery (jobs still lagging) and you are going to put the credit worthiness of the U.S. in jeopardy. WHAT IDIOTS!