iOS app Android app More

Debt Limit Will Be Increased By Congress, Says U.S. Treasury Secretary Timothy Geithner

Debt Limit

First Posted: 04/13/11 11:19 PM ET Updated: 06/13/11 06:12 AM ET

April 13, 2011 10:55:23 PM

WASHINGTON (Reuters) - Treasury Secretary Timothy Geithner said Wednesday that Congress will allow the country to borrow more by agreeing to increase the $14.3 trillion debt limit.

"Congress will pass an increase in the debt limit," Geithner told PBS Newshour.

Republicans have said they are unwilling to raise the debt ceiling without some reforms to the government spending.

Geithner said there were some lawmakers who want to take debt ceiling negotiations "to the brink" and warned that the United States could not take that risk.

"So you want Congress to move as quickly as possible to raise that, and of course, they recognize that they have to do that," he said.

Treasury has forecast that the limit will be reached by May 16. After that point, Treasury can take emergency measures to avoid hitting the debt ceiling. But those actions will only give the United States about a two-month window before Treasury is unable to issue debt to fund government operations. (Reporting by Glenn Somerville and Rachelle Younglai; Editing by Jan Paschal)

Copyright 2011 Thomson Reuters. Click for Restrictions.

FOLLOW HUFFPOST BUSINESS
Subscribe to the HuffPost Money newsletter!
Filed by Adam Goldberg  |