Back to Home PageWelcome Guest! Register | Login | Home | Contact Us | Site Map | Advertise | FAQ | Search
Canadian Desi
    News


        
   Articles   NewsPapers   Top   India   Pakistan   Canada   USA   Diaspora   Sports   Politics   Law & Order   Business   Entertainment   Technology   More

US to reach $16.4 trillion debt ceiling Dec 31








Washington, Dec 27 (IANS) The US federal government will reach its debt limit of $16.4 trillion Dec 31, which is the amount the US federal government is allowed to borrow, US Treasury Secretary Timothy Geithner said Wednesday.

In a letter to congressional leaders Wednesday amid the last-ditch efforts of US lawmakers to avoid the looming "fiscal cliff", Geithner said the Treasury "will shortly begin taking certain extraordinary measures authorized by law to temporarily postpone the date that the United States would otherwise default on its legal obligations", reported Xinhua.

Those accounting measures could "create approximately $200 billion in headroom under the debt limit" and it was expected to help the federal government run for about two months, said Geithner.

However, given the significant uncertainty existing due to the unresolved tax and spending policies for 2013, the so called "fiscal cliff", it was not possible to predict the effective duration of these measures, he added.

Unless US Congress acts by the end of the year, a combination of tax increases and sweeping spending cuts totaling about $600 billion will kick in, the effects of which could drive the economy back into recession.

The Treasury has taken extraordinary measures including asset sales in the past to avert the default on US legal obligations in times of 11th-hour fiscal negotiations between Democrats and Republicans.

The nation's next public debt limit increase amount must be matched or exceeded by government spending cuts amount, US House Speaker John Boehner, the top Republican lawmaker of the lower chamber, has repeatedly reiterated the GOP stance during the undergoing "fiscal cliff" negotiation.

Boehner and other GOP congressional leaders Wednesday urged the Senate to act first to resolve the "fiscal cliff" in a joint statement.

Democrats and Republicans have less than one week to come up with a deficit reduction plan to avert the year-end "fiscal cliff", which will affect nearly every US family.

 
Indo Asian News Service
 
Your Comments on this News:

Latest News

Russians to get awards over meteorite response
 
Russian party wants fines on use of foreign words
 
Russia, NATO to hold anti-piracy exercise
 
Terrorists strike Dilsukhnagar for second time in 10 years
 
Terror returns to Hyderabad, 12 die in twin blasts
 
Hockey World League: Indian men escape with 3-2 win over Ireland
 
Gang-rape victim's family to get flat
 
IOC vote a wake-up call for hockey: FIH president
 
Chennai is very lucky for me: Bappi Lahiri
 
Economic census begins in Delhi
 

News Categories

India
 
North America
 
South Asia
 
Gulf-Middle East
 
South East Asia
 
South West Asia
 
Asia
 
Europe
 
Australia
 
Caribbeans
 
Africa
 
South America
 
United Nations
 
National
 
Business
 
Sports
 
Technology
 
Culture
 
Diaspora
 
Education
 
Entertainment
 
Indo-Pak
 
Incidents
 
Law
 
Religion
 
Security
 
Health
 
Lifestyle
 
Media
 
Society
 
Nature
 
Movie Review
 
Movie Snippets
 
Interview
 
Commentary
 
Articles
 
Features
 


 
Web
CanadianDesi
Please Contribute!
Write an Article
Send Community News
Create Photo and Video Albums
Submit Good Pictures
List Useful Websites
Post Jobs
Submit Events
List for FREE!
Businesses
Classifieds
Social Organizations
Religious Places
Employment Agencies
Email Page
Your Email
Friend\'s Email

Advertise Contact Us Privacy Policy and Terms of Usage FAQ
Canadian Desi
© 2001 Marg eSolutions


Site designed, developed and maintained by Marg eSolutions Inc.