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- May 10, 2007
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Bank execs warn GOP on debt limit - Ben White - POLITICO.com
Executives from the deep-pocketed industry that traditionally pumps millions into political campaigns are warning members that failure to raise the limit would risk a spike in interest rates, a possible collapse in equity prices, bank failures and a severe depression.
Treasury Secretary Timothy Geithner has repeatedly warned Congress that without new borrowing authority, the federal government could hit the statutory debt limit by May 16. Treasury could then implement emergency measures to continue making interest payments on existing debt until roughly July 8. After that, the U.S. risks going into default, an unthinkable idea to many economists.
Read more: http://www.politico.com/news/stories/0411/53783.html#ixzz1Kk4Or5r3
Executives from the deep-pocketed industry that traditionally pumps millions into political campaigns are warning members that failure to raise the limit would risk a spike in interest rates, a possible collapse in equity prices, bank failures and a severe depression.
Treasury Secretary Timothy Geithner has repeatedly warned Congress that without new borrowing authority, the federal government could hit the statutory debt limit by May 16. Treasury could then implement emergency measures to continue making interest payments on existing debt until roughly July 8. After that, the U.S. risks going into default, an unthinkable idea to many economists.
Read more: http://www.politico.com/news/stories/0411/53783.html#ixzz1Kk4Or5r3