Monday, October 15, 2012

GOP Demands Obama Plan on Debt Ceiling

A pair of Senate Republicans is pressing the Treasury Department for details on when the government will reach its $16.4 trillion debt ceiling — and how long it can avoid hitting the limit.
Sens. Orrin Hatch (Utah) and Jeff Sessions (Ala.) asked Treasury Secretary Timothy Geithner on Monday to lay out a precise timeline for when the government expects to near the debt ceiling and what "extraordinary measures" can be taken to prolong the deadline.
The request comes while much of Washington is consumed with addressing the glut of Jan. 1 policy changes known as the "fiscal cliff," and serves as a reminder that the debt ceiling also looms as another high-stakes battle.
Hatch and Sessions are the ranking members of the Senate Finance and Budget committees, respectively.
According to the pair, the government is already drawing near the new limit.
Citing Treasury data, they said the government's debt load, as of Oct. 11, stood $275 billion below the new level, which was expanded by $2.1 trillion under the last-minute debt-limit deal reached in August 2011.
Via: The Hill

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