The News Tim Geithner Thought You’d Be Too Distracted to Notice


While you were busy reading up on that other thing, Tim Geithner decided to give himself an extension on the debt limit. The Treasury originally set the deadline date to stop borrowing for July 8. But now Geithner says that by taking “extraordinary measures,” the agency can keep borrowing until August 2, after reaching its $14.29 trillion debt ceiling by May 16. In a letter to Congress today, Geithner said that “stronger-than-expected tax receipts” would allow more borrowing room if the limit isn’t raised in the next two weeks. [Bloomberg]