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important ceilings

Did Timothy Geithner Mention We’re Hitting the Debt Ceiling in Five Days?

U.S. Secretary of the Treasury Tim Geithner discusses the economy at Los Angeles World Affairs Council luncheon on July 31, 2012 in Los Angeles, California. Geithner met with some of Europe's top financial leaders July 30, including German Finance Minister Wolfgang Schaeuble and Mario Draghi, president of the European Central Bank about the eurozone debt crisis and faltering global growth. We have this much left.

Oh, by the way, we're hitting the debt ceiling five days from now, on December 31, Timothy Geithner casually informed congressional leaders in a letter today. Fortunately, given Congress's seeming inability to agree not to destroy the economy, the Treasury Department will be taking "extraordinary measures" to extend the deadline for a few weeks, into February or March. If GOP lawmakers can't be convinced to raise the debt ceiling, the economy will likely nosedive again, assuming a million other things don't cause it to first.

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Photo: Kevork Djansezian/Getty Images