“The longer Congress fails to act, the more we risk that investors here and around the world will lose confidence in our ability to meet our commitments and our obligations,” Geithner said in a letter to congressional leaders.
Meanwhile, in Congress:
A Republican budget plan due to be unveiled on Tuesday would cut $5.8 trillion from U.S. spending over the next 10 years, a congressional aide familiar with the proposal said on Monday.
The plan, which would take effect when the next fiscal year starts on Oct. 1, is expected to propose sweeping changes to the Medicare and Medicaid health programs, as well as hard caps on government spending and tax cuts.
That’s what I call a good start.
- Geithner issues new warning on debt limit (seattlepi.com)
- U.S. to Hit Debt Limit No Later Than May 16, Geithner Says (businessweek.com)
- Geithner: Military pay jeopardized (politico.com)