While the world watches, the world’s largest debtor quibbles…

“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.

via Geithner warns U.S. to hit debt ceiling by May 16 | Reuters.

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.

via US Republican budget plan would cut $5.8 trln in 10 yrs.

That’s what I call a good start.

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