DENVER (CBS4) – The U.S. treasury secretary says failure by Congress to raise the national debt ceiling would ruin the nation’s economy.

The warning came in a letter to Colorado Sen. Michael Bennet. In the letter, Timothy Geithner states, “This would be an unprecedented event in American history.”

Geithner says a default would inflict catastrophic, far-reaching damage on the nation’s economy, significantly reducing growth and increasing unemployment.”

Geithner says the U.S. could reach its current $14.3 trillion debt limit as early as Monday. There is bickering between Democrats and Rrepublicans over conditions for raising the debt ceiling.

Comments (3)
  1. foreignpress says:

    So what’s the problem? We just raise the debt ceiling whenever we need more money. BTW, what comes after trillion?

  2. Bogachevsky says:

    NEWSFLASH: The economy is already in ruins.

    If we keep raising the debt ceiling without cutting spending and the deficit, we will eventually not be able to pay the interest on the debt and will default on the debt anyway. This will inflict much more catastrophic and far reaching damage on our nation. It’s pay now or pay later.
    Our current leaders will not significantly cut spending, so that leaves increased taxes. When taxes increase to an unbearable level, all hell will break loose and we will all wish we had taken our medicine.

  3. wo care about my name says:

    debt ceiling raise or not, the american dream have been dead for couple years! Get an Education America, outsource your skills knowledges and provide for your kids! F*#a%!K the politicians local & federal level. I love my country but won’t be naive about their interests & goals!

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