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.