"Never in our history has Congress failed to increase the debt limit when necessary. Failure to raise the limit would precipitate a default by the United States. Default would effectively impose a significant and long-lasting tax on all Americans and all American businesses and could lead to the loss of millions of American jobs. Even a very short-term or limited default would have catastrophic economic consequences that would last for decades. Failure to increase the limit would be deeply irresponsible. For these reasons, I am requesting that Congress act to increase the limit early this year, well before the threat of default becomes imminent."--- Part of Geithner's letter to congress This is as serious as it gets folks. The Treasury Secretary of the United States of America just wrote to congress admitting if we don't get about 1 trillion dollars by March the US will begin to default.
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