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Tax Receipts Allow Geithner To Extend Debt Limit Decision by 3 Weeks

“Treasury Secretary Timothy Geithner said the U.S. will have three weeks more than previously seen before hitting its borrowing limit, giving the White House and Congress more time for a deal to raise the debt ceiling.

The U.S. can borrow until Aug. 2 after reaching the $14.29 trillion limit because of “stronger-than-expected tax receipts” and by taking “extraordinary measures” such as suspending the sale of bonds to finance state and local infrastructure projects, Geithner said in a letter to congressional leaders yesterday. He previously said the deadline would be July 8. Without such measures, the legal limit will be reached May 16, he said.”

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3 comments

  1. Don Seehausen

    URGENT: I have reliable information for you provided you can give me the dollar equivalent of revenues that were reportedly collected because of stronger-than-expected tax receipts that afforded our US Congress the three week debt ceiling extension. This is a fact that no one has yet reported and it will raise a few eyebrows. I know this dollar amount has been reported, but I have yet to review the amount.

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  2. FooledAgain

    Someone I know said he was surprised he hasn’t received his tax refund yet. Could that delay be “extraordinary”?

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