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U.S. Rep. Jim Himes called for an increase to the nations debt limit after an announcement in Congress from U.S. Treasury Secretary Timothy Geithner on Monday that the country had hit its debt ceiling.
Todays announcement from Secretary Geithner that the United States has reached the debt ceiling serves as an urgent reminder that economic catastrophe looms if we dont swiftly pass legislation to raise the nations debt limit, Himes, D-4th District, said in a statement released Monday.
In his letter to Congress, Geithner said that beginning Monday, the U.S. Treasury would have to suspend investments in federal retirement funds until Aug. 2, the deadline for raising the nations $14.3 trillion limit.
I appreciate recent statements made by Speaker [John] Boehner that indicate the House majority may finally recognize the gravity of this situation, said Himes. I hope we are all now ready to put politics aside and begin a responsible discussion about both our nations short-term and long-term fiscal future.
Do you think the debt ceiling needs to be raised or should other measures be taken to lower debt? Comment below or send your opinions to ahelhoski@mainstreetconnect.us.
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