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More Debt Please

Mike

Well-known member
Think about what Geithner says...........

WASHINGTON | Wed Mar 16, 2011 3:26pm EDT

WASHINGTON (Reuters) - Treasury Secretary Timothy Geithner said on Wednesday that there was no alternative except for Congress to raise the debt ceiling so that the government can keep borrowing.

"Congress has to do it. There's no alternative," he said in response to questions at a House of Representatives appropriations subcommittee.

He repeated a warning that it would be have "catastrophic" consequences for the economy if the debt ceiling was not raised and the country defaulted on its debt obligations.

In other words, we must borrow more money to pay our debts??? Doesn't he realize that you cannot continue to borrow more without devaluing the dollar even more?
 
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