Treasury Secretary Tim Geithner updated the Obama administration's deficit-reduction goals on Tuesday, laying out a strategy of multi-year spending cuts, entitlement reform, and tax increases designed to allow Congress to increase the federal debt limit by early August.
However, should Republicans hold out on increasing the nation's borrowing limit in an effort to enact their budget resolution, which dramatically cuts spending on the poor and elderly and taxes for the wealthy, Geithner said the GOP would "own" the ensuing economic consequences, which include a potential default on the government's debt.
Related Topics: budget
Source: http://www.realclearpolitics.com/2011/05/18/geithner_says_gop_owns_potential_default_255677.html
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