US Treasury takes emergency measures

Rappler.com
Photo taken from U.S. Department of the Treasury
In a letter to US lawmakers Wednesday, Treasury Secretary Timothy Geithner said the Treasury will being “extraordinary measures” to avoid the fiscal cliff.  The US government will hit its legal borrowing limit by Monday, and with no resolution on budget talks, Geithner can take action that would give another $200 billion in headroom to keep it operating until February or early March – putting off a full-blown debt crisis.  President Barack Obama cuts short his Hawaii vacation to return to Washington to try to hammer out a deal.  Geithner blames “significant uncertainty that now exists with regard to unresolved tax and spending policies for 2013.”

Read Geithner’s letter here