The U.S. debt hit its ceiling today, but Treasury Secretary Timothy Geithner said the Treasury Department will take "extraordinary measures" to ensure the U.S. does not default on its loans. In a letter he wrote to Congress, he said he can prolong "lawful borrowing" until August 2nd. But Geithner warned Congress against not acting to increase the debt limit soon. He said markets and international investors will become nervous.
This morning, the Washington Journal discussed the debt limit with Fiscal Times reporter Eric Pinanin, George Mason University Fellow Veronique de Rugy, and Joe Gagnon with the Peterson Institute for International Economics.
Federal Reserve Chair Ben Bernanke spoke today at the Organization for Economic Co-operation and Development (OECD), where he discussed global business investment's impact on jobs and economic development. At a hearing before the Senate Banking Committee last week, Bernanke said lawmakers negotiating the debt limit are engaging in "risky" behavior.