{"id":467047,"date":"2011-07-24T13:23:27","date_gmt":"2011-07-24T13:23:27","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/07\/24\/geithner-confident-of-debt-deal\/"},"modified":"2011-07-24T13:23:27","modified_gmt":"2011-07-24T13:23:27","slug":"geithner-confident-of-debt-deal","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/07\/24\/geithner-confident-of-debt-deal\/","title":{"rendered":"Geithner confident of debt deal"},"content":{"rendered":"<p><div readability=\"98.0939778558\"><span><span>24 July 2011<\/span> <span>Last updated at<\/span> <span>09:23 ET<\/span><\/span><\/p>\n<p>US Treasury Secretary Timothy Geithner has said he is confident the White House and Congress will be able to agree a deal to reduce the US debt.<\/p>\n<p>His comments to CNN come after talks between President Barack Obama and Congressional leaders on Saturday failed to make a breakthrough.<\/p>\n<p>A debt reduction deal has to be signed before the US can raise its current $14.3tn (\u00a38.7tn) borrowing limit.<\/p>\n<p>This limit is due to be reached by 2 August.<\/p>\n<p>At this point the US Treasury could run out of money to pay all of its bills &#8211; which could lead to interest rate rises, threaten the US economic recovery and in turn the global recovery.<\/p>\n<p>Mr Geither said: &#8220;It&#8217;s unthinkable that this country will not meet its obligations on time&#8230; It&#8217;s not going to happen.&#8221;<\/p>\n<p>He added that a Republican proposal to first raise the debt limit, and then negotiate the spending cuts, was &#8220;irresponsible&#8221; and would not be agreed by Democrats.<\/p>\n<p><span>&#8216;Reckless games&#8217;<\/span><\/p>\n<p>The sticking point is the issue of taxation.<\/p>\n<p>President Obama wants the debt reduction deal to include a combination of spending cuts and tax rises, but Republicans in both houses of Congress are strongly opposed to the latter.<\/p>\n<p>Republicans have a majority in the House of Representatives.<\/p>\n<div readability=\"32.8080808081\"><a href=\"http:\/\/www.bbc.co.uk\/news\/business-14268147#story_continues_2\">Continue reading the main story<\/a><\/p>\n<h2>Who owns the $14.3tn debt?<\/h2>\n<ul>\n<li>US government owes itself $4.6tn<\/li>\n<li>Remaining $9.7tn owed to investors<\/li>\n<li>They include banks, pension funds, individual investors, and state\/local\/foreign governments<\/li>\n<li>China: $1.16tn, Japan: $0.91tn, UK: $0.35tn<\/li>\n<li>Deficit is annual difference between spending and revenue, $1.29tn in 2010<\/li>\n<li>Congress has voted to raise the US debt limit 10 times since 2001<\/li>\n<\/ul>\n<p>Source: US Treasury, May 2011, Congressional Research Service, Congressional Budget Office<\/p>\n<\/div>\n<p>Mr Obama was joined at the negotiating table on Saturday by his Vice-President Joe Biden, Republican House Speaker John Boehner, Democratic House Minority leader Nancy Pelosi, Democratic Senate Majority leader Harry Reid and Senate Republican leader Mitch McConnell.<\/p>\n<p>Following the meeting, the White House urged Congress to &#8220;refrain from playing reckless political games with our economy&#8230; and do its job, avoiding default and cutting the deficit&#8221;.<\/p>\n<p>Both Mr McConnell and Mr Boehner issued statements saying they intended &#8220;to find a bipartisan solution to significantly reduce Washington spending and preserve the full faith and credit of the United States&#8221;.<\/p>\n<p>Aides said they expected to work through the weekend to come up with a bill that would be acceptable to both sides for Monday.<\/p>\n<p>On Friday, Mr Boehner accused the president of moving &#8220;the goal posts&#8221;, saying they had been close to a deal until Mr Obama demanded $400bn in tax increases on top of about $800bn in revenues that would have been reaped through a comprehensive rewrite of the tax code.<\/p>\n<p>Mr Obama had declared his deal &#8220;extraordinarily fair&#8221;, offering to cut $650bn from Medicare, Medicaid and other entitlements, as well as slashing $1tr in discretionary spending.<\/p>\n<p>While Republicans in Congress are unwilling to consider raising new taxes, their Democrat counterparts are opposed to cutting popular healthcare and welfare programmes for pensioners and the poor.<\/p>\n<p>A member of the UK government entered the fray on Sunday, with Business Secretary Vince Cable calling the Republican leaders &#8220;right wing nutters&#8221;.<\/p>\n<p>He said a US debt default would harm the global economy.<\/p>\n<\/div>\n<p>Read more here:<br \/>\n<a target=\"_blank\" href=\"http:\/\/www.bbc.co.uk\/go\/rss\/int\/news\/-\/news\/business-14268147\" title=\"Geithner confident of debt deal\" rel=\"noopener noreferrer\">Geithner confident of debt deal<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p> 24 July 2011 Last updated at 09:23 ET US Treasury Secretary Timothy Geithner has said he is confident the White House and Congress will be able to agree a deal to reduce the US debt. His comments to CNN come after talks between President Barack Obama and Congressional leaders on Saturday failed to make a breakthrough. A debt reduction deal has to be signed before the US can raise its current $14.3tn (\u00a38.7tn) borrowing limit. <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-467047","post","type-post","status-publish","format-standard"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Geithner confident of debt deal - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/07\/24\/geithner-confident-of-debt-deal\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Geithner confident of debt deal - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"24 July 2011 Last updated at 09:23 ET US Treasury Secretary Timothy Geithner has said he is confident the White House and Congress will be able to agree a deal to reduce the US debt. 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