On Friday Treasury Secretary, Timothy Geithner asked Congress for an increase of the $12.1 trillion debt limit claiming it is "critically important" to act within the next two months. He also said, "It is critically important that Congress act before the limit is reached so that citizens and investors here and around the world can remain confident that the United States will always meet its obligations."
The Congressional Budget Office said Thursday that the federal government's budget deficit reached $1.3 trillion within the first ten months of the 2009 fiscal year, which, according to the CBO, is on track to reach a record high of $1.8 trillion by the end of the twelve month time period.
Well, here's the problem, in my opinion. Haven't we been told by state run media that the economy is getting better? Typically when the treasury secretary asks that the cap on the debt be increased, there is a problem with consumer confidence.
So what's going one here? Is the economy on the rebound, or is it not?
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