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Geithner Predicts Double-Dip if Congress Fails to Lift Debt Ceiling
By Stacy Kaper
Updated: May 14, 2011 | 3:38 p.m.
May 14, 2011 | 1:57 p.m.

“A default would inflict catastrophic far-reaching damage on our nation’s economy, significantly reducing growth and increasing unemployment,” Treasury Secretary Tim Geithner said in a letter.
Treasury Secretary Tim Geithner said if Congress fails to lift the debt ceiling and the U.S. defaults on its obligations “this abrupt contraction would likely push us into a double dip recession,” painting the most explicitly dire prediction to date of the consequences of inaction.
In a heavily-anticipated response to Sen. Michael Bennet, D-Colo., who asked Geithner to document the economic and fiscal impacts of failing to lift the statutory debt limit, the Treasury secretary detailed a chain reaction that would cripple the economy, costing jobs and income.

“A default would inflict catastrophic far-reaching damage on our nation’s economy, significantly reducing growth and increasing unemployment,” said Geithner in the letter to Bennet which was dated May 13. “Even a short-term default could cause irrevocable damage to the economy."
Geithner has imposed an August deadline for Congress to lift the $14.3 trillion debt ceiling, but lawmakers are still negotiating over Republican demands to tie the move to spending cuts. And a portion of the GOP still remains skeptical about the need to act by the deadline at all, arguing that the consequences have been overstates........................>>>>.......................>>>>>......................http://nationaljournal.com/eco.....ebt-ceiling-20110514

This BS from a guy who failed to pay his taxes. All raising the debt ceiling will do is prolong the pain and suffering that will fall upon us anyway and analyst say we could have a double dip recession even if they do raise the debt ceiling. If the government doesn't put a lid on spending we will be like Greece in a couple of years.