According to the Wall St Journal, U.S. Treasury Secretary Timothy Geithner said the latest "two-stage" proposal being considered by Republicans to lift the federal debt ceiling is a non-starter because it can't garner enough Democratic support to pass Congress.
Mr. Geithner, speaking on CNN's "State of the Union," said the GOP idea would be just a short-term solution to the current budget impasse and that President Barack Obama's "preference, still" is to reach a bigger agreement to reduce the budget deficit and raise the government's $14.29 trillion borrowing limit through 2012.
The president is still in talks with House Speaker John Boehner (R., Ohio) over how to lift the debt cap in time to avoid a government default, Mr. Geithner said. (Translation: Don’t panic and sell everything or else Washington’s goose is cooked!)
http://online.wsj.com/article/SB10001424053111903591104576465903136413230.html?mod=WSJ_hp_LEFTTopStories
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