Geithner's 'unworkable' plan to prioritize debt payments

The administration is about ready to play hardball politics with the government's money. In anticipation of the failure of congress to pass a debt limit increase, the Treasury Department has in hand a plan on who to pay in the event they are limited by an inability to borrow more cash. Washington Examiner: Geithner responded with a June 28th letter categorically denying that the Treasury has any capability of prioritizing federal payments: "For all of these reasons, the idea of prioritization has been rejected by every President and Secretary of the Treasury who have considered it. It is unwise, unworkable, unacceptably risky and unfair to the American people. There is no alternative to enactment of a timely increase in the debt limit." But now The Wall Street Journal is reporting that Geithner has somehow magically solved the "unworkable" prioritization problem and that their is an "alternative" should the debt limit not be raised by August 2nd: The Treasury Department will...(Read Full Post)

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