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Treasury secretary Tim Geithner is doing his best to curb any catastrophic economic consequences for citizens while Congress decides what the best course of action is. Geithner told Congress that he estimates he has enough legal hoop-jumping tricks to cover them for another 11 weeks or so, but if lawmakers can’t get it together by August 2nd, the U.S. will no longer be able to pay its bills. This could lead to horrible repercussions for our economy and its citizens. So far, Geithner has suspended investments in federal retirement funds in order to create room for the government to continue borrowing in the debt markets. Meanwhile, Congress, Democrats and Republicans are in a stalemate. Congress refuses to budge, while some Republicans and Democrats refuse to raise the debt ceiling unless Congress and President Obama agree to significant spending cuts and other ways to curb debt.
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