On the recordApril 4, 2011
It would raise, dramatically, the borrowing cost, permanently, for all Americans.
Source
congress.govTim Geithner: “It would raise, dramatically, the borrowing cost, permanently, for all Americans.”
Editor's note · Context
Geithner explains the economic impact of defaulting on the debt ceiling.
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More from Tim Geithner
Mar 19, 2012
I believe, as does the President, that there is no plausible way for us to address the many economic challenges facing the country, including our unsustainable fiscal deficits, without asking those most fortunate few to pay a modestly…
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If Congress were to choose to try to defer everything... that would be very damaging to the interests of the country.
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The TARP bank investments have already produced a profit for the taxpayer of over $19.5 billion.
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Absolutely. Yes, again, we see there's no prospect to an agreement that doesn't involve those rates going up on the top 2 percent of the wealthiest Americans.
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