Geithner Asks Congress to Raise Debt Limit

The Wall Street Journal reported August 8 that Treasury Secretary Timothy Geithner has asked the U.S. Congress to raise the country's debt limit within the next two months. The debt limit currently stands at $12.1 trillion.

The Journal says, "Mr. Geithner, in a letter to U.S. lawmakers, said that the Treasury projects that the current debt limit could be reached as early mid-October. Increasing the limit is important to instilling confidence in global investors, Mr. Geithner said. The Treasury didn't request a specific increase in the letter."

I have to ask: what's the point of having a limit if you can just raise it at will? Wouldn't like to be able to just raise your debt limit whenever you wanted? Never mind worrying about how you'd pay for it.

Geithner is quoted as saying in the letter, "Congress has never failed to raise the debt limit when necessary."

Maybe that's part of the problem, Mr. Geithner. 

http://online.wsj.com/article/SB124970470294516541.html