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US borrowing tops 100% of GDP

AFP August 4, 2011 US debt shot up $238 billion to reach 100 percent of gross domestic project after the government’s debt ceiling was lifted, Treasury figures showed Wednesday. Treasury borrowing jumped Tuesday, the data showed, immediately after President Barack Obama signed into law an increase in the debt ceiling as the country’s spending commitments reached a breaking point and it threatened to default on its debt. The new ...Read full article...

First Traitor who wants out: Tim Geithner considers leaving U.S. Treasury

Bloomberg June 30, 2011 Treasury Secretary Timothy F. Geithner has signaled to White House officials that he’s considering leaving the administration after President Barack Obama reaches an agreement with Congress to raise the federal debt limit, according to three people familiar with the matter. Geithner said speculation about his departure was being driven by his decision to commute to New York so his son can finish his final year ...Read full article...