Geithner Says Failure to Raise Debt Cap Would Cause Crisis

Treasury Secretary Timothy F. Geithner said the U.S. would face a crisis worse than the one it just experienced if Congress fails to raise the debt limit promptly.

“You will shake the basic foundations of the entire global financial system,” Geithner told a Senate subcommittee today. “I’m totally confident that Congress will act to avoid that.” It would be “inconceivable” that lawmakers will not act in time, he said.