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Geithner Says Debt Limit Steps May Run Out by Mid-February

U.S. Treasury Secretary Timothy F. Geithner said so-called extraordinary measures he’s taking to avoid breaching the debt ceiling would work only until mid-February to early March and warned that failure by Congress to raise the limit could “impose severe economic hardship” on the country.

“Congress should act as early as possible to extend normal borrowing authority in order to avoid the risk of default and any interruption in payments,” Geithner said in a letter today to House Speaker John Boehner. In the letter, released by the Treasury, Geithner said the department will “provide a more narrow range” of dates with a “more targeted estimate at a later date.”