Geithner: ‘Extraordinary Measures’ Could Avoid Cliff
If they won't act, he will. In a letter to our mostly absent congressional leaders Wednesday, Treasury Secretary Timothy Geithner told lawmakers the Treasury will “shortly” begin undertaking “extraordinary measures” to avoid the cliff. The Treasury can take action that would give the government another $200 billion in headroom on the budget, delaying the effects of the cliff until February or early March. Geithner also noted that the tax hikes and spending cuts that would go into effect if no action is taken by Jan. 1 would buy the government more time—at least until it’s no longer able to borrow more money.