Treasury Secretary Timothy Geithner says he believes the U.S. debt ceiling should be eliminated in a new interview with Bloomberg’s Al Hunt.
“Do you agree with Alan Greenspan that we ought to just eliminate the debt ceiling?” Hunt asks Geitner.
“Oh, absolutely,” he replies.
The Treasury estimates the United States will surpass the debt ceiling — a legal restriction on the amount of money the U.S. government can borrow — at the end of 2012. The current debt ceiling is approximately $16.4 trillion.
Congressional action is required to increase the debt ceiling.