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Saturday
Jan152011

US National Debt Passes $14 Trillion Mark

Photo Courtesy - Getty Images(WASHINGTON) -- The United States government’s debt surpassed the $14 trillion mark on Saturday, inching closer to the $14.3 trillion debt limit.

Treasury Secretary Timothy Geithner earlier this month asked that Congress act quickly to raise the limit.

“Default would effectively impose a significant and long-lasting tax on all Americans and all American businesses and could lead to the loss of millions of American jobs," Geithner wrote in a letter to House Speaker John Boehner. “Even a very short-term or limited default would have catastrophic economic consequences that would last for decades.”

Saying that Congress needs to tread carefully, Boehner issued a response to the Administration's request to raise the limit.

“The American people will not stand for such an increase unless it is accompanied by meaningful action by the President and Congress to cut spending and end the job-killing spending binge in Washington,” Boehner said. “While America cannot default on its debt, we also cannot continue to borrow recklessly, dig ourselves deeper into this hole, and mortgage the future of our children and grandchildren.”

Boehner urged bipartisan cooperation in addressing the budget process.

Copyright 2011 ABC News Radio

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