Geithner: Will take ‘extraordinary measures’ to postpone US default – BBG article

Article in Bloomberg:

• Geithner said he will take “extraordinary measures” to postpone a U.S. default for about two months while Obama and Congress work out a deal.
• Geithner, in a letter to congressional leaders today, said the government will hit its statutory debt ceiling on Dec. 31.
• To avert a default, the Treasury will take action to create about $200 billion in headroom under the debt limit.
• Not possible to predict how long the $200Bn will deflect default
• Obama and Congress both return to Washington on Dec. 27
• They have five days before a deadline that would trigger more than $600 billion in tax increases and spending cuts that might cause a U.S. recession.

Geithner Warns Lawmakers Debt Standoff Risks U.S. Default

Also – WSJ article: U.S. to Hit Borrowing Limit by Monday (Gated – a news search on the headline may turn up something)