Timothy Geithner, U.S. Treasury Secretary, said the draft budget of the Republican opposition would lower the United States to the rank of developing countries. "The draft budget of the Republicans in the House of Representatives provides for cuts in expenditure but allocates a significant portion of the savings generated to maintain low tax rates for the richest, not only for the middle class" he said in a speech in New York.
"This approach will not pass in Congress," he said, especially "because it would impose cuts on a scale impossible in social benefits for the elderly and poor, and it would reduce the remaining costs the American state than they were before the modern era, or at a level characteristic of some developing countries ".
The Republicans have taken to Democrats Barack Obama control the lower house in January, allowing them to block government action or force him to compromise to achieve their objectives. The deadlock between the two camps is total on issues relating to the control of the debt and deficit.
They will however have to agree on these subjects before August 2, otherwise the country would find itself in default of payment on certain obligations. Public debt subject to limit congressional indeed reached Monday, the legal limit beyond which the state can not increase its indebtedness.
The Treasury asked Congress to raise the debt ceiling (14,294 billion) since January. He claims to find reserves to enable the state to function normally until August 2, but not beyond. The Department's motion comes up against the refusal of Republicans. These require a considerable reduction in consideration of public spending, as evidenced by their proposed initial budget law for fiscal 2012 (to commence on October 1) tabled in the House alongside the government's draft budget. 
"This approach will not pass in Congress," he said, especially "because it would impose cuts on a scale impossible in social benefits for the elderly and poor, and it would reduce the remaining costs the American state than they were before the modern era, or at a level characteristic of some developing countries ".
The Republicans have taken to Democrats Barack Obama control the lower house in January, allowing them to block government action or force him to compromise to achieve their objectives. The deadlock between the two camps is total on issues relating to the control of the debt and deficit.
They will however have to agree on these subjects before August 2, otherwise the country would find itself in default of payment on certain obligations. Public debt subject to limit congressional indeed reached Monday, the legal limit beyond which the state can not increase its indebtedness.
The Treasury asked Congress to raise the debt ceiling (14,294 billion) since January. He claims to find reserves to enable the state to function normally until August 2, but not beyond. The Department's motion comes up against the refusal of Republicans. These require a considerable reduction in consideration of public spending, as evidenced by their proposed initial budget law for fiscal 2012 (to commence on October 1) tabled in the House alongside the government's draft budget.
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