Just out from the Treasury, in letter sent to Harry Reid...

The emergency measures to avoid a debt ceiling crisis begin this week.

We will hit the debt ceiling May 16.

Then, following that, emergency moves will get the country to be able to borrow until August 2.

The good news: Projected net borrowing needs for the April-June period has been reduced somewhat to $142 billion.

In the letters, says Bloomberg, Geithner writes: "Protecting America's creditwiorthiness and our economic leadership position in the world is a duty to our country that is shared by policy makers in both parties, in the legislative Branch as well as the Executive Brench... Therefore any attempt by either party to use the full faith and credit of the United States as a baraining chip to advance partisan policy agendas would be irresponsible."

Check out the full letter here >