Timothy Geithner is warning the U.S. Congress that if they don’t get their act together soon, the United States government will hit its legal limit on debt.

That could mean defaulting on loans owed to the rest of the world.  The Treasury Department is forecasting that the debt limit will be reached between April 15 and May 31.

Some politicians want to reduce spending to prevent default. Others want to legally increase the debt limit.

Surprisingly, Geithner and Ben Bernankie want the debt limit raised.  That would only mean getting taxpayers deeper in debt.

Geithner said the Treasury has some actions it can take, until Congress figures out what it’ll do, but that will only delay the debt crisis until July 8.

Some Congressmen have asked if selling off the country’s Federal Student Loans, or selling off gold reserves, would help.  Geithner basically said no way: “To attempt a fire sale of financial assets in an effort to buy time for Congress to act would be damaging to financial markets and the economy and would undermine confidence in the United States.”

In other words: Time to get your rear in gear, Congress!