Government borrowing will hit the debt ceiling on Monday, Treasury Secretary Tim Geithner said in a letter to Congress Wednesday.Please bookmark!
As a result, the Treasury Department will soon start using what it calls "extraordinary measures" to prevent government borrowing from exceeding the legal limit.
Such measures include suspending the reinvestment of federal workers' retirement account contributions in short-term government bonds.
On Monday, debt subject to the limit was just $95 billion below the $16.394 trillion debt ceiling.
All told, the extraordinary measures can create about $200 billion of headroom under the limit -- normally about two months worth of borrowing.
PUNDIT PRESS HAS MOVED
Today marks a very exciting day as we launch the new and improved Pundit Press. We have joined forces with High Plains Pundit to design a new website to provide our readers with even more news and information.
Here is the link that will direct you to the new Pundit Press website: http://thepunditpress.com/
This new partnership will also include all 3 of Danny R. Butcher's (aka High Plains Pundit) internet radio shows, Nightly Review, The Danny R. Butcher Show, and Sunday Night Sports Talk.
A special thank you to all of the Pundit Press readers out there for your continued support. We are very excited about what the future holds for Pundit Press, and we hope that you continue with us on this journey.