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.
Wednesday, December 26, 2012
Posted by Aurelius at 6:47 PM
I'm so happy we have responsible leaders in Washington who will undoubtedly step up and fix our spending problem. Oy vey. From CNN: