Treasury says US has reached $16.4 trillion borrowing limit
Posted in the Columbus Forum
#1 Dec 31, 2012
The U.S. government reached its $16.4 trillion borrowing limit on Monday, according to the Treasury Department.
Treasury Secretary Timothy Geithner informed congressional leaders in a letter Monday that the government has begun employing "extraordinary measures" to avoid default as it bumps up against the borrowing cap.
Geithner said his agency is beginning a "debt issuance suspension period."
Geithner said in the letter that the government has suspended investments in a pair of government retirement funds, a move commonly employed by the Treasury when it bumps up against its borrowing cap. Federal retirees and employees will be made whole after the limit is raised.
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