Treasury says US has reached $16.4 tr...

Treasury says US has reached $16.4 trillion borrowing limit

Posted in the Columbus Forum

Bill

Galion, OH

#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.

http://thehill.com/blogs/on-the-money/economy...

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