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News Alert: U.S. will hit debt limit on Dec. 31, Treasury says

Breaking News from The Washington Post
U.S. will hit debt limit on Dec. 31, Treasury says
The Washington Post Wednesday, December 26, 2012 4:29:55 PM

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U.S. will hit debt limit on Dec. 31, Treasury says

The U.S. government will exhaust its borrowing authority on Dec. 31 and hit the $16.4 trillion federal debt limit, the Treasury Department said Wednesday, beginning a countdown until Congress either passes legislation to allow for more borrowing or the government defaults on its debt.

Treasury Secretary Timothy F. Geithner said in a letter to senior lawmakers that the Treasury would begin to undertake "extraordinary measures" in order to forestall default. Geithner said the measures could create about $200 billion in additional funding available to the government – giving Congress two months before it must raise the debt
limit.

Read more at:
http://www.washingtonpost.com/politics/us-will-hit-debt-limit-on-dec-31-treasury-department-says/2012/12/26/0e8e3738-4fa2-11e2-839d-d54cc6e49b63_story.html







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News Alert: U.S. will hit debt limit on Dec. 31, Treasury says News Alert: U.S. will hit debt limit on Dec. 31, Treasury says Reviewed by Diogenes on December 26, 2012 Rating: 5

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