Treasury Quietly Warns: 'Expect Debt Limit to Be Reached Near End of 2012'

11/7/2012

The U.S. Treasury quietly warned at the end of a statement issued last Wednesday that it expects the federal government to hit its legal debt limit before the end of this year--which means before the new Congress is seated--and that "extraordinary measures" will be needed before then to keep the government fully funded into the early part of 2013.

On Aug. 2, 2011, President Obama signed a deal he had negotiated with congressional leaders to increase the debt limit of the federal government by $2.4 trillion. But, now, after only 15 months, almost all of that additional borrowing authority has been exhausted.

Read more: http://cnsnews.com/news/article/treasury-quietly-warns-expect-debt-limit-be-reached-near-end-2012


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