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US Hits Borrowing Limit

The U.S. government is running up against its $16.4 trillion borrowing limit and is taking steps to avoid default.

Reaching the limit Monday sets up another dispute between the White House and Congress over taxes and spending in the new year.

Treasury Secretary Timothy Geithner says the government will take a series of accounting measures to avoid defaulting on its debt. On Monday, it suspended the issuance of new debt for two government retirement funds.

Source: AP. Read full article. (link)

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  • BigT||

    Is it possible the Republicans will have more backbone on this issue?

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