OBAMANOMICS

U.S. reaches $16.4 trillion borrowing limit

Geithner: 'Extraordinary measures' employed to avoid default

(THE HILL) 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.”

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