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U.S. reaches $16.4 trillion borrowing limit

Posted By -NO AUTHOR- On 12/31/2012 @ 6:40 pm In Front Page,Money,Politics,U.S. | No Comments

(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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