Wednesday, December 26, 2012

The National Debt

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:
The Washington Post

1 comment:

Weetha Peebull said...

Avoid the Fiscal Cliff - Economic Freedom Speech - Pierre Poilievre
Excellent!

http://www.youtube.com/watch?v=wWkUaJId7pM&feature=youtu.be