US to hit borrowing ceiling at year-end: TreasurySubmitted by emalvini on Thu, 11/01/2012 - 00:12
US to hit borrowing ceiling at year-end: Treasury
31 OCTOBER 2012
The United States will hit its statutory borrowing limit near the end of 2012, just as a new Congress gears up to do battle over the country's huge debt burden and fiscal deficits.
The country's current debt is around $16.2 trillion, and continued borrowing needs to finance the budget shortfall will send the government past the fixed $16.39 trillion sometime in the final days of the year.
The limit will be struck between the November 6 presidential and congressional elections and the time when the new Congress is sworn in in early January.