2 votes

US to hit borrowing ceiling at year-end: Treasury

US to hit borrowing ceiling at year-end: Treasury

Associated Press
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.

Read more: http://www.france24.com/en/20121031-us-hit-borrowing-ceiling...