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Debt limit will be reached in 2012

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Wednesday, October 31, 2012

U.S. Treasury officials said they expect the government will hit the debt borrowing limit at the end of 2012.

But they say they can employ "extraordinary" measures that they have used in the past to keep the government functioning until sometime early next year.

In a statement, Treasury Assistant Secretary Matthew Rutherford said that Treasury would employ the same types of procedures it has used in the past to keep borrowing under the current debt limit of $16.39 trillion. The nation's debt currently stands $16.16 trillion.

Read more at KGW.

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