It’s Official: U.S. Hits $16.4T Debt Limit
The U.S. government on Monday officially reached it $16.4 trillion borrowing limit, a grim reminder of the state of the country’s finances.
Reaching the limit sets up another dispute between the White House and Congress over taxes and spending in the new year.
Treasury Secretary Timothy Geithner says the government will take a series of accounting measures to avoid defaulting on its debt. On Monday, it suspended the issuance of new debt for two government retirement funds.
Last week, Geithner said the measures would save about $200 billion and avoid default for about two months.
Geithner said it is difficult to predict how long default can be avoided because of ongoing negotiations over tax and budget policies.
The debt limit is the amount the government can borrow to help finance its operations.
Follow Becket Adams (@BecketAdams) on Twitter
The Associated Press contributed to this report. Featured image courtesy Getty Images.
Benghazi, IRS, AP...What's next? Only TheBlaze TV offers the truth from Glenn Beck, Andrew Wilkow, and Real News from TheBlaze. Get instant access and a free trial here.
- ‘Bigoted, Religious [Zealots]‘: High School Senior Allegedly Expelled, Charged With Felonies Over Gay Relationship With ‘Consenting’ Fellow Student 1,037 Comments
- ‘The Daily Show’ Creator Makes Outrageously Offensive Anti-Conservative Joke About Okla. Tornado 462 Comments
- Washington Times Writer: Fox News Scandal Goes ‘Much Deeper,’ W.H. Sitting on Something Top Obama Aides ‘Terrified’ About 436 Comments
- University Will Investigate Christian Professor’s Intelligent Design Class Following Atheist Furor 313 Comments
- See the First Behind-the-Scenes Photos as Beck and Mercury One Survey the Damage in Okla. 252 Comments
- ‘Death! You F**k!’: Bat Mitzvah Chaperone Unleashes Explosive, Profanity-Laced Tirade Against Kids Over Candy-Throwing Incident Read More
- How Can God Let Tragedies Like the Okla. Tornado Exist? Pastors Weigh In 154 Comments
- Is This Video of Pope Francis Performing an Exorcism? Read More
- Boston Cardinal Snubs Irish PM Over Abortion Support Read More
- Incredible: The Moment a Woman’s Dog Emerges from Rubble During TV Interview Right After She Describes Losing Him 225 Comments
- China Sets off What Could Be the World’s Longest Demolition Read More
- Here are the 5 Most Interesting Moments from Tuesday’s Hearing on the IRS Scandal 110 Comments
- Jay Carney Shifts IRS Timeline (Again!) Read More
- Top IRS Official at Center of Political Targeting Scandal Will Plead the Fifth 134 Comments
- Disgraced IRS Interim Chief Now Fully Admits Knowledge of Planted Question (but Did It Reveal a Past Half-Truth?) Read More
- The Incredible Role Facebook Played in the Aftermath of Devastating Okla. Tornado Read More
- Tech Company Demonstrates Remote Disabling of a ‘Smart Gun’ Read More
- Meet the Blind Man Nicknamed ‘Midnight Gunslinger’ Who Has 80% Shot Accuracy Read More
- How a $4.5 Million Network of 181 Sirens Helped Save Lives in Oklahoma Twister Read More
- See the Record-Setting Python a Man Caught With His Bare Hands (and Guess How Much It Weighed) Read More
- Star witness to stay mum for House hearing on IRS
- Susan Powell's dad gets private eye to review file
- Star witness to be mum during House hearing on IRS
- Ai Weiwei uses music to mock state power in China
- Restaurant learns online reviews can make or break
- Anthony Weiner launches bid to become NYC mayor
- Kerry praises $2.1 billion Raytheon deal in Oman
- Arias speaks out about case in jailhouse interview