US Treasury to take steps to avoid borrowing limit

By: Associated Press Email
By: Associated Press Email

WASHINGTON (AP) -- The U.S. Treasury Department will begin taking steps this week to delay hitting the government's $16.4 trillion borrowing limit. Without those steps, the debt limit would be hit on Dec. 31.

Treasury Secretary Timothy Geithner says in a letter to congressional leaders that the department will take several accounting measures to save approximately $200 billion beginning next year. The government borrows about $100 billion a month, so that would keep the government from reaching the limit for two months.

Geithner says it is harder to predict how long the delay will last because ongoing negotiations over tax and budget policies make it hard to forecast what tax revenue and government spending will be next year.

The debt limit is the amount the government can borrow to help finance its operations.


KKCO firmly believes in freedom of speech for all and we are happy to provide this forum for the community to share opinions and facts. We ask that commenters keep it clean, keep it truthful, stay on topic and be responsible. Comments left here do not necessarily represent the viewpoint of KKCO 11News.

powered by Disqus
KKCO NBC 11 News 2531 Blichmann Avenue Grand Junction, CO 81505 Station Phone: 970.243.1111 Business Fax: 970.243.1770 Newsroom Fax: 970.245.3793 News Tip & Contest Line: 970.255.8477
Gray Television, Inc. - Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 184850761 - nbc11news.com/a?a=184850761