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Treasury says debt limit will be hit by late 2012

By Martin Crutsinger

Associated Press


WASHINGTON (AP) — U.S. Treasury officials say they still expect the government will hit the current debt borrowing limit at the end of this year. 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.

The United States has never failed to meet its debt obligations although the last battle over raising the debt limit in August 2011 went right to the last minute before a compromise was reached between the Obama administration and Congress.

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Pocho wrote:
just keep on printing the Kala! We way in debt already so no sked
on October 31,2012 | 04:39AM
tiki886 wrote:
Normally, printing money causes inflation but the way Obama and the Feds have masked inflation is to sell Treasury Bonds. That has the effect of devaluing our dollar. It's becoming worthless as the world's reserve currency. Our enemies don't need to attack us physically, they just need to be a little more patient and our 'enemies within' will have debased our currency so we have no way to finance our economy and provide for our own national defense.
on October 31,2012 | 05:04AM
keys4me wrote:
i also understand that the Fed is buying up massive amounts of those same bonds with the money they printed, mostly because our rating has dropped several notches and the world market is not buying our bonds.
on October 31,2012 | 06:48AM
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