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Tags: US | Treasury | Borrowing

Treasury Expects to Reach Debt Limit in February

Wednesday, 03 February 2010 09:33 AM

The Treasury Department says it expects to hit the government's debt ceiling by the end of February, putting pressure on Congress to raise the limit from its current level of $12.4 trillion.

Treasury said it is working closely with Congress to raise the ceiling. The Senate has approved legislation to increase it by $1.9 trillion to $14.3 trillion, but the House has yet to pass the measure.

Congress approved a smaller increase of $290 billion in late December, allowing the government to borrow for about two more months.

On Monday, the Obama administration released a budget that projects this year's deficit will reach $1.56 trillion, an all-time high. As a percentage of the economy, it is the highest since World War II.

© Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


FinanceNews
The Treasury Department says it expects to hit the government's debt ceiling by the end of February, putting pressure on Congress to raise the limit from its current level of $12.4 trillion.Treasury said it is working closely with Congress to raise the ceiling. The Senate...
US,Treasury,Borrowing
122
2010-33-03
Wednesday, 03 February 2010 09:33 AM
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