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Treasury says debt limit will be hit by late 2012

WASHINGTON — 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.

One comment

  1. Let’s be clear about how the Treasury can help pols working with this deficit…..send the $3 trillion in payroll taxes sent to the Treasury rather than the Trusts since Reagan’s term in office. That way pols will not have to look at funding for these programs as running short as they plan cuts.

    More importantly Treasury can work with the Federal Reserve in ending the blockade to retrieve trillions in financial fraud over this decade alone. This can be done with substantial penalties to meet the substantial fraud and it can be done with the bank transaction tax everyone knows needs to be in place. It isn’t because of the Treasury/Fed.

    We have no fiscal deficit or cliff…..we have a deficit of justice. I think we need to vote incumbents out of office. While Obama is better than Romney, all other incumbents can go!

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