U.S. Has Reached its Debt Limit

by Andrew Stiles

Apocalypse forthcoming?

Treasury Secretary Timothy Geithner has informed lawmakers that the government has officially hit the debt limit.

Geithner made the announcement in a Monday morning letter to congressional leaders that said he was reducing the government’s investment in the two government employee pension funds as the nation entered a “debt issuance suspension period.”

The Treasury Department has said it can take steps to put off a default on the U.S.’s $14.3 trillion debt until Aug. 2, and the measure announced Monday by Geithner is a part of that plan.

More here.

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