The U.S. Treasury Department reiterated today it expects to reach the federal debt limit “near the end of 2012,” and said that it plans to sell $72 billion in notes and bonds in next week’s refunding.
The Treasury said in a statement today that it can use “extraordinary measures” that would “provide sufficient ‘headroom’ under the debt limit to allow the government to continue to meet its obligations until early in 2013.” The Treasury also said an auction under its planned floating-rate note program is “estimated to be at least one year away.”
The Los Angeles Times adds:
The nation's debt ceiling once again looms as the spark to congressional brinkmanship that could threaten the slowly recovering economy.
The Treasury Department said Wednesday that the U.S. probably will hit its $16.4-trillion borrowing limit by the end of the year, at the same time that Congress will be grappling with the automatic tax hikes and large government spending cuts scheduled to kick in Jan. 1.
Wouldn't it be great if we had a functioning government? One that actually addressed these issues in real time and didn't wait for a 'fiscal cliff' to do something?
I remember Barack whining that Bush had driven the car (our country) into a ditch. And now Barack's driving us up to the edge of a cliff?
Could any of them pass a driving test?
We are so seriously screwed, it is not funny.
This is C.I.'s "Iraq snapshot" for Wednesday: