US hits debt limit; Treasury juggles books while Congress fights over whether to raise ceiling
WASHINGTON — The government has maxed out its credit card. The United States reached its $14.3 trillion limit on federal borrowing Monday, leaving Congress 11 weeks to raise the threshold or risk a financial panic or another recession. Treasury Secretary Timothy Geithner formally notified Congress that the government would halt its investments in two federal pension plans so it won’t exceed the …
Published May 16, 2011.
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