Treasury Says Government Will Hit Debt Limit Late This Year

WASHINGTON (October 31, 2012)--U.S. Treasury officials said Wednesday they still expect the government will hit the current debt borrowing limit at the end of this year, but said 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.


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