Debt Limit Likely To Be Reached By End Of March
With the National Debt crossing the $14 trillion mark on New Year’s Eve, the Treasury Department is now telling Congress that the U.S. is likely to hit the limit of its borrowing authority by the end of March:
Treasury Secretary Timothy Geithner warned Republican lawmakers on Thursday that the government will reach the legal limit on federal borrowing as early as March 31, and that if Congress does not raise the debt ceiling would have “catastrophic economic consequences that would last for decades.”
Expect the debt ceiling to become Issue No. 1 over the next 6-8 weeks.