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Government Could Pass Debt Limit by Mid-February, Geithner Says

Treasury Secretary Timothy Geithner is telling congressional leaders that the U.S. government will exhaust its borrowing limit as soon as mid-February, earlier than expected.

U.S. Treasury Secretary Timothy Geithner (Alex Wong, Getty Images)

The government reached its $16.4 trillion borrowing limit on Dec. 31, but began using bookkeeping maneuvers to keep from surpassing it. In a letter to congressional leaders on Monday, Geithner says Treasury expects to exhaust those measures by mid-February to early March.

Geithner said he would provide a more precise estimate of when the government will reach that threshold once it moves closer to the deadline.

 

(Copyright 2013 by The Associated Press. All Rights Reserved.)

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