United States Government spends so much money these days that the debt is reaching its ceiling again. Do not expect Republicans put much of a fight up in stopping any raises as they usually join Democrats in governments spending addiction.
Via CNBC –
Unless Congress takes action, the U.S. will hit its debt limit on Mar. 16, but would begin taking “extraordinary measures” to finance the government on a temporary basis, according to the U.S. Treasury.
In a Friday morning letter to House Speaker John Boehner and other House and Senate leaders, Treasury Secretary Jack Lew said that his office will be forced to suspend the issuance of State and Local Government Series securities on Mar. 13 unless the debt limit is raised.
“Accordingly, I respectfully ask Congress to raise the debt limit as soon as possible,” Lew wrote in his letter.
The Congressional Budget Office said this week that if Congress does not raise the federal debt limit, the Treasury Department will exhaust all of its borrowing capacity and run out of cash in October or November, slightly later than a previous forecast.