02 Feb '11, 3pm

US to hit debt limit as early as Apr 5: Treasury

US to hit debt limit as early as Apr 5: Treasury

WASHINGTON - The United States is poised to hit its public debt ceiling of US$14.29 trillion mandated by Congress between April 5 and May 31, the US Treasury said on Wednesday. The latest Treasury estimate came amid a brewing political fight over whether Congress will raise the government's legal limit on borrowing or force the government to cut back borrowing and spending, and eventually risk a default on its obligations. The new projected dates advanced the prior estimate of the statutory debt limit being reached between March 31 and May 16. "The modest change in these estimated dates reflects an upward revision to projected receipts and a projected downward revision to debt to be issued to government trust funds," the Treasury said in a statement.

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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