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Default Date Inches Closer

18 Jan 2013

Default Date Inches Closer

The U.S. government will exhaust its borrowing authority between mid-February and early March if Congress doesn’t raise the debt ceiling, outgoing Treasury Secretary Timothy Geithner told Congress in a letter on Monday. The nation nudged against the $16.4 trillion debt ceiling just before the New Year. Geithner has since been using accounting maneuvers — known as “extraordinary measures” — to keep the nation from missing its debt payments and other bills.

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