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$14.294 trillion debt ceiling reached

Posted By kurtnimmo On May 16, 2011 @ 8:48 am In Economic Crisis,Old Infowars Posts Style,Tile | Comments Disabled

The Wall Street Journal
May 16, 2011

The U.S. government is expected to hit the $14.294 trillion debt ceiling Monday, setting in motion an uncertain, 11-week political scramble to avoid a default.

The Treasury Department plans to announce Monday it will stop issuing and reinvesting government securities in certain government pension plans, part of a series of steps designed to delay a default until Aug. 2.

The Treasury’s moves buy time for the White House and congressional leaders to reach a deficit-reduction agreement that could clear the way for enough lawmakers to vote to raise the amount of money Congress allows the nation to borrow.

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