Raise The Roof – Again! – US Hits Debt Ceiling Yet Again

obama-throwing-our-money-aroundThe United States bumped up against its borrowing limit Sunday, forcing the Treasury Department to employ “extraordinary measures” to make sure the government keeps paying its bills.

After a brief hiatus, the nation’s debt limit has returned as a major hurdle for Washington to overcome, and one that will play a central role in fiscal fights heading into the fall.

Congress agreed to suspend the nation’s $16.4 trillion borrowing limit the last time they approached it, at the beginning of the year. But that suspension expired May 19.

The latest numbers from the Treasury Department indicate that the overall debt of the United States swelled by about $300 billion during the period of the suspension, and now totals roughly $16.7 trillion.

With the government once again operating under a borrowing cap, the Treasury is back to employing special measures to free up space under the limit.

Read more: thehill.com

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