Economic

U.S. Officially Hits Debt Ceiling

“It’s official: The U.S. government hit the debt ceiling on Monday, Treasury Secretary Timothy Geithner told Congress.

Geithner said he would have to suspend investments in federal retirement funds until Aug. 2 in order to create room for the government to continue borrowing in the debt markets. “

Source: U.S. hits debt ceiling: Why it matters – May. 16, 2011

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