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News Link • Government Debt & Financing

U.S. to reach debt limit by May 16: Geithner


(Reuters) - The United States will hit the legal limit on its ability to borrow no later than May 16, Treasury Secretary Timothy Geithner said on Monday, ramping up the pressure on Congress to act to avoid a default.

Previously, the Treasury had warned that the country could hit the $14.294 trillion statutory debt limit between April 15 and May 31.

In a letter to U.S. Senate Majority Leader Harry Reid, Geithner said that while the projections could change, the Obama administration does not believe they could change in a way that would give Congress more time to raise the debt ceiling.

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