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News Link • Government Debt & Financing

Debt Ceiling: How Much Is $16.699 Trillion?

• LiveScience

This Thursday, Oct. 17, the U.S. Treasury Department will run out of money and will no longer have the ability to borrow the funds needed to pay the U.S. government's bills.

The federal debt ceiling of $16.699 trillion was actually reached on May 19, but the engine of government was able to keep chugging along by accessing an extra $412 billion through so-called "extraordinary measures," according to the Washington Post. Having now maxed out all available resources, however, the U.S. government will no longer be able to meet any debt obligations, including billions of dollars in Social Security, military personnel, Medicare and other payments that are due Nov. 1....

 

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