The United States will reach its $16.4 trillion borrowing limit on Dec. 31, the Treasury Department informed congressional leaders in a letter sent Wednesday.
Treasury Secretary Timothy Geithner told policymakers Wednesday that the government will need to begin “extraordinary measures” to free up cash on Monday, once the government reaches the $16.4 trillion borrowing cap. Geithner said he did not know exactly how much time the “extraordinary measures” would buy, given the uncertainty about the expiring tax cuts and automatic spending cuts that make up the “fiscal cliff.”
