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May 16, 2011


And We Hit the Debt Ceiling

Sometime today, the federal government will hit the $14.3 trillion debt limit authorized by Congress.

Ezra Klein: "The Treasury Department has been warning us of it for months. And we're not without options. Specifically, we have about 11 weeks of options. The first evasive maneuver, begun about 10 days ago, was for the Treasury to stop offering a certain type of debt that state and local governments use to smooth out their finances. Today, the Treasury will begin to borrow from the pension workers of federal employees. And the emergency measures only get worse and more disruptive from here."

The Wall Street Journal has a nice chart explaining what the Treasury can do to avoid hitting the debt ceiling over the next few months.














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