Posted by: youngragingbull | May 17, 2013

U.S. to hit debt limit Saturday: Lew

The U.S. will reach its debt limit on Saturday, Treasury Secretary Jacob Lew told congressional leaders in a letter on Friday, but said the Treasury is undertaking unconventional measures to keep paying bills.

Lew said those measures, including previously announced suspension of sales of state and local Treasury securities, won’t be exhausted until “after Labor Day.”

Other measures include suspending reinvestment of Treasury securities held by a federal employee retirement plan.

As of May 2013, the U.S. national debt stood at approximately $16.8 trillion.

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