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NJDhockeyfan5/16/2011 8:06:46 am PDT

Geithner tells Congress the US has reached $14.3T debt limit

Treasury Secretary Timothy Geithner has informed lawmakers that the government has officially hit the debt limit.

Geithner made the announcement in a Monday morning letter to congressional leaders that said he was reducing the government’s investment in the two government employee pension funds as the nation entered a “debt issuance suspension period.”

The Treasury Department has said it can take steps to put off a default on the U.S.’s $14.3 trillion debt until Aug. 2, and the measure announced Monday by Geithner is a part of that plan.

It’s obvious they need to spend more money to get out of this debt problem.
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