Current news:
The Boston
Title: “US near default, Geithner warns,” Jackie Calmes, New York Times
The government would reach its legal borrowing limit as early as the end of March and no later than May 16. A failure to increase the limit in time would force the Treasury to default on legal obligations and payments to bondholders “causing catastrophic damage to the economy,” Geithner said, threatening the dollar and stopping payment for a range of federal benefits, including military salaries, Social Security, and Medicare.
Geithner stated in a letter to congressional leaders that the outstanding gross national debt stood at $13.95 trillion.
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