“The United States isn’t only pushing full-steam ahead toward a fiscal cliff, but the country is also close to hitting its debt ceiling just like it was in 2011, and the Treasury Department is busy prepping “extraordinary” measures to stave off a default, The Wall Street Journal reported.
As of Friday, the United States was running about $67 billion under its $16.394 trillion debt ceiling, The Journal reported, and at the rate the country borrows and spends, the government will hit the limit shortly.
Congress must lift the debt ceiling, which won’t be easy considering that in 2011 the country lost its coveted triple-A credit rating when political brinkmanship prevented lawmakers from raising the borrowing limit until the very last minute, spooking ratings agencies.”
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