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US Treasury to take steps to avoid borrowing limit

By Christopher Rugaber
Published December 26, 2012 11:23pm ET
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US Treasury to take steps to avoid borrowing limit
FILE - In this Thursday, July 26, 2012, file photo,Treasury Secretary Timothy Geithner testifies on Capitol Hill in Washington, before the Senate Banking Committee hearing: "The Financial Stability Oversight Council Annual Report to Congress." The U.S. Treasury Department announced Wednesday, Dec. 26, 2012, it will begin taking steps this week to delay hitting the government's $16.4 trillion borrowing limit. Without those steps, the debt limit would be hit on Dec. 31. Treasury Secretary Timothy Geithner says in a letter to congressional leaders that the department will take several accounting measures to save approximately $200 billion beginning next year. The government borrows about $100 billion a month, so that would (AP Photo/Haraz N. Ghanbari, File) | Haraz N. Ghanbari

WASHINGTON (AP) — The U.S. Treasury Department will begin taking steps on Friday to delay hitting the government’s $16.4 trillion borrowing limit on Dec. 31.

Treasury Secretary Timothy Geithner said in a letter Wednesday to congressional leaders that the department will use accounting measures to save approximately $200 billion. That could keep the government from reaching the limit for about two months.

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