The U.S. government will hit is official debt limit on May 16, or before that, according to U.S. Treasury Secretary Timothy Geithner (via Bloomberg).
In a letter to Senate leader Harry Reid, Geithner admitted the Treasury would be able to utilise emergency measures to about July 8 to pay the bills, but warned of the global loss in confidence if Congress can’t sort out a deal.
“Default by the United States is unthinkable,” he wrote.
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