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Thursday, 27 December 2012 - 13:03
US to reach debt limit on New Years Eve
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US Treasury Secretary Timothy Geithner said The United States government will reach its statutory 16.39-trillion-dollar debt limit -- a ceiling imposed by Congress.

In a letter to Senate Majority Leader Harry Reid, Geithner said the treasury would take "extraordinary measures" to postpone the day the US could default on its liabilities, but could not say how long it had.

Geithner warned that if the White House and US lawmakers fail to agree on a budget compromise to prevent the economy plunging over the "fiscal cliff", also due on December 31st, then he could not be sure when the money would dry up.

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