Monday, May 16, 2011

Treasury Confirms Debt Ceiling To Be Breached Today; Will Tap Pension Funds
It's official: the US credit card has officially been maxed out, just as we predicted on Wednesday, and througout Q1 and Q2. The United States is expected to reach the legal limit on its debt later on Monday and will start dipping into federal retirement funds to give the country more room to borrow, a Treasury official said.

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