-US Treasury works to delay hitting borrowing limit.
Global Banking News - 27 December 2012
The US treasury Department is working to delay hitting the USD16.4tn borrowing limit.
Accounting measures will be used to save USD200bn according to Timothy Geithner, Treasury secretary. Without measures to limit the borrowing it is expected that the debt limit will hit the ceiling by December 31. However steps are being taken to stretch the limit for a further two months.
The US leadership is involved in discussions to restrict tax increases and spending cuts known as the 'fiscal cliff', which are scheduled for 2013.
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