On Monday, the US reached its legal debt limit of $18 trillion -more than the country’s entire GDP. Lawmakers will either have to again lift it, or attempt to cap spending.
As of March 12, the US Treasury reported federal debt at $18,114,324,000,000.00 in its daily treasury statement. This figure is above the statutory debt limit, which was extended by Congress through March 15 this year.
Treasury Secretary Jack Lew told Congress that the limit would be reached on March 16, and he also requested lawmakers raise the debt ceiling “as soon as possible,” in a letter written in early March.
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