At Current Rate of Federal Borrowing, Government...Hit Legal Limit on National Debt on March 14

If it continues borrowing at its current rate, the U.S. Treasury Department would hit the legal limit on government debt on March 14... Over the 12 months ending January 31, 2011 the Treasury borrowed a total of $1.8 trillion, or approximately $5 billion per day. This means that if the Treasury does not reduce the amount it is borrowing or take other actions to pay the government's bills--or if Congress does not increase the debt limit within the next 19 days--the federal government will begin defaulting on its obligations. As it approaches the limit, the Treasury can, however, also draw...