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Treasury Says Debt Will Hit Limit by End of 2012

November 2, 2012—The U.S. Department of the Treasury Oct. 31 announced that it “continues to expect the debt limit to be reached near the end of 2012.”    The statement by Treasury Assistant Secretary for Financial Markets Matthew Rutherford noted, “Treasury has the authority to take certain extraordinary measures to give Congress more time to act to ensure we are able to meet the legal obligations of the United States of America. We continue to expect that these extraordinary measures would provide sufficient ‘headroom’ under the debt limit to allow the government to continue to meet its obligations until early in 2013.”

The debt limit places a ceiling on the total amount of money that the federal government is authorized to borrow to meet existing legal obligations, including Social Security and Medicare benefits, military salaries, interest on the national debt, tax refunds, and other payments.


Dave Moore
Senior Director, Government Relations
Telephone: 202-828-0559


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Washington Highlights, a weekly electronic newsletter, features brief updates on the latest legislative and regulatory activities affecting medical schools and teaching hospitals.

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Jason Kleinman
Sr. Legislative Analyst, Govt. Relations
Telephone: 202-903-0806