Government on Track to Hit Limit of Debt on March 14

Liberty Alerts, Matt Cover,

If it continues borrowing at its current rate, the U.S. Treasury Department would hit the legal limit on government debt on March 14, according to figures provided by the department and calculations.

Over the 12 months ending January 31, 2011 the Treasury borrowed a total of $1.8 trillion, or approximately $5 billion per day. As of January 31, the Treasury had $215,499 billion left in statutory borrowing authority, meaning it can only issue that much more federal debt before it runs into the congressionally-mandated limit of $14.3 trillion.

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