U.S. to Hit Debt Ceiling by May 16: Geithner

The United States will hit the legal limit on its ability to borrow no later than May 16, Treasury Secretary Geithner said on Monday, ramping up pressure on Congress to act to avoid a debt default. “The longer Congress fails to act, the more we risk that investors here and around the world will lose confidence in our ability to meet our commitments and our obligations,” Geithner said in a letter to congressional leaders. “Default by the United States is unthinkable.” – Reuters

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