US Treasury to unwind emergency measures used to avoid debt
Reuters: Washington, Feb 01 2013, 09:14 IST
The US Treasury Department said it will be ready to resume so-called extraordinary measures to ensure all debt obligations are met starting from May 19, a Treasury official said on Thursday.
A bill allowing the US government to borrow money beyond its record $16.4 trillion debt limit won final Congressional approval earlier on Thursday. The bill, which needs to be signed by President Barack Obama, suspends the debt limit until May 19.
The US first touched the debt limit on Dec. 31, and the Treasury Department began shuffling around funds to ensure the government could still make all its payments while Congress debated the debt limit.
Once Obama approves the legislation, the Treasury said it would start unwinding the measures it was using.
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