The U.S. hit its debt limit again. Now the Treasury Department is maneuvering to avoid a default until Congress acts
The U.S. hit its again on Thursday — a whopping $19.9 trillion this time — and the Treasury Department started using accounting maneuvers to buy several months to raise it to avoid a potential federal government default.
The statutory limit on borrowing has become a partisan flash point in recent years. During the Obama administration, conservatives in Congress tried unsuccessfully to include spending cuts with any debt increases.