Summary Box: Treasury says it has scaled back borrowing capacity by $232 billion since April
By APWednesday, August 4, 2010
Summary Box: Borrowing capacity scaled back
GOVERNMENT BORROWING: The Treasury Department says it has scaled back its annual borrowing capacity by $232 billion since April and plans further reductions in coming months.
DEBT EXPLOSION: The reductions are coming after a massive expansion of government borrowing over the past two years as the annual federal deficit hit a record $1.41 trillion last year and is forecast to set a record of $1.47 trillion this year.
DEBT LIMIT: Treasury officials say they will have to ask Congress to boost the limit on how much the government can borrow in the first half of next year. The national debt now totals $13.2 trillion and the current limit is $14.29 trillion.
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