April 5, 2011

WASHINGTON — The United States is likely to hit its $14.29 trillion debt limit sooner than thought, the Treasury Department said Monday, pressuring lawmakers to raise the ceiling or face a possible government default.

“The Treasury Department now projects that the debt limit will be reached no later than May 16, 2011,” the Treasury said.

The department previously estimated it would hit the ceiling by May 31.

If it is not raised, the United States would only have weeks before it runs out of cash to pay its bills, according to government estimates.

“Increasing the limit is necessary to allow the United States to meet obligations that have been previously authorized and appropriated by Congress,” Secretary Timothy Geithner said in a letter to lawmakers.

Full article here