By mid-February, the U.S. Treasury could exhaust options to contain debt

U.S. Treasury Secretary Timothy Geithner joined U.S. President Barack Obama and the head of the Federal Reserve Ben Bernanke urged Congress as soon as possible to solve the issue of increasing the debt ceiling from the current $ 16.4 trillion.

"Congress must act as quickly as possible to increase the normal powers of borrowing in order to avoid the risk of default and any interruption in payments," — said in a letter from the Minister to the Speaker of the House of Representatives, Republican John Boehner, published on the official website of the Ministry of Finance.

Available to the Ministry of Finance of tools that allow you to restrain the growth of government debt, will be exhausted in the period between mid-February and early March, said T.Gaytner. The exact dates will be announced some time later, he added.

New Year's Eve, he said that the federal government increase the debt limit is reached by the end of February. However, on January 7 bipartisan policy center (Bipartisan Policy Center) released a report saying that the "ceiling" is reached in mid-February.

If the U.S. financial authorities to take steps to release funds, debt limit would be settled in December.

As stated in the letter, the U.S. government makes about 80 million individual payments per month, including pensions and social security, health insurance, defense needs, the salaries of state employees, funding for law enforcement, the judiciary and the state apparatus. And if Congress does not raise the upper limit of public debt, in view of the budget deficit, "all of these payments will be at risk, which will bring substantial economic hardship to millions of individuals and companies across the country," said T.Gaytner.

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