WASHINGTON (AP) — The U.S. Treasury Department will begin taking steps on Friday to delay hitting the government’s $16.4 trillion borrowing limit on Dec. 31.
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WASHINGTON (AP) — The U.S. Treasury Department will begin taking steps on Friday to delay hitting the government’s $16.4 trillion borrowing limit on Dec. 31.
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AP says "The borrowing limit is the amount of debt the government can pile up. The government accumulates debt two ways: It borrows money from investors by issuing Treasury bonds, and it borrows from itself, mostly from Social Security revenue."..But AP completely left out the role of Ben Bernanke and the Federal Reserve. The FED "Buys" Treasury Bonds in order to print money. The FED is what is keeping the Obama Administration afloat.