(MENAFN- Kuwait News Agency (KUNA)) U.S. Treasury Secretary Timothy Geithner said the federal government would hit its USD 16.4 trillion debt limit on Monday and announced "extraordinary measures" would be taken to avert default.
In a letter to top lawmakers, Geithner late Wednesday warned the nation is poised to hit the debt limit in less than a week and said the Treasury Department is launching emergency steps that give the government less than two months before it defaults. President Barack Obama and lawmakers are not closer to a deal on how to resolve the fiscal cliff.
Obama has repeatedly called for talks to include an increase in borrowing but talks broke down over after House Speaker John Boehner's "Plan B" bill to keep most tax rates low fell apart due to lack of support.
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