WASHINGTON (AP) — Treasury Secretary Timothy Geithner is giving Congress more time to negotiate a deal that would raise the nation's borrowing limit.
The U.S. government will hit its $14.3 trillion borrowing limit on May 16. The debt limit is the amount the government can borrow to help finance its operations.
In a letter to congressional leaders, Geithner said Monday that he can delay a default on the debt until Aug. 2, by using a series of bookkeeping maneuvers to keep the government running. That's nearly a month longer than the July 8 deadline Geithner had previously cited.
Congress is negotiating to raise the debt limit. But Republicans have said they will not vote to do so until lawmakers reach an agreement with the White House on further spending cuts. With Congress back from a two-week recess, negotiations are expected resume this week.
