Let the hangover metaphors begin.
With all eyes focused on the impending fiscal cliff and whether or not it will be avoided, the Treasury Department said Wednesday that the government would hit its $16.394 trillion borrowing limit by Monday. This will set in motion a series of emergency steps "that might buy the government until just February or March before it faces a full-blown debt crisis," The Wall Street Journal reported on Wednesday.
In a letter addressed to Senate majority leader Harry Reid, D-Nev., Treasury Secretary Timothy Geithner said the Treasury Department will begin taking "certain extraordinary measures authorized by law to temporarily postpone the date that he Unites States would otherwise default on its legal obligations."
