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US govt to run out of borrowed money on Nov 5: Treasury

US govt to run out of borrowed money on Nov 5: Treasury

On November 5, the Treasury would be left to fund the government with less than USD30 billion. This amount would be far short of net expenditures on certain days which can be as high as USD60 billion, Treasury Secretary Jacob Lew said in a letter to Congress.

US has reached borrowing limit of $16.4 trillion: Geithner

The US has reached its borrowing limit of USD 16.4 trillion forcing the government to employ "extraordinary measures" to avoid default, US Treasury Secretary Timothy Geithner informed the Congress on Monday.

US seeks elusive compromise to escape debt debacle

Top Republicans and Democrats worked behind the scenes on Wednesday on a compromise to avert a crippling US default, looking to salvage a last-minute deal from rival debt plans that have little chance of winning congressional approval on their own.

Wall Street closes flat as debt worries offset earns

Stocks closed near unchanged on Wednesday, a day after Wall Street's best rally since March, as the oncoming debt ceiling deadline overshadowed strong earnings from Apple Inc.

Obama open to short-term debt fix if big deal agreed

The White House signaled on Wednesday it could support a short-term increase in the US borrowing limit for "a few days" if lawmakers agreed to a broad deficit reduction deal but needed more time to pass it.