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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.