UPDATE 1-U.S. may have to stop borrowing later this year -Treasury

WASHINGTON, May 1 - The U.S. government will have to stop borrowing money between July and December if Washington doesn't agree to raise a legal restriction on public debt, the Treasury Department said on Wednesday.

The current debt limit was set in March. Treasury has been able to continue borrowing from investors by using accounting measures such as limiting government payments to public sector retirement funds. Wall Street also sees Treasury exhausting its borrowing authority in the third or fourth quarter, according to the minutes of a meeting of a Treasury advisory committee of financiers.

Wait in th middle or the year

In the irony of all irony’s the tea party’s candidate is going to bankrupt the country by tripling the deficit and they are going to cheer the whole thing on.

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