U.S. curtails spending temporarily to avoid exceeding debt limit

01/18/2012 | Wall Street Journal, The

The Obama administration has reduced its investment in a retirement fund to avoid exceeding the federal debt ceiling as Congress decides whether to raise the limit as agreed upon last summer. The White House notified Congress that the federal government is near its $15.194 trillion borrowing limit and will take action to raise the limit, giving lawmakers 15 days to reject the increase. President Barack Obama could still veto such a measure.

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Wall Street Journal, The

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