U.S. Treasury Reiterates Borrowing Ability Will End Aug. 2

The Treasury Department confirmed that U.S. authority to borrow under the $14.29 trillion debt limit will expire Aug. 2.

Treasury Secretary Timothy F. Geithner “urges Congress to avoid the catastrophic economic and market consequences of a default crisis by raising the statutory debt limit in a timely manner,” Mary Miller, the department’s assistant secretary for financial markets, said in a statement today.