On Wednesday, Federal Government went over the National Debt Limit. This is equal to person going over his /or her Credit Card limit. The Treasury Department reports federal government has exceeded Statutory Debt Limit which Congress set last February. The Debt limit set at $12.104 trillion.
The Federal Government debt was $12.135 trillion. Just slightly over limit. Treasury officials says the government has “extraordinary accounting tools” which allows the government to extend itself credit by $150-billion debt goes over the debt limit.
Without the “tools” the Federal Government would not be able to borrow money, pay social security recipients and would shut down portions of the government.
There is legislation that would allow the Federal Government to increase the Debt Limit by $290 billion (omit) equal to six weeks of borrowing.
The Conservatives Democrats and Republicans in the House of Representatives stopped the a $1.8 trillion increase so that the Liberal Democrats will face the wrath of the voter.
CBS NEWS has more.