The U.S. Treasury total borrowings are restricted to $28.5 trillion, according to the Congressional Budget Office. Since 1960, Congress has acted 78 separate times to permanently raise, temporarily extend, or revise the definition of the debt limit. Given spending needs by the U.S. government, various estimates suggest that the Treasury may have difficulty servicing its debt payments beginning in late October or November. To combat the reduced ability to borrow, in early August the Treasury announced a series of “Extraordinary Measures” to prevent “defaulting on its obligations.” These include suspending payments to ... (full story)