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News Summary: Treasury expects to hit debt limit

The Associated Press

FLIRTING WITH LIMITS: U.S. Treasury officials said Wednesday that they still expect the government will hit the current debt borrowing limit at the end of this year, but hope to keep the government functioning until early 2013.

THE PLAN: Treasury Assistant Secretary Matthew Rutherford said that Treasury would employ the same types of procedures it has used previously to keep borrowing under the current debt limit of $16.39 trillion until Congress votes to increase the debt ceiling. The nation's debt currently stands $16.16 trillion.

THE STAKES: The United States has never failed to meet its debt obligations although the last battle over raising the debt limit in August 2011 went right to the last minute before a compromise was reached between the Obama administration and Congress.