NEW YORK - JULY 11: The U.S. National Debt Clock billboard is displayed on a building on Sixth Ave. in midtown Manhattan on July 11, 2011 in the New York City. The national debt exceeds over $14.3 trillion as the U.S. government faces an August 2nd deadline to get congressional leaders to agree to a deal that would raise the national debt ceiling but also include measures that would reduce the federal budget deficit.. (Photo by Ramin Talaie/Getty Images)
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Treasury says debt limit will be hit later this year

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WASHINGTON (AP) - U.S. Treasury officials say they still expect the government will hit the current debt borrowing limit at the end of this year. But they say they can employ "extraordinary" measures that they have used in the past to keep the government functioning until sometime early next year.

In a statement, Treasury Assistant Secretary Matthew Rutherford said that Treasury would employ the same types of procedures it has used in the past to keep borrowing under the current debt limit of $16.39 trillion. The nation's debt currently stands $16.16 trillion.

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.

Copyright Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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