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Geithner notifies debt ceiling reached

Jan. 1, 2013 at 1:31 AM   |   Comments

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WASHINGTON, Jan. 1 (UPI) -- Treasury Secretary Timothy Geithner Monday notified Congress the United States has reached its $16.4 trillion debt ceiling.

"I am writing to notify you ... of my determination that, by reason of the statutory debt limit, I will be unable to invest fully the portion of the Civil Service Retirement and Disability Fund not immediately required to pay beneficiaries," Geithner said in a letter addressed to Senate Majority Leader Harry Reid, D-Nev., and copied to House Speaker John Boehner, R-Ohio, House Minority Leader Nancy Pelosi, D-Calif., and Senate Minority Leader Mitch McConnell, R-Ky.

"For purposes of this statute, I have determined that a 'debt issuance suspension period' will begin on Monday, December 31, 2012, and last until February 28, 2013. With these determinations, the Treasury Department will suspend additional investments of amounts credited to, and redeem a portion of the investments held by, the CSRDF, as authorized by law."

Geithner noted he and his predecessors have declared "debt issuance suspension periods" during previous debt limit impasses.

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