The Treasury Department says the U.S. will run into its debt ceiling today. The federal government is only legally allowed to borrow a little over 14-trillion dollars. Treasury Secretary Timothy Geithner has warned the U.S. would stop being able to pay its bills and could go into default if Congress does not raise the debt limit by early August. The Treasury has already suspended sales of State and Local Government Series securities to keep the U.S. from going into default. Today, it is expected to suspend payments to federal employee pension funds.
