National

Nov 4, 2009 11:10 AM by Associated Press

Treasury expects debt limit will be hit in December

The Treasury Department expects to hit the government's debt limit in December, two months later than its initial estimate, after scaling back an emergency loan program as the financial crisis abated.

Treasury Department officials say they're working closely with Congress to pass the legislation needed to boost the debt ceiling, currently at $12.1 trillion, and avoid an unprecedented default on the nation's debt obligations.

Treasury also says it's ending sales of 20-year inflation-protected securities and will instead offer similar 30-year securities starting next year. The government believes the longer maturity option will be more popular with investors.

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