U.S. Hits Debt Ceiling Today

The United States will hit its $14.3 trillion congressionally-mandated borrowing limit May 16, 2011, and the federal government will be running on fumes. (Dan Arnall/ABC News; SOURCE: Financial Management Service, Treasury; ABC News estimates)

Debt Ceiling D-Day: U.S. Hits $14.3 Trillion Limit -- ABC News

The United States today hit its $14.3 trillion congressionally-mandated borrowing limit and the federal government is running on fumes.

While the treasury says it can continue funding Uncle Sam's $3.8 trillion annual spending spree by tapping into what is effectively an emergency credit card -- borrowing from government worker retirement funds and cutting off federally-backed state and local bond programs -- many people are wondering what, if any, impact not extending the debt limit might have as the May 16 deadline comes and goes.

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More News On The U.S. Reaching It's Debt Limit

Geithner Says U.S. Acts to Avoid Debt Limit Through Aug. 2 -- S.F. Gate
Spitzer: Federal debt hits its legal limit -- CNN
Geithner: U.S. hits debt limit, special measures put in place -- USA Today
Geithner: Federal government hits $14.2 trillion debt ceiling -- USA Today
U.S. reaches debt ceiling, begins suspending some investments to delay impact -- L.A. Times
Geithner halts investments in 2 gov't pensions -- AJC
U.S. to dip into pension funds as it hits debt ceiling -- Financial Post
U.S. reaches debt ceiling -- CBC
As Debt Limit Reached, Agreement Still Far Off -- Wall Street Journal

U.S. Debt Clock