US Treasury Warns Of 'Extraordinary Measures' Amid Fiscal Cliff Deadlock -- The Guardian
Barack Obama cuts short holiday to tackle budget crisis as country faces breaching its $16.4tn debt limit.
US Treasury secretary Tim Geithner warned on Wednesday he would have to take "extraordinary measures" to avoid a default on the US's legal obligations as the country is set to breach its $16.4tn (£10.16tn) debt limit.
In a letter to Congress, Geithner said the debt ceiling would be reached on 31 December and that the Treasury could raise $200bn (£124bn) to fund government spending as a stopgap measure. But he warned that the current impasse over the fiscal cliff budget crisis meant it was uncertain how long that money would last.
"Under normal circumstances, that amount of headroom would last approximately two months.
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