U.S. hits debt limit

WASHINGTON D.C. (KAIT) - Earlier this week, the U.S. hit its current debt ceiling of $14.3 trillion dollars.

Right now the Treasury Department is deploying a series of measures to try and not default on the debt according to Treasury Secretary Timothy Geithner.  Geithner also says if Republicans insist on passage of their budget plan as a condition for approving an increase in the nation's borrowing limit, they will be responsible for the consequences.

If the government defaults on its debt, the effect could be devastating on the U.S. economy.

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