Article posted: 12/27/2012 7:20 AM

U.S. Treasury to take steps to avoid borrowing limit

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Treasury Secretary Timothy Geithner testifies on Capitol Hill in Washington, before the Senate Banking Committee hearing.

Associated Press

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The U.S. Treasury Department will begin taking steps on Friday to delay hitting the government's $16.4 trillion borrowing limit on Dec. 31. Treasury Secretary Timothy Geithner said in a letter Wednesday to congressional leaders that the department will use accounting measures to save approximately $200 billion. That could keep the government from reaching the limit for about two months.