US set to hit national debt limit in December

From Google.com

The United States is poised to hit the debt limit in December and Congress will need to raise the ceiling to keep the federal government functioning, the Treasury Department said Wednesday.

The national debt ceiling authorized by Congress is 12.104 trillion dollars, more than 80 percent of 2008 US economic output.

"Based on current projections, Treasury expects to reach the debt ceiling in mid to late December," the department said in a quarterly report on refinancing the federal government's debt.

"Treasury is working with Congress to pass legislation to increase the debt ceiling," it said.

National debt has ballooned as the government borrows money to fund massive stimulus and bailout measures to support the recession-stricken economy.

US national debt topped the 10.0 trillion-dollar milestone in late 2008.

In February, Congress raised the debt limit to 12.104 trillion dollars as the government launched a 787-billion-dollar stimulus program to help pull the economy out of recession that began in December 2007.