Sponsored by: Investment Center

Something new in your business?  Click here to submit your business press release

Chamber Corner | Main Street News | Job Hunt | Classifieds | Calendar | Illinois Lottery 

Treasury moves to resume normal borrowing

[October 18, 2013]  WASHINGTON (AP) -- The Treasury Department is rolling back the extraordinary measures it's used since May to keep the government from breaching the debt limit.

As a first step, it will resume sales of state and local government Treasury securities. States and cities use these securities to keep money temporarily before it's used in such areas as construction projects. Treasury stopped issuing the securities in May to keep the government from exceeding the $16.7 trillion debt limit.

On Wednesday, Congress approved legislation suspending the debt ceiling until Feb. 7. That allows the government to resume borrowing and to halt the book-keeping maneuvers it had used to remain under the debt ceiling.

[Associated Press; By MARTIN CRUTSINGER]

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.