That’s the current U.S. debt limit.
The limit was set at $16,699,421,095,673.60 in May. The nation was within about $25 million of the limit on Sept. 13, according to the Treasury Department. Treasury Secretary Jack Lew last month told Congress in a letter that the U.S. will hit the debt ceiling in mid-October.
President Barack Obama, girding for a battle with Republicans, has said he won’t negotiate over the debt ceiling with Republicans who want to tie any increase to cuts in federal spending.
Obama said yesterday that some Republicans “have suggested they won’t pay the very bills that congressmen — Congress — has already run up, which would cause America to default on its debt for the first time in our history and would create massive economic turmoil.”
House Speaker John Boehner, an Ohio Republican, said last week that “you can’t talk about increasing the debt limit unless you’re willing to make changes and reforms that begin to solve the spending problem that Washington has.”