U.S. government close to debt ceiling

The U.S. Treasury Department said Wednesday it expects to hit the government's debt ceiling by the end of February, putting pressure on Congress to raise the limit from its current level of $12.4-trillion (U.S.).

Treasury said it is working closely with Congress to raise the ceiling. The Senate has approved legislation to increase it by $1.9-trillion to $14.3-trillion. A ceiling that high would equal about $45,000 for every American. The House is expected to vote on the increase Thursday.

Congress approved a smaller increase of $290-billion in late December, allowing the government to borrow for about two more months. (more)