WASHINGTON (AP) — The Treasury Department says 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.
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, but the House has yet to pass the measure.
Congress approved a smaller increase of $290 billion in late December, allowing the government to borrow for about two more months.
On Monday, the Obama administration released a budget that projects this year's deficit will reach $1.56 trillion, an all-time high. As a percentage of the economy, it is the highest since World War II.