Treasury aide says U.S. might hit debt limit in '07

Source: Washington Post
Treasury aide says U.S. might hit debt limit in '07
By Ros Krasny
Reuters
Monday, June 4, 2007; 6:42 PM
CHICAGO (Reuters) - A senior U.S. Treasury official said on Monday that the United States could hit its statutory debt limit just before the 2007 fiscal year ends, depending on how tax receipts shape up in the next month or so.
"It's going to happen in the fall," Matthew Abbott, deputy assistant secretary for Federal finance at Treasury, told Reuters after a speech to a meeting of Illinois pension fund managers.
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The fiscal year ends on September 30, so the possible need to ask Congress to raise the debt limit from the current $8.965 billion "will be right on the cusp," Abbott said.
(snip)
Total U.S. debt stood at $8.7 trillion as of May 31. But meanwhile, tax receipts have been strong recently.
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