The U.S. Treasury is $235 billion short of the $16.4 trillion borrowing limit and could reach that ceiling before the year ends, Reuters reports.
Using emergency measures would avert a default and keep the government running through early 2013, according to Rachelle Younglai’s story.
The Treasury said the government has enough funds to pay its bills, including interest on the debt and retirement health benefits until the end of the year, Younglai reports.
Congress will return for a lame duck session after Tuesday’s election, where it will have less than two months to avert the “fiscal cliff,” which includes $600 billion in tax increases and spending cuts, according to Reuters.
Cuts under sequestration would total more than $100 billion to the total federal budget, split between defense and non-defense spending.