The US overall debt has risen to $16.7 trillion as the borrowing limit suspension expired Sunday, The Hill reports.
Peter Schroeder reports that the last time the borrowing limit was suspended earlier this year, the U.S. had $16.4 trillion worth of debt.
Since then, $300 billion have been added to the deficit, bringing the total to $16.7 trillion.
Treasury Department Secretary Jack Lew told Congress Friday that the agency will deploy the “standard set of extraordinary measures” to limit the nation’s debts.
Some of the measures taken to free up billions of dollars for the federal government to pay its bills include halting new investments in federal employee retirement funds, stopping reinvestment in the Exchange Stabilization Fund and not issuing State and Local government series securities.
The Hill reports that the higher borrowing cap “will play a central role in fiscal fights heading into the fall.”
“The creditworthiness of the United States is non-negotiable. The question of whether the country must pay obligations it has already incurred is not open to debate,” said Treasury Secretary Jack Lew.