On March 16 the US reached the debt limit again. The government exceeded the limit allowed by the legislation. According to CBS News, at the moment, the national debt touched the limit of $18.1 billion.
Last week, US Treasury Secretary Jack Lew told Congress that he would take measures to keep the federal government under the legal debt limit. Associated Press reported that on March13 Jack Lew had already decided to suspend the issue state and local government bonds.
On February 15 Obama signed the law to raise US debt ceiling until March 2015. Before that the limit extension was approved by both houses of Congress. The Republicans, having the majority in the lower house, decided not to link the adoption of the law with disputable matters. Earlier, the budget ceiling was raised in October 2013 after some government institutions had not worked for two weeks due to the lack of funding.
