U.S. hits debt ceiling

The U.S. government hit the debt ceiling on Monday, Treasury Secretary Timothy Geithner told Congress.
Geithner said he would have to suspend investments in federal retirement funds until Aug. 2 in order to create room for the government to continue borrowing in the debt markets.
The funds will be made whole once the debt limit is increased, Geithner said. "Federal retirees and employees will be unaffected by these actions."
He went on to urge Congress once again to raise the country's legal borrowing limit soon "to protect the full faith and credit of the United States and avoid catastrophic economic consequences for citizens."
Congress, meanwhile, is not showing any signs of budging. Many Republicans and some Democrats say they won't raise it unless Congress and President Obama agree to significant spending cuts and other ways to curb debt.

http://money.cnn.com/2011/05/16/news/economy/debt_ceiling_deadline/index.htm?hpt=T2