U.S. Set to Hit Debt Limit by May 16

The United States will hit the legal limit on its ability to borrow no later than May 16, the Treasury Department said on Monday.

Previously, the Treasury had warned that the country could hit the $14.294 trillion statutory debt limit between April 15 and May 31.

The department said it did not believe its projections can change in a way that would give Congress more time to raise the debt ceiling.