Federal Government hits debt limit

NewsChannel 10

Washington - Pressure is on for the White House to reach a deal with lawmakers as the Federal Government is slated to hit the 14.3 trillion debt ceiling today.

However, hitting that ceiling allegedly won't immediately affect government finances.

An unanticipated boost in last month's tax revenues and some short-term adjustments is expected to provide "wiggle-room" in the delaying of the debt until early August.

President Obama argues that failing to raise the ceiling will plunge the nation back into recession and could unravel the entire financial system.