Bernanke: Get rid of the debt ceiling

Federal Reserve Chairman Ben Bernanke is not a fan of the U.S. debt ceiling, an arbitrary borrowing limit set by Congress.

"I think it would be a good thing if we didn't have it," Bernanke said, speaking at the University of Michigan on Monday.

But he added that the chances seem slim that Congress would ever get rid of it. "I don't think that's going to happen," he said.

The United States officially hit its $16.394 trillion legal debt limit on Dec. 31. As a result, until the debt ceiling is raised, Treasury is not allowed to borrow new money to help it pay all the country's financial obligations.

In the meantime, the Treasury Department has resorted to "extraordinary measures" to keep paying Uncle Sam's bills. Treasury Secretary Tim Geithner has said he expects those measures to run out between mid February and early March, setting the stage for yet another fight on Capitol Hill.

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- Posted: 2013-01-14 18:22:43

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