Feds: U.S. will run out of money on Aug. 2

The United States will “exhaust borrowing authority under the statutory debt limit” on Aug. 2, the feds confirmed Friday.

“The Treasury Department continues to project that the United States will exhaust its borrowing authority under the debt limit on” Aug. 2, Mary Miller, assistant secretary for financial markets at the U.S. Department of the Treasury said in a statement. “Secretary (Timothy) Geithner urges Congress to avoid the catastrophic economic and market consequences of a default crisis by raising the statutory debt limit in a timely manner.”