Treasury Reiterates U.S. Borrowing Authority Expires on Aug. 2

June 1 (Bloomberg) -- The Treasury Department reiterated that U.S. authority to borrow under the existing debt limit will expire on Aug. 2.

The Treasury “continues to project that the United States will exhaust its borrowing authority under the debt limit” on that date, Mary Miller, the Treasury’s assistant secretary for financial markets, said in a statement today.

Treasury Secretary Timothy F. Geithner “continues to urge Congress to avoid the catastrophic economic and market consequences of a default crisis by raising the statutory debt limit in a timely manner,” she said.

The U.S. stayed under the $14.29 trillion debt limit last month by taking what Geithner has called “extraordinary measures.”

--Editors: James Tyson,

To contact the reporter on this story: Ian Katz in Washington at ikatz2@bloomberg.net;

To contact the editor responsible for this story: Christopher Wellisz at cwellisz@bloomberg.net