US will hit debt limit by May 16: Geithner

WASHINGTON - The United States will hit the legal limit on its ability to borrow no later than May 16, US Treasury Secretary Timothy Geithner said on Monday, ramping up pressure on lawmakers to act to avoid a debt default.

"The longer Congress fails to act, the more we risk that investors here and around the world will lose confidence in our ability to meet our commitments and our obligations," Geithner said in a letter to congressional leaders. "Default by the United States is unthinkable."

Previously, the US Treasury Department had forecast that the $14.3 trillion statutory debt limit would be reached between April 15 and May 31. As of Friday, government borrowing stood at just $95 billion from the ceiling.