Via Politico:

Treasury Secretary Timothy Geithner warned Congress on Wednesday that the nation will hit its debt ceiling on New Year’s Eve — but that the administration will again take a series of so-called “extraordinary measures” to hold off default.

In a letter released Wednesday, Geithner said the extraordinary measures by the Treasury Department will give the government about $200 billion of breathing room, which would give thenation about two more months until it defaults on its legal obligations.