Son-of-Liberty
26th August 2013, 03:49 PM
Hasn't the debt been stuck at about 25 billion below the limit for a few months now? Is there some reason why they cannot continue to draw money from social security or wherever they have been getting the funds from?
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WASHINGTON—The U.S. Treasury Department said Monday it would hit its borrowing limit in mid-October and could no longer be able to pay all its bills soon after that time.
The timeline could step up pressure on Congress to decide whether to raise the debt ceiling in the coming weeks. Lawmakers remain split over whether to simply increase the government's borrowing authority or to insist that any increase be combined with a large deficit-reduction package.
Treasury Secretary Jacob Lew told Congress on Monday that after mid-October, the government would be able to make payments "with only the cash we have on hand on any given day." In a letter to House Speaker John Boehner (R., Ohio), Mr. Lew projected the Treasury would have roughly $50 billion on hand by mid-October, and said this level "would be insufficient to cover net expenditures for an extended period of time."
http://online.wsj.com/article/SB10001424127887323407104579037181763668714.html
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WASHINGTON—The U.S. Treasury Department said Monday it would hit its borrowing limit in mid-October and could no longer be able to pay all its bills soon after that time.
The timeline could step up pressure on Congress to decide whether to raise the debt ceiling in the coming weeks. Lawmakers remain split over whether to simply increase the government's borrowing authority or to insist that any increase be combined with a large deficit-reduction package.
Treasury Secretary Jacob Lew told Congress on Monday that after mid-October, the government would be able to make payments "with only the cash we have on hand on any given day." In a letter to House Speaker John Boehner (R., Ohio), Mr. Lew projected the Treasury would have roughly $50 billion on hand by mid-October, and said this level "would be insufficient to cover net expenditures for an extended period of time."
http://online.wsj.com/article/SB10001424127887323407104579037181763668714.html