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August 27, 2013

Treasury: U.S. Faces Mid-October Deadline on Debt Limit 
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Capitol Hill is bracing for another potential showdown over the federal
debt limit. On Monday, the Treasury Department warned the United States
could run out of money to pay its bills unless Congress agrees to raise
the $16.7 trillion limit on government borrowing. Republicans have again
demanded spending cuts for the ceiling to be raised, but President Obama
has said he would not negotiate on the debt limit another time. The
Treasury says the federal government will be down to around $50 billion
by mid-October, short of the amount needed to cover its obligations.

 

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