US will breach debt ceiling by Oct 17 - Treasury Secretary Jack Lew has given a hard deadline of October 17 of when the US government will run out of money

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US will breach debt ceiling by Oct 17 - Treasury Secretary Jack Lew has given a hard deadline of October 17 of when the US government will run out of money. We estimate that, at that point, Treasury would have only approximately $30 billion to meet our country's commitments. That amount, according to Lew, falls short of the country's net expenditures which can hit $60 billion on some days. Lew says the department would exhaust its extraordinary measures to preserve the country's borrowing capacity in mid-October. He has urged lawmakers to raise the nation's $16.7 trillion debt limit and avoid a repeat of the 2011 debt limit impasse which he noted caused significant harm to the economy. (VIEW LINK)


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