CaseyJones
01-23-2014, 11:24 AM
http://www.businessinsider.com/debt-ceiling-deadline-february-limit-treasury-2014-1
The U.S. is likely to exhaust its borrowing authority on the earlier side of what Treasury Secretary Jack Lew had estimated, he said in a letter to Congressional leaders on Wednesday.
Lew warned in the new letter that Congress will likely need to raise the debt ceiling by late February to avoid a potential default on the country's obligations.
As part of the bill to reopen the government in mid-October, the debt limit was suspended through Feb. 7. The Treasury can use so-called "extraordinary measures" after that point to keep borrowing and paying the nation's bills for a few weeks thereafter.
The U.S. is likely to exhaust its borrowing authority on the earlier side of what Treasury Secretary Jack Lew had estimated, he said in a letter to Congressional leaders on Wednesday.
Lew warned in the new letter that Congress will likely need to raise the debt ceiling by late February to avoid a potential default on the country's obligations.
As part of the bill to reopen the government in mid-October, the debt limit was suspended through Feb. 7. The Treasury can use so-called "extraordinary measures" after that point to keep borrowing and paying the nation's bills for a few weeks thereafter.