Treasury Secretary Jack Lew Says Oct. 17 is the Debt Ceiling Deadline
That is within the range Lew has previously indicated, and in line with projections from outside analysts. But now Congress has a specific deadline. If it does not act before Oct. 17, a Thursday, the government risks defaulting on the debt, an outcome that Lew warned “could be catastrophic.”
Lew previously said that the Treasury would exhaust the extraordinary measures it has used to create headroom under the debt limit by mid-October, at which point it would have only $50 billion in cash on hand and whatever revenues come in on a given day with which to pay the government’s bills.
Read more from this story HERE.