Debt Limit Coming a Month Earlier Than Expected

The Treasury Department said Thursday it would reach the debt limit a bit earlier than was expected by many on Capitol Hill.

Treasury Secretary Jacob J. Lew told Congress in a new letter that thanks in part to lower-than-expected quarterly tax receipts, the extraordinary measures to forestall breaching the debt limit, combined with the new revenues, will run their course just a week after the resignation of Speaker John A. Boehner, R-Ohio, takes effect . . .

“Based on this new information, we now estimate that Treasury is likely to exhaust its extraordinary measures on or about Thursday, November 5,” Lew wrote in a letter to Boehner.

“At that point, we could be left to fund the government with only the cash we have on hand, which we currently forecast to be below $30 billion. This amount would be far short of net expenditures on certain days, which can be as high as $60 billion.” (Read more from “Debt Limit Coming a Month Earlier Than Expected” HERE)

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