posted on Aug, 26 2013 @ 09:34 PM
This is what is coming in October. No more tricks, no more fudging the numbers, no more robbing peter to pay paul. We are Broke and people who live
off the government are gonna be pissed www.bbc.co.uk...
"US Treasury to reach debt ceiling in mid-October
Jack Lew Mr Lew has warned that failure to act soon could result in significant disruptions to US economy
The US Treasury Secretary Jack Lew has said that the country will reach its debt limit by mid-October and called on Congress to act "as soon as
possible" to avoid such a situation.
The government will not be able to borrow if the limit is not raised.
He warned that in such a case it will be unable to meet obligations such as social security payments, military salaries and Medicare
The country's borrowing limit is currently capped at $16.7tn (£10.7tn).
"Extraordinary measures are projected to be exhausted in the middle of October," Mr Lew said in a letter to House Speaker John Boehner and other
"At that point, the US will have reached the limit of its borrowing authority, and Treasury would be left to fund the government with only the cash
we have on hand on any given day," he said.
The cash balance at that time is forecast to be about $50bn, which Mr Lew said, would be "insufficient to cover net expenditures for an extended
period of time".
He said: "Operating the government with no borrowing authority, and with only the cash on had on a given day, would place the United States in an
unacceptable position." "