Treasury says nation will hit debt limit in mid-October

WASHINGTON • Treasury Secretary Jacob Lew has told Congress that the government will run out of money to pay its bills in mid-October unless lawmakers raise the country’s borrowing limit, which is capped at $16.7 trillion. Lew said in a letter to Speaker John Boehner released Monday that the government is running out of accounting maneuvers it has used to avoid hitting the borrowing limit. He pressed Congress to act so Treasury can keep paying the government’s bills. Lew said it’s impossible for...

Share this post