Lew: US Will Hit Debt Ceiling in October
Warns Congress it must act 'as soon as possible' to raise limit
By Ruth Brown, Newser Staff
Posted Aug 26, 2013 4:58 PM CDT
US Treasury Secretary Jacob Lew.   (AP Photo/Virginia Mayo File)

(Newser) – Treasury Secretary Jacob Lew has given Congress until mid-October to raise the debt ceiling. That's when he predicts the Treasury will run out of "extraordinary measures" to avoid going over the $16.7 trillion borrowing limit. In a letter to lawmakers today, Lew urged them to act "as soon as possible," reports the Hill. If not, he predicts the government will be left with only $50 billion in cash—which he warns wouldn't necessarily be enough to cover Social Security payments, military salaries, or Medicare reimbursements, the AP reports.

If Congress acts, it will have to do so quickly, notes the Hill—there are only nine legislative days scheduled for September, and the government is still facing a shutdown in October if it can't get spending approved. But the White House reiterated that it isn't willing to negotiate on the debt ceiling. "Let me reiterate what our position is, and it is unequivocal—we will not negotiate with Republicans in Congress over bills Congress has racked up," says Press Secretary Jay Carney. "We have never defaulted and we must never default."

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Showing 3 of 102 comments
Devo74
Aug 27, 2013 12:08 PM CDT
I guess Obama needs another 8 trillion again, But he won't create any jobs but ratter print money and put this country in the biggest debt in history, and the sad thing is that these young libtards demigod morons that voted him in will pay dearly for the rest of their life's....
saucier111
Aug 27, 2013 9:38 AM CDT
The main reason we are attacking the muslims,Israel and their Zionist jews. Go to your home page and type into bing. [ the federal reserve-list of jewish private bankers ] then type in. [ the federal reserve-zionist jewish private bankers ] They own us and control us lock,stock and barrel.
freemason33
Aug 27, 2013 7:43 AM CDT
The 16 AMENDEMENT IS A FRAUD! Taxes taken out from your checks is unconstitutional because YOU ARE NOT ALOUD TO TAX ON LABOR!!! USA has more Germans than any other nationality! There are more than 60 millions germans in the USA... Meaning, this is Germany!! Hitler peoples are doing the same thing here like they did in Germany. They are the Rothschild!! Rothschild are connected to the Draconians from the draco galaxy, which they call the cat eye and the Freemason refers it as the ALL SEEING EYE!!!! Look humans, sheep, puppets, machines, junk dna, whatever they refer you as please wake up!!! Here's are those who has been manipulation humanity over 25,000 years ago since the Lucifer/Head Draco rebellion... they are the followers and workers of the 13 bloodlines, G3 Free Trade Agreement, Group of two,Group of four, Group of six, Group of seven, Group of eight, Major Economies, G8 Summit resorts, Group of nine, The Next Eleven, The Melanesian Spearhead Group, The Cooperation Council of the Arab States of the gulf, Mercosur or Mercosul, MIKT, The African Union, The Commonwealth of Nations, Trilateral summits, The CCTS- Cooperation Council of the Turkic speaking States, The Organization of Islamic Cooperation, The United Nations, The Union for the Mediterranean and The Union of American Nations...FOR THOSE THAT THINK THIS IS A JOKE GOOGLE OR BING IT AND PROVE ME WRONG! EDUCATED YOURSELF RETARDS BEFORE AMERICA STARTS WORLD WAR 3 WITH CHINA AND RUSSIA!!!!!