US to hit debt ceiling in mid-October, Treasury secretary warns House GOP

[Eugene]

Source: The Guardian

US to hit debt ceiling in mid-October, Treasury secretary warns House GOP

Dominic Rushe in New York
theguardian.com, Monday 26 August 2013 22.00 BST

The US will hit its borrowing limit in mid-October and would likely be unable to pay all its bills soon after, the Treasury warned on Monday.

In a letter to Republican House speaker John Boehner that sets the stage for another round of budgetary brinkmanship, Treasury secretary Jack Lew said: "Congress should act as soon as possible to protect America's good credit."

Lew warned failure to act soon could do "irreparable harm" to the US economy.

Government officials and economists had been expecting the US to reach its $16.69tn "debt ceiling" this autumn, but mid-October is earlier than some had expected.

[font size=1]-snip-[/font]

Read more: http://www.theguardian.com/business/2013/aug/26/us-debt-ceiling-october-treasury-house-republicans

[thelordofhell]

1. Official GOP Response

Benghazi!! Benghazi!! De-Fund Obamacare!! Impeach!! Impeach!!

[davidpdx]

5. Either that or they will say there is no funding problem as long as we

cut entitlements. That would be pretty much the same thing.

[Proud Liberal Dem]

2. Now the GOP knows

what date to put on their ransom note to the American people.

[rug]

3. Fine. Pay the banks last.

[blkmusclmachine]

4. Same song, thousandth verse.

What all will BHO unnecessarily give-up in the "compromise" ???