- By Kellie Lunney
- September 25, 2013
Uncle Sam will exhaust its emergency borrowing authority by Oct. 17 and won’t have enough money to pay all its bills if Congress does not increase the debt limit, Treasury Secretary Jacob Lew said on Wednesday.
Without an increase in the $16.7 trillion debt limit and no more emergency borrowing authority to draw from, the government could default for the first time in history. That would put federal civilian and military salaries at risk, and could result in pay delays governmentwide.
Lew said that no later than Oct. 17, Treasury will have exhausted its emergency borrowing authority or “extraordinary measures,” which it tapped in May when the government hit the debt ceiling. The emergency borrowing authority has allowed the government to stay afloat through the summer. Continue reading “Treasury: Debt Limit D-Day is Oct. 17”