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Federal Government To Hit Debt Limit in October

Treasury Secretary Jack Lew warned lawmakers on Monday that they will have to raise the debt limit by mid-October, sooner than previously expected.

In a letter to congressional leaders, Lew said his department will soon run out of the accounting maneuvers it’s been using to stave off default.

“Congress should act as soon as possible to protect America’s good credit by extending normal borrowing authority well before any risk of default becomes imminent,” Lew said in his letter.

The deadline, sooner than what some other forecasters had estimated, comes amid concern that Congress has no plan for handling the needed increase in what promises to be a contentious debate between Republicans and Democrats.

Source: Politico. Read full article. (link)

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  • triclops||

    They figured we wouldn't need an extension because we'd all be dead from the sequestration apocalypse.

  • Gorilla tactics||

    Yes it truly is the end times when not going into debt as fast as expected magically equals "austerity" and a "cut"

  • sticks||

    Hurrah!

  • lap83||

    My credit card debt is going to default. I need more credit cards!

  • Live Free or Diet||

    Whatever. We've been to this rodeo before.
    The two sides will line up and talk shit until the Republicans manage to snatch defeat from the jaws of victory. Then we will go on trying ever harder to make the nightmares of the prepper movement come true.

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