Treasury Dept. Says the US Will Run Out of Money For Bills By Oct. 17

Cash-on-hand will be $30 billion

WASHINGTON -- The United States will run out of money to pay its bills "no later than Oct. 17" unless Congress raises the $16.7 trillion debt limit, Treasury Secretary Jacob Lew said in a letter to Congress Wednesday morning.

Lew's letter marks the first time he has given a date certain for when the government would hit the debt ceiling. Outside economists had previously estimated that date to be sometime from mid-October to early November.