Jack Lew: Federal Government Running Out of Ways to Avoid Hitting Debt Limit

October 17th projected date

The Treasury Department has begun using the last set of accounting maneuvers at its disposal to allow the government to keep paying its bills until Congress raises the country's borrowing limit, Treasury Secretary Jack Lew told congressional leaders Tuesday night.

In a letter, Lew reiterated that if the debt ceiling is not raised by Oct. 17 the government will not be able to meet all its financial commitments, such as making payments to U.S. debt holders, government contractors and Social Security recipients.