Treasury: US borrowing authority expires Oct. 17
{{#rendered}} {{/rendered}}Treasury Secretary Jacob Lew says the government will have exhausted its borrowing authority by Oct. 17, leaving the United States with just $30 billion cash on hand to pay its bills.
That's a slightly worse financial position than Treasury predicted last month and it adds to the pressure on Congress to increase the government's borrowing cap to avert a first-ever U.S. default on its obligations.
By the 17th the government will be left with its cash cushion and daily receipts to pay its bills; Lew warned that before long it wouldn't be able to meet all of its obligations.
{{#rendered}} {{/rendered}}Lew again warned that President Barack Obama would not negotiate with Republicans over the debt limit. Republicans want to add budget cuts and other legislation like a one-year delay of "Obamacare."