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Treasury Secretary: Debt limit will be reached by Oct. 17

government meeting room

According to CNBC, U.S. Treasury Secretary Jack Lew told Congress Wednesday that the government will exhaust its borrowing capacity no later than Oct. 17. Once the capacity limit is breached, the nation will have only about $30 billion in cash on hand.

The fresh estimate came in a letter to congressional leaders in which Lew urged them to move swiftly to raise the nation's $16.7 trillion debt limit.

"If the government should ultimately become unable to pay all of its bills, the results could be catastrophic," Lew said.

Source: CNBC

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