Treasury Says Debt Limit Must Be Raised by Nov. 5
01 Outubro 2015 - 7:50PM
Dow Jones News
WASHINGTON—The government will run out of money to pay its bills
sooner than previously thought, the Treasury Department said
Thursday, accelerating the fiscal deadlines that confront Congress
amid a leadership scramble on Capitol Hill.
Treasury Secretary Jacob Lew said the government would be left
with just $30 billion in cash on or around Nov. 5 and called on
Congress to immediately raise the federal borrowing limit to avoid
market disruptions and threats to the nation's credit rating.
The Treasury Department has used emergency measures to avoid
breaching the debt ceiling, at $18.1 trillion, since mid-March. Mr.
Lew had previously estimated those measures would last until late
October and possibly longer but refrained from giving a specific
date because of a surge of tax payments due Sept. 15.
On Thursday, Mr. Lew said those tax receipts were lower than
previously projected, while other payments the government made last
month were higher, lowering the cash resources available to the
Treasury.
"Without sufficient cash, it would be impossible for the United
States of America to meet all of its obligations for the first time
in our history," Mr. Lew said in a letter to Congress.
In August, the Congressional Budget Office estimated the U.S.
would exhaust measures to remain under the debt limit by late
November or early December.
Lawmakers face a series of other fiscal deadlines this fall.
Congress on Wednesday approved a stopgap funding measure to keep
federal agencies running through Dec. 11, while the highway trust
fund must be reauthorized by Oct. 29.
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(END) Dow Jones Newswires
October 01, 2015 18:35 ET (22:35 GMT)
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