Obama Administration Sees Mid-October Default Deadline

The Obama administration warned Congress on Monday that the United States could run out of money to pay its bills soon after mid-October if lawmakers do not move swiftly to raise a limit on government borrowing.
“Congress should act as soon as possible to protect America’s good credit,” Treasury Secretary Jack Lew said in a letter to congressional leaders, urging action “well before any risk of default becomes imminent.”
The government has been scraping up against its $16.7 …

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