Contact Us

Treasury: US Borrowing Authority Expires Oct. 17

Treasury Secretary Jack Lew Speaks At Economic Club Of Washington, D.C.
Photo by Alex Wong/Getty Images

WASHINGTON (AP) — 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.

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.”


Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

More From Voice Of Amarillo

Best of the Web

Leave a Comment

It appears that you already have an account created within our VIP network of sites on . To keep your points and personal information safe, we need to verify that it's really you. To activate your account, please confirm your password. When you have confirmed your password, you will be able to log in through Facebook on both sites.

Forgot your password?

*Please note that your points, prizes and activities will not be shared between programs within our VIP network.

It appears that you already have an account on this site associated with . To connect your existing account with your Facebook account, just click on the account activation button below. You will maintain your existing profile and VIP program points. After you do this, you will be able to always log in to http://voiceofamarillo.com using your Facebook account.

*Please note that your points, prizes and activities will not be shared between programs within our VIP network.

Please fill out the information below to help us provide you a better experience.

Register on News Talk 940 AM quickly by logging in with your Facebook account. It's just as secure, and no password to remember!

Not a Member? Sign Up Here

Register on News Talk 940 AM quickly by logging in with your Facebook account. It's just as secure, and no password to remember!