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."
