Treasury: US Borrowing Authority Expires Oct. 17

By: Associated Press
By: Associated Press
Treasury Secretary Jacob Lew says the government will have exhausted its borrowing authority by Oct. 17

FILE - In this July 7, 2011 file photo, House Speaker John Boehner, of Ohio, listens at left as President Barack Obama speaks during a meeting with Congressional leadership to discuss the debt in the Cabinet Room of the White House in Washington. In the heated talk about deep spending cuts that will dominate Congress in the coming weeks, one thing is likely to be in short supply: details. The reason is simple. Americans embrace the general, abstract idea of reducing federal spending. Their support quickly fades, however, when specific programs are targeted. (AP Photo/Pablo Martinez Monsivais, File)

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." is happy to provide a forum for commenting and discussion. Please respect and abide by the house rules:

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