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Treasury to Hit Debt Limit in Mid-October

Treasury to hit debt limit in mid-October. The Treasury will hit its $16.7 trillion borrowing limit in mid-October and be unable to pay all of its bills soon after, narrowing the window for negotiations on budget talks. limit, according to an estimate from the Treasury Department in a letter to lawmakers released Aug. 26. Treasury Secretary Jack Lew urged Congress to enact legislation as soon as possible to extend the government's borrowing authority. “Under any circumstance—in light of [Congress's] schedule, the inherent variability of cash flows, and the dire consequences of miscalculation—Congress must act before the middle of October,” Lew said in the letter. Link to letter.

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