Podcasts & RSS Feeds
Most Active Stories
- What's Next For Pensions, Now That Court Has Tossed Illinois' Law?
- Power Players – Who’s In And Who’s Out When It Comes To Lobbying The New Governor
- Lawmakers Propose Adding Crime Victims' Bill Of Rights To Illinois Law
- New Pension Fixes May Emerge; Rauner Considering Ideas That "Haven't Been Brought Forward Yet"
- How Much Is Your AP Test Score Worth In Illinois? The Answer Varies By University
Tue August 27, 2013
U.S. Faces October Deadline On Debt Ceiling
Originally published on Thu December 4, 2014 8:09 am
Not being able to pay your bills is never a good thing — especially when you’re the United States government.
Treasury Secretary Jack Lew has announced that the U.S. will hit its $16.7 trillion borrowing limit in mid-October.
In 2011, the White House and congressional Republicans feuded over raising the debt ceiling, spending weeks trying to come to an agreement. Those talks failed and the financial markets roiled in reaction.
Failure to reach an agreement would trigger a partial government shutdown, and the Treasury Department would be unable to pay America’s bills.