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Tag: Treasury

Treasury Puts a Date on When Cash May Run Out: Oct. 17

Posted on September 27th, by Big Chief in Blog. Comments Off on Treasury Puts a Date on When Cash May Run Out: Oct. 17

WASHINGTON — The Treasury has handed Congress an urgent deadline: Oct. 17.

On that day, unless Congress were to raise the debt ceiling, the Treasury would have only $30 billion cash on hand, putting the United States on the precipice of an unprecedented default, the department said on Wednesday.

That warning – and the threat of a financial crisis – have become entangled in the budget and financial negotiations on Capitol Hill, where legislators are already engaged in a partisan battle that has led to a budget impasse that could shut down the federal government on Oct. 1.

Separately on Wednesday, the nonpartisan Congressional Budget Office estimated that the Treasury would exhaust all its extraordinary measures and run out of free cash between Oct. 22 and Nov. 1.

In a letter to Speaker John A. Boehner of Ohio, Treasury Secretary Jacob J. Lew
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