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United States to hit debt limit in mid-October

Treasury Secretary Jacob Lew has told Congress that the government will run out of money to pay its bills in mid-October unless lawmakers raise the country's borrowing limit, which is capped at $16.7 trillion.

By Marcy Gordon | Updated on August 27, 2013
Treasury Secretary Jacob Lew testifies on Capitol Hill in Washington, Tuesday, May 21, 2013, before the Senate Banking Committee. (AP Photo/Evan Vucci)

WASHINGTON (AP) — Treasury Secretary Jacob Lew has told Congress that the government will run out of money to pay its bills in mid-October unless lawmakers raise the country’s borrowing limit, which is capped at $16.7 trillion.

Lew said in a letter to Speaker John Boehner released Monday that the government is running out of accounting maneuvers it has used to avoid hitting the borrowing limit. He pressed Congress to act so Treasury can keep paying the government’s bills.

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