Most Active Stories
- High Speed Rail: Comparing California's Future Bullet Train To Taiwan’s
- Is Kern County The Next Frontier For Aerospace Innovation?
- California Tightens Rules On Popular Pesticide For Strawberries, Almonds
- Drainage Key To Reported Deal Between Farmers And Feds
- New Program Could Mean End For UCSF- Fresno, Valley Children's Partnership
Valley Public Radio Staff
Tue August 27, 2013
U.S. Faces October Deadline On Debt Ceiling
Originally published on Thu December 4, 2014 6:09 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.