Most Active Stories
- Storms And Muddy Delta Water Lead To Voluntary Pumping Cutback
- Joe Mathews: Forget Anaheim, Bring Disneyland To Fresno
- Study Says California Drought Caused By Natural Climate Patterns
- Infill Is Key To Fresno's New General Plan, But It's Also Controversial
- Strong Storms May Not Improve California Water Supply Much
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.