Federal Debt Ceiling To Be Reached In Mid-October
The United States will hit its debt ceiling in mid-October, according to Treasury Secretary Jacob Lew.
Specifically, the nation will run into its debt ceiling on October 15th.
Washington has known that the debt ceiling will be an issue this fall, but it was uncertain exactly when the nation will hit that ceiling.
If the nation were to hit the debt ceiling and not raise it any higher, Lew says the nation will be forced to use only the revenue that comes into government. That is about $50 billion, not enough according to the Treasury Secretary.
It is safe to expect that the House will try to leverage several items, like the President's Affordable Care Act, to get a long term plan to repay the loans. However, these will be countered by forces who want to ensure essential programs remain funded.
If you had to choose one "worst evil", would you rather have Obamacare or a higher debt ceiling?