It looks like Congress will actually have two fewer days to deal with the impending debt ceiling measures according to new estimates by Treasury Secretary Jack Lew.
U.S. could hit debt ceiling by Nov. 3, days earlier than thought, Treasury secretary says. http://t.co/kH4wh8ieTZ pic.twitter.com/Lxw7cV3E6t
— CNN Breaking News (@cnnbrk) October 15, 2015
New estimates say that the United States’ national debt will exceed legal levels by November 3rd. This would likely prompt another government shutdown if new measures are not put into place to increase the amount of money the United States can borrow. The November 3rd date is the day that the government will not have enough cash on hand to pay some of its daily bills and operating costs. The “X Date”, which is the date in which the government would no longer be able to pay any bills, would likely come in the middle of November if measures are not taken to prevent it. According to CNN Money:
“Operating the United States government with no borrowing authority, and with only the cash on hand on a given day, would be profoundly irresponsible,” [Treasury Secretary Jack Lew] wrote in a letter to House Speaker John Boehner.
Jack Lew says not raising the debt limit is like running up the tab at a restaurant and not paying. Then don’t go to restaurants fool! — Lisa Bee (@fannyworth) October 15, 2015
What is Lew’s solution? More borrowing, of course! They never actually stop what they’re doing and realize our debt problem won’t fix itself with a higher debt ceiling. It will fix itself when the government stops supporting social welfare programs, socialized medicine, and the constant entanglement into foreign affairs.
Keep in mind: House Speaker John Boehner will retire just a few days before this deadline, and Republicans still have no idea who will be the next Speaker!
Watch Lew in the only way he can direct Congress to act based on his analysis:
So this incompetent Treasury Secretary not only waits until the last minute to tell a dysfunctional Congress they have a debt ceiling problem they have to take care of, he’s moved it up two days.
What do you think about this and what should Congress do? Share your comments below and add this to your Twitter/Facebook timeline.
