Treasury Secretary Jack Lew announced a November 5 deadline for raising the debt limit in order to avoid a potential default on current loans. This date is earlier than many experts had predicted. The current limit is set at $18.1 trillion. In his letter, Lew explained that by November 5 the government will have less than $30 billion on hand, falling short of $60 billion often needed to pay government bills on a particular day. The administration has said that the President will not negotiate a raising of the debt limit. Additionally, both outgoing Speaker of the House John Boehner (R-Ohio) and Senate Majority Leader Mitch McConnell (R-Ky.) have stressed that default is not up for debate. The government technically met its borrowing limit in March, but since then the Treasury has been able to employ extraordinary measures to delay reaching the debt limit.


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