The US will exhaust the extraordinary measures it has so far used to avoid breaching the country’s debt ceiling on November 5, setting the timetable for what’s now an annual political fight over the government’s borrowing limit.
After examining company and individual tax receipts for the third quarter, the Treasury estimates it will be only left with surplus cash on hand by early November.
The Treasury estimates its cash on hand will be about $30bn and run out in a matter of days.
In a letter to John Boehner, the Republican speaker of the House of Representatives, Jack Lew, the US Treasury secretary, said:
We have learned from previous debt limit impasses that failing to act until the last minute and engaging in partisan brinksmanship can cause serious harm to business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States
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