Lew says debt limit deadline is now Nov. 3

[brooklynite]

Source: Politico

Treasury Secretary Jack Lew said the U.S. government will hit its borrowing limit on Nov. 3, two days earlier than previous estimates.

Lew's warning, outlined in a letter sent to Speaker John Boehner (R-Ohio), raises the stakes in the political fight over the $18 trillion-plus debt ceiling.

Boehner — whose decision to resign has set off a chaotic scramble among House Republicans to find a new speaker — is considering putting a "clean" debt ceiling bill on the floor, although this would infuriate conservatives who want to use the measure to reform entitlement spending.

Boehner would do this as part of a larger budget agreement with President Barack Obama and Democrats. Negotiations on such an overall deal are proceeding slowly, and the debt limit will likely have to be raised before an agreement is reached.

Read more: http://www.politico.com/story/2015/10/jack-lew-debt-limit-deadline-nov-3-214823

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So, two weeks to pick a new Speaker, have him/her consolidate power, and figure out a way to keep the Government from collapsing financially. Piece of cake.

[jonno99]

1. I love (not) these discussions about raising the debt limit (again). Does anyone seriously think

there is an actual plan for repaying this debt?

I wish I could max out my credit cards, then tell the bank "don't talk to ME about the bill - go talk to my grandkids."

And then apply for and GET another set of credit cards (again) - sheesh...

[brooklynite]

2. You DO understand that we pay off our debts?

If we didn't, people wouldn't lend us the money?

Now, if it's a real concern of yours, I understand that there's a Party that keeps advocating a Balanced Budget Amendment.

[yeoman6987]

3. We pay some interest

We don't pay principle or the debt would actually go down. We are cool until about 25 trillion and then trouble starts. I don't think we have to be stupid or republican to see problems in the future....near future.

[NutmegYankee]

4. The debt is in term bonds. When they expire, they are repaid in full.

So yes, we repay the debt. We sell bonds, pay interest on them, then pay them out.

[kimbutgar]

5. Stop paying congress, their staff and defense contractors first

Then see how long it takes for them to raise the debt limit. The freedom caucus has to have real consequences. I see them squealing like pigs when they don't get paid.

[maxsolomon]

6. if we had a rational party in charge of the legislative branch

we could eliminate this absurd ritual entirely.

one can dream...