U.S. faces mid-October deadline to raise debt limit
Source: Washington Post
The United States is set to run out of borrowing authority in mid-October, leaving the government at a high risk of not being able to pay for Social Security checks, military salaries and other operations, the Obama administration said Monday.
The announcement, which comes at the early end of what many in Washington were anticipating, creates a new crisis point in the nations protracted fight over the size and role of government.
Republicans are demanding significant new spending cuts in exchange for increasing the nations $16.7 trillion debt limit, with some GOP lawmakers insisting on a delay or the scrapping of President Obamas signature health-care law.
Obama, meanwhile, says he will not negotiate on the debt limit, the governments legal cap on borrowing.
Read more: http://www.washingtonpost.com/business/economy/us-faces-mid-october-deadline-to-raise-debt-limit/2013/08/26/e38c0ad8-0e87-11e3-8cdd-bcdc09410972_singlePage.html