Tuesday, October 15, 2013

U.S. Debt Limit

Why is everyone so worried about the possibility of the U.S. government exceeding its debt limit on Oct. 17?  What is the debt limit anyway?  Why Oct. 17?  Answers to those questions and more can be found on the U.S. Treasury's Debt Limit page: 


The Oct. 17 deadline is explained in Treasury Secretary Lew's Oct. 10 testimony before the Senate Finance Committee.  Various documents on the site provide grim predictions about what would happen if the debt ceiling isn't raised.  Here's hoping we never have to find out if those predictions are accurate.

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