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:
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.