Recap – US Treasury Secretary Lew: Says US to reach debt limit by mid-October
- The U.S. will hit the $16.7 trillion debt ceiling in mid-October
- Extraordinary measures are projected to be exhausted in the middle of October
- Treasury would be left to fund the government with only the cash we have on hand on any given day
The cash balance at that time is forecast to be about $50 billion, “insufficient to cover net expenditures for an extended period of time,” according to Lew.