The Government will be in a loss if the Debt Ceiling is not Raised

The United States government may run out of funds to pay its bills on October 18 if the country’s debt ceiling is not raised, Treasury Secretary Janet Yellen warned congressional leaders on Tuesday (29/9).

According to Yellen, if congress does not take action to increase the nation’s debt ceiling, be it a certain value or an extension of time that allows continuous borrowing, finance officials anticipate the country “has very few resources that will run out quickly” in the next three weeks.

Democratic Senate majority leader Chuck Schumer has sought to raise the ceiling but failed to win support for a vote in the 100-senator assembly.

Republicans blocked new attempts to increase borrowing limits, and on Monday they thwarted a bill aimed at avoiding the partial shutdown of government operations by Friday this week. [jm/my]

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