Gird your loins for October debt limit war

The Treasury Department has informed Congress that the country will bump up against the debt ceiling by mid-October. The current ceiling stands at $16.7 trillion. The Hill: "Congress should act as soon as possible to meet its responsibility to the nation and to remove the threat of default," he wrote. "Under any circumstance - in light of the schedule, the inherent viability of cash flows, and the dire consequences of miscalculation - Congress must act before the middle of October." Lew's deadline would set up a crucial few weeks for the White House and Congress when lawmakers return to Washington next month. The government will shut down on Oct. 1 unless Congress approves a measure to keep it funded. Only nine legislative days are scheduled in September.  Shortly after Lew's letter became public, the White House reiterated its stance on raising the debt limit - it is not up for debate. "Let me reiterate what our position is, and it is unequivocal - we will not ...(Read Full Post)