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Main » Economic crises
WASHINGTON, Sept. 26. U.S.
will run out of the ability to borrow no later than October 17, 2013
and by that time will have on hand a total of about $ 30 billion, the
U.S. Treasury Secretary Jack Lew said in a letter to congressional
leaders.
The Minister urged them to act quickly to raise the nation's debt limit, now $ 16.7 trillion, reports Reuters.
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Without a budget in place, the US government has run out of the cash
needed to pay thousands of government workers in Washington and keep
national parks open. But this week an even more critical issue comes to
the fore. On Thursday, the country will be forced to default on its
$16.8 trillion in borrowings if it does not secure a rise in the debt
ceiling.
Republican
leaders, aware that their intransigence over the budget has hit the
party’s popularity, last week proposed a six-week postponement of the
deadline. John Boehner, leader of the Republicans in the House of
Representatives, has dropped a previous demand that talks could only
take place following a Democrat concession to review President Barack
Obama’s Affordable Care Act – or "Obamacare” – although a format for
discussions has yet to be agreed.
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U.S.
Congress as of Wednesday morning, the budget has not reached a
compromise and voted to raise the debt "ceiling" that, as the Finance
Ministry warned, threatens the country with technical default since October 17, 2013. WASHINGTON, Oct. 16 - RIA Novosti, Alexei Bogdanovsky. If something like this happens, the current situation is unprecedented, and its effects are not known precisely. However, there is no doubt that the results will be grim for the U.S. economy. It generates from the markets, politicians and observers hope to reach a compromise in the last hours.
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