WASHINGTON (Sputnik) — Previously, the US Treasury has set the deadline for the country’s debt limit increase for November 5.
“By November 3, the United States will exhaust our borrowing capacity and…it would put the United States at real risk, for the very first time in our history, of not being able to pay our bills,” Earnest said.
On Wednesday, the US Congressional Budget Office said that the Treasury would face low cash balance in early November and will exhaust its resources by the first half of the month if Congress does not raise the country’s debt ceiling.
Republicans and fiscal conservatives in Congress, which has the sole authority to raise the debt ceiling, have threatened to cap the limit unless the White House agrees to budget spending cuts.
At present, the US debt stands at $18.4 trillion.