15:23 GMT +323 March 2017
Live
    The US Treasury

    US May Not Be Able to Pay Country's Bills After November 3 - White House

    © Flickr/ Son of Groucho
    US
    Get short URL
    133074271

    The United States will be unable to pay its bills if the US Congress does not increase the country’s debt ceiling by November 3, White House Press Secretary Josh Earnest said in a briefing on Thursday.

    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.

    Related:

    US White House Can No Longer Pretend to be 'Economic Hero'
    US May Accelerate Rise of China's Renminbi by Playing With Debt Ceiling
    US Congress, White House to Agree on New Debt Limit – Analyst
    US Congress Returns to Washington With Full Schedule
    Tags:
    debt ceiling, US Treasury Department, US Congress
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik
    • Сomment

    All comments

    • choticastile
      How come every few years the US is in such financial trouble it can't keep the lights on? -- Just kidding --- we all know the answer to that one!
    • Terrain reply tochoticastile(Show commentHide comment)
      choticastile,
      It's oke since they have the luxury to print unlimited money out of thin air!
    • choticastilein reply toTerra(Show commentHide comment)
      Terra, for sure! Fed belongs to the global bankster gangsters! On a more serious note, I do have concerns that I should at times not spell out things to much in detail, as I worry that I would be abusing this wonderful platform Sputnik provides, which is the very best, because we really do enjoy freedom of speech here in every sense. Still I believe it comes with responsibility. Anyway that's just how I look at it.
    • Terrain reply tochoticastile(Show commentHide comment)
      choticastile,
      Well, what i wrote everyone can see and read all over the net and Sputnik have the right to delete comments and they do sometimes.
      Yes, i do like the Sputnik platform, RT and TASS but i'm mostly on here ^^
    • avatar
      Matthewbleu2
      The US is weighed down by $18.2 trillion in National Debt which is funded. This rises by $1 trillion every year since Bush Jr took office and Obama is worse. The Unfunded Debt is another $200 trillion. Gee, the United States is already broke and 45 million Americans are surviving on food stamps and yet Obama just sent the ISIL terrorists another 50 tons of arms and spent $5 billion to topple a democratically-elected Govt in the Ukraine in Feb 2014.
    • avatar
      wconell
      Then by all means, don't pay the bills and go home- we would be better off with you gone and letting real Americans in there to run things.
      But stop the bull, with trying to put fear in our heads- that ain't working anymore! Americans are tapped out- there is no more money for you to waste on your buddies.
    • choticastilein reply toTerra(Show commentHide comment)
      Terra, you said "but I'm mostly on here an then, what looked like two small capital AA's followed -- will you share that site with me? Take Care1
    Show new comments (0)