Look out: Here comes the debt limit

"Based on our latest estimates, extraordinary measures are projected to be exhausted in the middle of October," Treasury Secretary Lew told congressional leadership in a letter.

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In a letter to congressional leadership, Treasury Secretary Jack Lew said the U.S. government would hit its debt limit sooner than expected. Lew wrote Monday that the U.S. government will reach the limit of its borrowing ability in mid-October and urged Congress to reach a budget deal to raise the $16.7 trillion borrowing limit.

Lew’s concern set a more specific deadline for congressional action, demanding a vote to increase the debt ceiling to avert a financial crisis.

Echoing a speech he gave  to the Commonwealth Club of California last week, Lew said, “Congress should act as soon as possible to meet its reponsibility to the nation and to remove the threat of default.”

Although lawmakers are still in recess, they will be forced to deal with several economic and fiscal catastrophes when they return on September 9th. Along with raising the debt limit, Congress still has sequestration and funding the government to deal with. Lew argued that raising the country’s borrowing limit would not increase government spending, a common criticism by House Republicans.

If Lew’s letter is reminiscent of Tim Geithner’s warnings to Congress two years ago, Speaker Boehner’s views on the debt limit haven’t changed either. Speaking at a press conference before the August break, Boehner said, “We’re not going to raise the debt ceiling without real cuts in spending. It’s as simple as that.”

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FOR SUBSCRIBERSCornell rape allegation pushes embattled New York prosecutor into national spotlight

FOR SUBSCRIBERSAbdul El-Sayed tries to woo MAHA voters as Democrats seek inroads with RFK’s supporters

FOR SUBSCRIBERSKratom-like substances are popping up in a typically benign supplement

FOR SUBSCRIBERSGOP super PAC increases its spending for Sen. Jon Husted in tough Ohio race

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FOR SUBSCRIBERSAt MAHA summit, industry CEOs the movement once vilified take the stage

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With some Republicans threatening a government shutdown and the White House refusing to negotiate over the debt ceiling, it feels more like 2011 than 2013.