Treasury Dept. Says the US Will Run Out of Money For Bills By Oct. 17

WASHINGTON—The United States will run out of money to pay its bills "no later than Oct. 17" unless Congress raises the $16.7 trillion debt limit, Treasury Secretary Jacob Lew said in a letter to Congress Wednesday morning.

Lew's letter marks the first time he has given a date certain for when the government would hit the debt ceiling. Outside economists had previously estimated that date to be sometime from mid-October to early November.

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