Article Summary In a Letter to Congress,Treasury Secretary Jacob Lew Stated That

Article Summary
In a letter to Congress,Treasury Secretary Jacob Lew stated that the United States will run out of money by November 3 unless the $18.1 trillion debt limit was raised.Many Republicans want to use the debt limit as a negotiating point with the White House to get concessions on government spending,and the White House has stated that it will not negotiate with Republicans over the debt limit.Raising the debt limit allows the government to borrow in order to pay current debts,but does not approve new spending by the government.Without an agreement about raising the debt limit,the government could face a shut-down in mid-December,when government funding expires.
-Refer to the Article Summary.When does the Treasury Department borrow? Why would the Treasury have to borrow more than it estimated,as was indicated by its letter to Congress to raise the debt ceiling? When would the Treasury repay what it borrowed,and who is it repaying?

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When tax revenues are not sufficient to ...

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