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Policy

U.S. Will Reach Debt Limit In Early November

by Andrea Widener
October 26, 2015 | A version of this story appeared in Volume 93, Issue 42

The U.S. government will have spent most of its money by Nov. 3 and risks defaulting on its debts, the Treasury Department warned earlier this month. Because a default has never happened before, the effects on federal agencies, including ones that fund science, are uncertain. To avoid a default, Congress will have to extend the debt limit above $18.1 trillion, which is the current amount the government is allowed to borrow. Earlier this month, Treasury Secretary Jacob J. Lew warned that failing to extend the debt limit could essentially shut down the government by preventing it from paying its bills, including federal salaries, Social Security payments, and obligations to defense contractors. Some conservative members of Congress are calling for federal spending reforms in exchange for a vote to extend the debt ceiling. But President Barack Obama has said he will not compromise over the extension of the debt limit. Another complication is that current House Speaker Rep. John Boehner (R-Ohio) has announced his resignation from Congress.

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