U.S.: Debt Limit Must Be Raised By October

Pantelis Saitas/AFP/Getty Images

US Treasury Secretary Jack Lew gives a press conference with Greek Prime Minister after a meeting at the new Acropolis Museum in Athens, on July 21, 2013. AFP PHOTO/ POOL / Pantelis Saitas (Photo credit should read PANTELIS SAITAS/AFP/Getty Images)

Here we go again. If Congress doesn't raise the debt limit by mid-October, the government will probably not be able to pay all of its bills, according to a letter from Treasury Secretary Jack Lew. Republicans are refusing to raise the $16.7 trillion limit unless major spending cuts are made, but President Obama has said he will not negotiate over the debt limit again. Lew's letter, which went to House Speaker John Boehner, said the government would be down to about $50 billion in cash by October, which would be insufficient to cover all of its expenditures.