next up: oct. 17

Treasury Sets Deadline for Debt Limit

Since the government is so good at deadlines, the Treasury just set another one: Oct. 17. That's the date the nation's debt limit is set to exceed $16.7 trillion, according to Secretary Jacob Lew. On Tuesday, Lew sent a warning to Congress that in little more than two weeks, the Treasury will run out of borrowed money, which, by law, cannot be exceeded. He requested an increase of the limit, and noted the department has already taken the final measures to extend borrowing.