It looks like Congress will actually have two fewer days to deal with the impending debt ceiling measures according to new estimates by Treasury Secretary Jack Lew.
New estimates say that the United States’ national debt will exceed legal levels by November 3rd. This would likely prompt another government shutdown if new measures are not put into place to increase the amount of money the United States can borrow.
The November 3rd date is the day that the government will not have enough cash on hand to pay some of its daily bills and operating costs.
The “X Date”, which is the date in which the government would no longer be able to pay any bills, would likely come in the middle of November if measures are not taken to prevent it.
According to CNN Money:
“Operating the United States government with no borrowing authority, and with only the cash on hand on a given day, would be profoundly irresponsible,” [Treasury Secretary Jack Lew] wrote in a letter to House Speaker John Boehner.