Debt limit deadline is Oct. 17, Treasury secretary says

Financial markets will be disrupted, and the U.S. economy will suffer if Congress fails to raise the debt limit in order to avert a federal government shutdown. Treasury Secretary Jacob J. Lew has warned that the debt limit must be raised by October 17 because that is when the Treasury will run out of borrowing authority, and the country will face its first-ever federal government default. If that were to occur, business and consumer confidence is expected to take a hit.

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http://www.latimes.com/business/money/la-fi-mo-debt-limit-lew-treasury-economy-20130925,0,1350942.story