Treasury secretary Jack Lew says that the U.S. debt limit will be reached on Nov. 3, two days earlier than it was supposed to, reports CNBC. This means that Congress will need to raise the debt ceiling for the government to meet its debt obligations.
Lew wrote a letter to Congress imploring them to do just that:
For anyone who has paid attention to the news over the past five years, this is a serious case of deja vu all over again. The Republican-controlled Congress contemplated refusing to raise the debt ceiling in both 2011 and 2013, led by fiscal-hawk Tea Party conservatives. The 2011 crisis was so close to catastrophe that Standard and Poors downgraded the U.S. ‘s credit rating.
Given that the Republicans currently have a lame-duck speaker in John Boehner, who recently announced his plans to resign, it seems unlikely that such a game of brinksmanship will be played again, though one never knows.