Treasury Department Working To Avoid Default

Revelation 6:5,6 NCV When the Lamb opened the third seal, I heard the third living creature say, "Come!" I looked, and there before me was a black horse, and its rider held a pair of scales in his hand. Then I heard something that sounded like a voice coming from the middle of the four living creatures. The voice said, "A quart of wheat for a day's pay, and three quarts of barley for a day's pay, and do not damage the olive oil and wine!"

Treasury Secretary Jack Lew told Congressional leaders on Tuesday night that without an increase in the debt limit, the Treasury Department will be using their last set of accounting moves to allow the government to keep paying bills.

Lew said unless the debt ceiling is raised by October 17, payments could be delayed to U.S. debt holders, government contractors and Social Security recipients. He also said the government shutdown would have very little impact on the deadline date.

“If we have insufficient cash on hand, it would be impossible for the United States of America to meet all of its obligations for the first time in our history,” he wrote. “For this reason, I respectfully urge Congress to act immediately to meet its responsibility by extending the nation’s borrowing authority.”

The Obama administration has said they will not negotiate over the debt ceiling on top of not negotiating over the government shutdown.

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