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The Boston Globe

Nation

Without spending deal, US warns of Oct. 17 deadline

WASHINGTON (AP) — Treasury Secretary Jacob Lew said Wednesday the government will have exhausted its borrowing authority by Oct. 17, leaving the United States just $30 billion cash on hand to pay its bills.

That’s a slightly worse financial position than Treasury predicted last month and adds to the pressure on Congress to increase the government’s borrowing cap soon to avert a first-ever US default on its obligations.

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