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U.S. to reach borrowing limit by October, could default on debts

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WASHINGTON- The U.S. Treasury Department has some harsh news for lawmakers in Washington D.C.

Tuesday, U.S. Treasury Secretary Jack Lew said the United States will reach its borrowing limit by mid-October unless Congress makes a deal to raise the debt ceiling.

If not, the country would not have enough money to pay its long-term debts and could default on its bills.

As of Tuesday morning, the country’s debt ceiling sits at nearly $16.7 trillion.

Political analysts are already expecting sharp divisions and drawn-out debate over raising the debt ceiling to avoid that default.