Washington D.C. - The United States will reach the limit of its borrowing authority in mid-October.
Once that date comes, the Treasury Department will only be able to pay the country's incoming bills with the cash it has on hand. And by mid-October, they estimate they will only have a cash balance of $50 billion, which will only last so long.
Treasury Secretary Jack Lew added that even with that cash balance, on certain days, net expenditures could exceed such a cash balance.
If Congress does not raise the ceiling in time, the US risks defaulting on its obligations.
So, in the weeks ahead you can expect a lot more of what we saw earlier this year in Washington, which was lots of tension and finger pointing.
Without being able to borrow new money from the markets, the Treasury won't have enough revenue coming in to pay all of the country's obligations.
Lawmakers have yet to pass a budget for 2014 and cannot agree on whether to preserve or replace the automatic spending cuts known as the sequester.
No lawmaker is publicly advocating the country risk default, but Congressional observers still believe things will be once again forced to the brink at Capitol Hill nonetheless.
The current debt ceiling stands at $16.7 million.