Sec. Lew: Extraordinary budget measures will be exhausted no later than Oct. 17

Jack Lew, U.S. Treasury Secretary.
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U.S. Treasury Secretary Jack Lew warned Congress on Wednesday that the United States would exhaust its borrowing capacity no later than Oct. 17, at which point it would have only about $30 billion in cash on hand.

The fresh estimate came in a letter to congressional leaders in which Lew urged them to move swiftly to raise the nation's $16.7 trillion debt limit.

"If the government should ultimately become unable to pay all of its bills, the results could be catastrophic," Lew said.

(Read more: Treasury's Lew: US may have less than $50 billion soon)

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By Reuters