That’s about how much cash the U.S. would have to pay its bills after it runs out of borrowing authority Oct. 17, according to the Treasury Department.
The Congressional Budget Office has projected that the Treasury Department would exhaust its borrowing authority and cash reserves sometime between Oct. 22 and Oct. 31.
President Barack Obama and Republicans in Congress remain at odds over how to end a week-long partial government shutdown and also lift the nation’s $16.7 trillion borrowing limit.
At a news conference yesterday, Obama said he’s willing to negotiate with Republicans about any budget matters, including changes to the 2010 health-care law, “once lawmakers end the shutdown and increase the country’s borrowing authority,” Bloomberg’s Kathleen Hunter, Julianna Goldman and Richard Rubin reported.
House Speaker John Boehner said later yesterday that Obama was indicating he would meet with Republicans only “if there’s unconditional surrender by Republicans” to Democratic demands to reopen the government and lift the debt ceiling without conditions.
“That’s now the way our government works,” Boehner said.
Still, some Republican senators are “holding open the possibility of backing Democrats’ plans for a debt-ceiling increase without conditions,” according to this Bloomberg News report by Hunter and Chris Strohm.