The Minister of Finance called the date of a possible bankruptcy of the U.S.

WASHINGTON, Sept. 26. U.S. will run out of the ability to borrow no later than October 17, and at this point will have on hand a total of about $ 30 billion, the U.S. Treasury Secretary Jack Lew said in a letter to congressional leaders.

The Minister urged them to act quickly to raise the nation's debt limit, now $ 16.7 trillion, reports Reuters.

 

"If the government eventually will be unable to pay all of your bills, the results can be catastrophic," — he said.

In a letter to Congress Lew wrote that the new estimate takes into account the latest information on the quarterly tax revenues and the activities of several large trusts the government.

Finance Minister reiterated that the administration of President Barack Obama will not discuss the debt ceiling and warned Republicans in Congress that some of the government's intention to make payments more priority than others, "in other words, will default."

If the federal government will be officially declared bankrupt, suspended its activities the National Park Service, Bureau of Tobacco Control and ammunition, mail, and some utilities. The military and the police in this case will pay the IOUs.

Earlier it was reported that the U.S. national debt is now at 73% of gross domestic product (GDP). These data are presented in the report of the budget department of the U.S. Congress.

Only during the Second World War, the ratio of debt to GDP was higher, but then etoprodolzhalos for several months. Now the situation is different — the national debt has doubled since 2007.

According to experts, the U.S. national debt will continue to increase due to payments on government bonds and an increase in welfare spending. According to the report, if not taken legislative changes to the 2038 debt could reach 100% of GDP.


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