Congress to Act on Debt Limit By Nov. 5


congressTreasury Secretary Jacob Lew warned lawmakers in a letter on Thursday that the deadline for increasing the government’s borrowing limit has moved up to about Nov. 5, or a month earlier than expected.

The altered deadline was due to tax receipts coming in below estimates and military retirement trust funds costing more than expected, according to the letter.

The Congressional Budget Office, which provides estimates to Congress, said in August the deadline would likely be around late November or early December.

Congress, which passed a temporary spending bill in the eleventh hour on Wednesday to avert a government shutdown, will likely be forced to deal with the issue again before House Speaker John Boehner steps down at the end of October. Read more.