UPDATE: 2:20 p.m. ET
Thursday, Oct. 17, is the day that the Treasury Department says it will max out its authority for borrowing money unless Congress raises the debt limit. While the potential for a deal looks promising Wednesday, the procedural hurdles in the Senate mean that a bill might not actually pass until after the debt ceiling is reached.
If that happens, here's what happens after that, according to Jason Furman, chairman of President Obama's Council of Economic Advisers.
"If you hit the debt limit on the 17th, the United States will no longer have the authority to borrow," Furman told a small group of reporters at a briefing last week. "It will have, as Secretary (Jack) Lew said, about $30 billion in cash. Within a very short period of time, that cash would then go away and you'd only be allowed to pay out as much as you collect in."
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