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US May Not Be Able to Pay Country's Bills After November 3 - White House

© Flickr / Son of GrouchoThe US Treasury
The US Treasury - Sputnik International
The United States will be unable to pay its bills if the US Congress does not increase the country’s debt ceiling by November 3, White House Press Secretary Josh Earnest said in a briefing on Thursday.

WASHINGTON (Sputnik) — Previously, the US Treasury has set the deadline for the country’s debt limit increase for November 5.

“By November 3, the United States will exhaust our borrowing capacity and…it would put the United States at real risk, for the very first time in our history, of not being able to pay our bills,” Earnest said.

US President Barack Obama speaks during a town hall meeting. - Sputnik International
Obama: Rising US Debt Limit Can Return Financial System Into Tailspin

On Wednesday, the US Congressional Budget Office said that the Treasury would face low cash balance in early November and will exhaust its resources by the first half of the month if Congress does not raise the country’s debt ceiling.

Republicans and fiscal conservatives in Congress, which has the sole authority to raise the debt ceiling, have threatened to cap the limit unless the White House agrees to budget spending cuts.

At present, the US debt stands at $18.4 trillion.

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