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"The new debt-ceiling deadline falls less than a week after Mr. Boehner will leave Congress, putting pressure on him—and an incoming Republican leadership team—to pass legislation raising the limit before that transition. Some congressional estimates had indicated the government could get by without action until December. Traders and Wall Street analysts are watching the timeline closely due to the turbulence that hits financial markets as debt-limit deadlines approach.Mr. Boehner has said he wants to help his successor by dispatching thorny issues before he leaves office, and none is more politically difficult for Republicans than raising the debt ceiling.The next speaker, expected to be Majority Leader Kevin McCarthy (R., Calif.), would have to officially begin his job confronting intense GOP backlash over raising the debt ceiling if Mr. Boehner hasn’t addressed the issue before his departure.Because so many Republicans object to increasing the borrowing limit, debt-ceiling increases can typically only pass the House with Democratic support.The Treasury Department has used emergency measures to avoid breaching the debt ceiling, at $18.1 trillion, since mid-March. In August, the Congressional Budget Office estimated the U.S. would be unable to pay its bills without an increase in the borrowing limit by late November or early December."
"The new debt-ceiling deadline falls less than a week after Mr. Boehner will leave Congress, putting pressure on him—and an incoming Republican leadership team—to pass legislation raising the limit before that transition. Some congressional estimates had indicated the government could get by without action until December. Traders and Wall Street analysts are watching the timeline closely due to the turbulence that hits financial markets as debt-limit deadlines approach.Mr. Boehner has said he wants to help his successor by dispatching thorny issues before he leaves office, and none is more politically difficult for Republicans than raising the debt ceiling.The next speaker, expected to be Majority Leader Kevin McCarthy (R., Calif.), would have to officially begin his job confronting intense GOP backlash over raising the debt ceiling if Mr. Boehner hasn’t addressed the issue before his departure.Because so many Republicans object to increasing the borrowing limit, debt-ceiling increases can typically only pass the House with Democratic support.The Treasury Department has used emergency measures to avoid breaching the debt ceiling, at $18.1 trillion, since mid-March. In August, the Congressional Budget Office estimated the U.S. would be unable to pay its bills without an increase in the borrowing limit by late November or early December."
[text] Treasury’s Lew Says Congress Must Raise Debt Limit by Nov. 5 - WSJ
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