The Treasury Department today put Congress on notice that the lawmakers will need to raise the debt ceiling by Nov. 3 -- two days earlier than it had previously warned -- to avoid default. In a letter to congressional leaders, Treasury Secretary Jacob Lew said new data show the "extraordinary measures" the department uses to maintain borrowing authority will be exhausted on Nov. 3. "At that point, we expect Treasury would be left with less than $30 billion to meet all of the nation's commitments -- an amount far short of net expenditures on certain days, which can be as high as $60 billion," Lew wrote.
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